KBZ MS has partnered with Tata Consultancy Services (TCS) to accelerate product development and enhance customer service capabilities in Myanmar, deploying insurance-specific cloud solutions built on Amazon Web Services (AWS).
Motivated by a desire to overhaul legacy core systems in the pursuit of scalable digital offerings, KBZ MS General Insurance and KBZ Life Insurance have migrated to TCS BaNCS Cloud for Insurance, a modernised architecture hosted on AWS.
Operating as the first officially licensed private insurance provider in Myanmar, the business tasked TCS with implementing an “end-to-end, digitally-enabled” software-as-a-service (SaaS) solution via the public cloud, spanning property and casualty, health and life insurance divisions.
Going live during the Covid-19 lockdown period, the integrated offering also leverages TCS’ Secure Borderless Workspaces, an operating model designed to allow organisations to transition to virtual workspaces.
“We are constantly striving to enhance the reputation we have in the Myanmar market as the leading, established and trusted insurance provider, and this growth and transformation program with TCS BaNCS Cloud for Insurance does just that,” said Anil Mancham, CEO of KBZ MS. “We now have a single, sustainable, future ready insurance platform covering all lines of business.”
Operating as a “new age and upcoming insurer” in Myanmar, KBZ MS is represented in 20 cities across the country, offering an entire range of general insurance products from motor insurance to property and health for individuals.
According to Mancham, TCS’ product workbench allows KBZ to “speed up innovation”, supported by a multi-layered approach to data and rules management, in addition to simplifying and accelerating the launch of new products and services. From a technical perspective, TCS BaNCS Cloud for Insurance incorporates a "modern architecture" and is hosted on AWS, built to maximise the “resilience, scalability and flexibility” of the cloud.
“With its highly localised and pre-configured functionalities and the SaaS model that TCS BaNCS Cloud offers us, this solution will help us address specific regulatory and market requirements in Myanmar, and enable us to provide the quality solutions and services that our customers have come to expect from us,” Mancham added.
Delving deeper, the solution is deployed as a “plug-and-play, pay-as-you-go, one-stop” SaaS offering that is being adopted by insurers seeking to leverage enhanced digital architecture capabilities.
“Insurers are adopting the cloud to become more agile and keep up with changing customer preferences. TCS BaNCS Cloud for Insurance helps insurers build adaptability into their business models, resilience in their operations and enhance customer experience,” said Vivekanand Ramgopal, co-head of TCS Financial Solutions.
“We are pleased to partner with KBZ in their growth and transformation journey and bring them on board the SaaS version of TCS BaNCS Cloud for Insurance. The new platform will help them build a differentiated positioning with innovative products and a superior customer experience.”