Assurance Services for the
Insurance Industry
The insurance landscape is fast changing with many companies facing multiple...
All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content /...
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TCS Assurance Services - Insurance


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TCS Assurance Services - Insurance

  1. 1. Assurance Services for the Insurance Industry The insurance landscape is fast changing with many companies facing multiple obstacles like modernization of legacysystems,fastertime-to-market,increasingapplicationcomplexity,anddatasecurity.Amidstastormofindustry challenges, these companies also have to cope with stringent regulatory compliance standards and rapidly changing technology. At the same time, there is a need to attract and retain profitable customers. It's no surprise then, that most insurance companies are now acquiring high-quality testing solutions to respond quickly to risks and new business opportunities,streamlineprocesses,andreducecost. Tata Consultancy Services (TCS) presents Assurance Services for the Insurance Industry – a comprehensive offering that gives you a head start by reducing the risk of non-compliance as well as application failure. Our services span across assurance consulting and core insurance functionality testing services to insurance business process testing, regulatory compliance testing, and insurance product testing to Commercial Off-the-shelf (COTS) product testing, testsupportservices,andnichetestservices.Withtestingservicesacrosstheinsurancevaluechain,weensuresmooth andsuccessfulbusinesstransformation,enhancedquality,reliability,andperformanceatreducedcosts. Assurance Services Overview Insurance companies today need to minimize the risk of business disruption and better address business challenges for improved profitability. Obsolete legacy systems, inefficient test cycles, and lack of focus on insurance compliance are not exactly helping insurers to win business opportunities. Tackling this inefficiency, independent and centralized level Quality Assurance (QA) processes help you adjust to the frequent requirement changes, cut down on QA costs, and identify and fix issues early. Further, you need to find synergies between financial, operational, and IT risk – this helps increase business agility and customer satisfaction, and optimize costs. Through independent, rigorous testing to reduce risk of business application failure, we help minimize your business risks. Our dedicated performance Test Center of Excellence (CoE), consulting and advisory capabilities ensure complete testing coverage. Further, you can also cut down on the test cycle time with our test automation frameworks, ensure regulatory compliance, reduce Total Cost of Ownership (TCO), and enrich your customer's experience. Benefits With the adoption of advanced technology, the benefits in terms of improved performance of your critical business applications and transparent knowledge management are evident. Our solution further: Improves test effectiveness through high test coverage, risk-based and domain-led testing, and a well-designed test strategy Reduces rework effort through early detection and prevention of defects and the reuse of solution accelerators n n n n n Improves your time-to-market (about 30-40%) by leveraging test automation and our in-house tools and accelerators Reduces cost of operations (about 20-30%) through standardized processes and flexible engagement models The TCS Advantage We bring you decades of experience in handling and delivering large, complex programs in the insurance domain. Our services are customized to suit your requirements and assure delivery through the twin pillars of product and process quality and synergistic independence in testing services. In addition, we are backed by a pool of about 14,000 career testers and associates certified with domain certifications like Life Office Management Association (LOMA), Associate, Life Management Institute, and Chartered Property Casualty Underwriter (CPCU). Our solution is further differentiated by: Domain heritage: Our insurance industry knowledge spans major geographies and lines of businesses, helping us provide you with comprehensive business coverage for various insurance segments and business units. iBT - Insurance Business Testing framework is the test knowledge repository which covers various LoBs of insurance business. iBT extremely helps in test designing and test coverage analysis
  2. 2. All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate copyright, trademarkandotherapplicablelaws,andcouldresultincriminalorcivilpenalties. Copyright©2013TataConsultancyServicesLimited IT Services Business Solutions Outsourcing TCSDesignServicesP0213III Contact To know more about TCS' Assurance Services for the Insurance Industry contact us at AboutTataConsultancyServicesLtd(TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering and assurance services. This is delivered TM through its unique Global Network Delivery Model , recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay StockExchangeinIndia. Formoreinformation,visitusat n n n n Insurance industry compliance: Our solution ensures compliance with existing industry models and places stress on all data types of various process areas. It also includes our in-house solvency II validation tool, which is connected to a wide range of databases and validation rule creation and storage facilities and ensures adherence to the industry's regulatory requirements Comprehensive testing life cycle: Our solution ensures focus on all testing phases, including functional testing, non-functional testing, test automation, automated static code analysis and test data management. It also addresses niche areas like security testing and usability testing Innovation: Our solution compromises a set of exclusive test automation solutions and testing accelerators. TCS has developed many tools for automation of test phases across the test cycle starting from test planning, test designing till test completion and reporting. TCS tools have saved cost and time in numerous test deliveries. Expertise: Well established Labs and CoEs for various technologies and niche areas such as Test Automation, Performance testing, ERP testing, SOA testing, Security testing, Test data management provide complete expertise and resource support for the test deliveries Library of reusable, ready to use test scenarios Key Insurance business processes covered Available for Life and P & C sub domains Test design accelerator I I I Support for Online Advisors & Agents, Mobile, IVR, POS channels Reusable test scenarios Beyond Functional Testing Alliances I I I Insurance Solvency II Data Quality Validation Engine Reduce risk of non-complianceI COTS Product Testing General & Life Insurance, Pension, Annuity and Re Insurance Technology Migration, End to End testing capabilities I I Insurance Business Process Validation Training modules on Insurance domain areas Insurance Domain led Consulting Insurance Domain Assurance Certification Domain SMEs I I I I Advisory and Consulting Assurance Services n n n n n n n Test Strategy Definition Test Process Consulting Testing Centre of Excellence Setup Test Automation Strategy Performance Test Strategy Tool/Product Evaluation, Administration and Management Structural code assessment, Data quality assessment n n n n n n Static Testing and structural code evaluation Functional Testing - Functional to UAT to operational readiness Beyond Functional Testing - Performance, Security, Localization, Usability, Accessibility Test Automation Specialized Testing - ERP, SOA, Mainframe, CLOUD, DWH, CRM, Migration Support services functions - Environment, Test Data, Release, Configuration and Change management nExecution Services Insurance Business Domains & Channnels P&C, Life & Pension, Reinsurance and Health Insurance Compliance Data Insurance Channels Business Acceptance iBT Product Testing A snapshot of our Assurance Services for the Insurance Industry