Tata Consultancy Services (TCS), a global leader in IT services, has announced a strategic partnership with Dhofar Insurance Company (DIC), the largest insurance enterprise in Oman, to implement its flagship product, TCS BaNCS™ for Insurance. This collaboration is a significant step in DIC's long-term growth and transformation program, aiming to modernize its core insurance platform and enhance customer and advisor experiences across multiple product lines.

Background of Dhofar Insurance Company:

Established in 1989, Dhofar Insurance Company holds a market share of over 18% in Oman's general insurance sector. The company offers a diverse range of insurance products, including life, medical, general, and motor insurance. With a commitment to innovation and customer-centric services, DIC has been a prominent player in the region's insurance industry.

Objectives of the Partnership:

The primary goal of this partnership is to accelerate DIC's digital transformation journey by deploying TCS BaNCS™ for Insurance. This comprehensive suite will enable DIC to:

• Enhance Customer and Advisor Experience: By implementing a modern insurance platform, DIC aims to provide seamless and efficient services to its customers and advisors.

• Harmonize Product Lines: The integration of TCS BaNCS™ will allow DIC to streamline its existing product offerings, ensuring consistency and agility in launching new products.

• Leverage Next-Gen Technologies: The platform's advanced capabilities will empower DIC to adopt innovative technologies, improving operational efficiency and competitiveness.

Statements from Leadership:

Sunil Kohli, CEO of Dhofar Insurance Company, emphasized the importance of modernizing their core insurance platform to focus on innovation and improve customer experience benchmarks in the Middle East insurance industry. He expressed confidence in TCS BaNCS™ for its comprehensive functionality and TCS's successful track record in delivering core insurance transformations in the region.

R Vivekanand, President of BFSI Products & Platforms at TCS, expressed delight in partnering with DIC on their modernization journey. He highlighted that the implementation of TCS BaNCS™ would enable DIC to achieve breakthroughs in productivity and elevate customer and advisor experiences, thereby accelerating business outcomes.

TCS's Presence in Oman:

TCS has been operating in Oman for over two decades, collaborating with leading companies in telecom, securities, and financial sectors. Earlier this year, TCS opened its first office in Oman, reinforcing its commitment to driving digital transformation and supporting the economic and social development goals outlined in Vision Oman 2040.

About TCS BaNCS™ for Insurance:

TCS BaNCS™ for Insurance is a comprehensive solution suite that supports a wide range of insurance products and functions, including customer management, product definition, plan management, policy administration, claims management, insurance accounting, and reinsurance. The platform also offers a digital suite tailored to various personas, enhancing user engagement. With over 75 installations worldwide, TCS BaNCS™ is recognized for its ability to help firms become more agile and intelligent by leveraging the power of new and extended ecosystems.

Conclusion:

The partnership between TCS and Dhofar Insurance Company marks a significant milestone in Oman's insurance sector. By implementing TCS BaNCS™, DIC is poised to enhance its digital capabilities, streamline operations, and offer superior services to its customers. This collaboration not only strengthens TCS's presence in the Middle East but also aligns with Oman's Vision 2040, aiming to foster economic diversification and technological advancement.

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