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NZ's Westpac upgrades software platform

Veronica C. Silva | Oct. 5, 2011
Tata Consultancy's financial solution will help insurance company in its 'transformation'.

Westpac Life NZ Limited recently announced that it would upgrade its life insurance platform to be able to offer more products and services, and improve customer service.

The insurer said it has picked the TCS BaNCS Insurance solution of Tata Consultancy Services (TCS) after an extensive evaluation.

"We selected TCS BaNCS Insurance solution due to its flexibility, ease of configuration and strategic technical fit with our insurance related business requirements," said Kevin Crowley,

head of insurance, Westpac. "The transformation programme will enable the insurance business to respond rapidly to changing market conditions as well as offer improved levels of service to Westpac's customers."

Westpac Life is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited, which is a wholly owned subsidiary of Westpac Banking Corporation.

Comprehensive solution

The TCS end-to-end solution supports many of the insurer's products and services, and functionalities, including customer management, product definition, policy administration, claims management, insurance accounting, and reinsurance.

TCS said the interface of the solution is easy to use, and supports multiple languages and currencies. It can also be customised according to the needs of the insurance firm.

"The innovative platform will provide Westpac the ability to define, configure and launch new products in a swift and efficient style. Our experienced delivery team is looking forward to activating another successful TCS BaNCS implementation," said Pradipta Pandit, product head-TCS Financial Solutions.

Deborah Hadwen, chief executive officer, Tata Consultancy Services - Australia and New Zealand, said TCS' partnership with Westpac is part of the company's strategic expansion in New Zealand and Australia.

 

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