TCS launches new platform for automation in underwriting for insurance

Tata Consultancy Services (TCS), the country's top software exporter, has introduced a new platform which will increase the level of automation in underwriting for insurance business.

The solution automates the ability to capture, analyse and make use of data in order to determine risk exposure and risk aggregation, TCS said in a statement in Mumbai.

The solution, named 'Underwriting Workbench', combines dynamic case management, intelligent work flow and decision support systems with robust geospatial functions, the Tata group company said.

"It is designed to give underwriters full use of location-based technology and data in order to inform risk selection, the information gathering process, scoring, decision making and pricing. Within the insurance industry, there are extensive opportunities for location-based data and geospatial technologies, and while the volume of data is overwhelming, it is also of extraordinary value to underwriters," the IT services provider's president for healthcare and insurance Suresh Muthuswami said.