SBI General Insurance to Replace Core IT Solution, Enable Faster Product Launches

SBI General Insurance will soon move to a new core insurance platform. It will enable the company to launch insurance products faster, informs Pankaj Kumar Pandey, CIO, SBI General Insurance speaking exclusively with FE CIO. Additionally, powered by the platform, SBI General Insurance will have easy linkages with multiple entities in the insurance ecosystem. The company thus far was running its general insurance business on multiple applications. They have been integrated with each other and further with the new platform.

The new platform is already operational but it will be fully operational by the end of 2025.

“Right now we are under transformation. The old applications are also running, and BaNCS is also running. The major part of the business we are booking through TCS BaNCS (newly adopted platform), while some part is still being booked through the old system. This is a phase, and by the end of this year we are targeting that we will be completing the migration and will completely move to TCS BaNCS, and we will sunset the old applications,” says Pandey.

Benefits after adopting the new platform

Tata Consultancy Services Banking Platform (TCS BaNCS) will offer multiple benefits.

“Number one, we are aggregating multiple applications into one application. That will be easy to manage and the data integrity will be maintained. Number two, technologically TCS BaNCS is advanced and recent, so that is going to support us. Even TCS BaNCS is cloud-ready and we have implemented it on cloud. TCS BaNCS is quite configurable, so it helps in quickly configuring the products and launching them quickly,” informs Pandey.

As the platform is cloud ready it will easily connect with multiple entities, both internal and external.

Pandey says, “Time to market is where we are getting benefit out of it. It is a new technology, so integration is also easier. Because today all the applications are integrated not only internally but externally also. And that is going to help, because it is easy to integrate TCS BaNCS with multiple interfaces and external entities.”

Prioritising Faster Insurance Product Deployment

SBI General Insurance has taken multiple steps in FY24-25 and plans to take a major AI plunge in FY25-26.

“In this financial year, we have transformed our distribution. We have transformed our core. We have taken major steps towards AI. We have transformed this year our customer portal and application. And next year, we are looking towards a complete AI revolution,” says Pandey.

It’s important to note according to a global study by Accenture, 62% of executives prioritise faster deployment of Insurance products as a top strategic goal. This also connects well with IRDAI’s call of ‘Insurance for all by 2047’.