TCS to help AIB Life launch operations in Ireland

Tata Consultancy Services (TCS) has announced a 10-year partnership with AIB Life, the joint venture of Allied Irish Banks plc and Great-West Lifeco, to support the launch of their operations in Ireland. 
 
TCS will be the strategic partner responsible for building a digital-first, full-service life company catering to the Irish market. The company plans to create a modern, cloud-based technology stack from scratch, with its flagship insurance platform TCS BaNCS at the core.  

As per the company, this will allow AIB's 3.2 million customers to easily access financial advice and a range of integrated AIB life protection, pensions, and investment products. Customers can use branches, phones, and the AIB mobile banking app to access these services, and they'll also have easy access to financial guidance through AIB's network of 120 financial advisors.  

TCS BaNCS is a banking software suite developed by TCS designed for retail banks. It offers a variety of applications that streamline core banking operations, enhancing overall efficiency.  

Additionally, TCS extends its services to AIB life by providing IT, customer, and claims-handling support through a managed insurance services model. The end-to-end policy administration services will be facilitated from the TCS Global Delivery Centre in Letterkenny, Co. Donegal.  

Vivekanand Ramgopal, President of BFSI Products and Platforms at TCS, said, "Financial services firms and their customers around the world are benefitting from the rich functionality and omnichannel experiences offered by TCS BaNCS. Its Digital First, Cloud First architecture is tailor-made for the digital-first approach that AIB life has taken. We are delighted to support the launch of AIB life and be a partner in the exciting journey ahead."  

Jacquie Doyle, COO of AIB life, said, “The Joint Venture between AIB and Great-West Lifeco, which will provide AIB customers with exclusive access to AIB life protection, pensions, and investment products, has entered into a 10-year partnership with TCS to build and operate a future-ready digital infrastructure that enables customers to more effectively plan their finances and investments.”  

On July 17, TCS announced that it is helping Saudi Arabia’s leading bank Banque Saudi Fransi (BSF) transform its domestic and international real-time payments processing using TCS BaNCS.  
 
The goal is to streamline and digitise BSF's IT systems for deposits, lending, and payments, making the bank a more modern, innovative, and customer-focused institution in the region.