Business briefs

IT services major Tata Consultancy Services (TCS) on Wednesday said Bajaj Allianz General Insurance has moved its core policy administration system for its travel lines of businesses onto TCS BaNCS Cloud for Insurance. This migration makes it the first premier general insurance carrier in India to embrace a cloud platform, a statement said.

"Bajaj Allianz selected TCS BaNCS Cloud for Insurance with the goal of adopting next-gen technologies and leveraging the power of cognitive solutions to enhance operational efficiencies, accelerate its digital transformation journey, and improve customer experience," it added. TCS BaNCS Cloud for Insurance is an end-to-end core insurance SaaS solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance. It supports multiple public and private clouds, enabling insurers to reduce their cost of IT infrastructure and benefit from global availability, scalability, security, and agility.

* * * * PhonePe launches new savings product

Flipkart-owned PhonePe on Wednesday launched a new savings product 'Liquid Fund' for its over 175 million users. The product claims to help users grow their savings by earning higher short term FD-like returns with the ease and liquidity of a savings account.

"PhonePe's Liquid Fund product is targeted at users across India including those from small towns and cities, who have never experienced solutions beyond savings accounts," a statement said. PhonePe already sees over 56 per cent of its transactions from tier-II and -III cities.

* * * *Flipspaces expands to US, eyes US$ 100 billion biz

Flipspaces, a tech-based commercial discovery, design and build startup, on Wednesday said it has established an operation centre in Boston and plans to expand operations to five cities in the US market. "With over 20 strategic partners, Flipspaces aims to scale up its business to US$ 100 billion in the commercial real estate market in the US over the next 24 months... Focusing majorly on the East Coast market, business partnerships have been signed with key stakeholders including brokers, architects, and designers," a statement said.

Since the US demography is willing to pay a premium for technology-enabled design services, the design only revenues specifically can be targeted in the US territory which forms an additional layer above the build and product supply revenues, Flipspaces CEO and Founder Kunal Sharma said. Flipspaces already operates in three Indian cities including Mumbai, Delhi, and Bengaluru.