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InfrasoftTech Insurance - Technology for enhancing customer reach, mitigating business risk and building compliance


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A leading provider of premium finance products for general insurance market for UK and Ireland
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A provider of Warranty products & services in GCC regions & beyond
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Insurance

Financial, geopolitical and climatic environmental risks are ineluctable in insurance business. Further, the insurers are constantly faced with the mounting pressure of reporting & regulatory compliance, EU Solvency II and the recently finalised International Financial Reporting Standard (IFRS Phase II). Insurers have to build shareholders confidence by increasing growth & profitability, while maintaining cost and meeting customers’ demands.

In such difficult business environment, insurers are realizing that in order to respond to these pressures, they have to automate & streamline back-office processes for policy administration, underwriting and claims management. They need to integrate disparate applications, processes & data, develop distribution channels, enhance customer relationship via multiple service channels and adopt effective risk management practices.

Key challenges faced by Property & Casualty insurers:

Distribution

The insurance industry is shifting its focus from survival to revival and hence, streamlining and improving distribution processes and network itself is of prime importance to growth besides identifying new cross channels. While doing this, the insurer has to also keep in mind to minimize cost without compromising on quality of service to its customers.

How InfrasoftTech’s expertise can help you?

We enhance Insurers’ operations to support multiple products & multiple distribution channels, while complementing their revenue & profit margin objectives and reducing customer servicing cost. Our customers use our solutions for tracking performance of agents/sales representatives/brokers, improving information reporting & analysis and building loyalty with profitable partners.

Our customers have realized improved customer retention and increased cross sales opportunities by unifying customer information across distribution channels through flexible workflows. While this enables them with single view and transparency to conduct targeted marketing campaigns for cross selling, they are also able to perform behaviour analysis and de-duplication & KYC checks too.

We have also empowered them with seamless flow of information by integrating various internal & external systems and assisting them in making informed decision through intelligent analysis.

To learn, how we can help you in augmenting your organisation’s distribution network, write to us at solutions@infrasofttech.com

Fraud, Risk and Compliance

The regulators are demanding stricter compliance to Solvency II, Sarbanes-Oxley, Customer Protection Act and Anti Money Laundering act. Hence, insurance companies are seeking solutions that will enable them to adopt internal controls and provide them with single view on customer to identify relationship across board, conduct KYC checks, understand their behaviour pattern and at the same time comply with regulatory requirements. An effective risk management practice will enable insurance companies in making sustainable business development plans and faster decisions.

How InfrasoftTech’s expertise can help you?

With our deep understanding of risk & compliance vertical, we have built a Risk & Compliance solution that complies with over 18 FIUs globally, which has helped our clients in adopting fraud prevention & detection practices, thereby strengthening their internal controls and complying with regulatory reporting.

Our RisKYC practice equips our customers to monitor, investigate & report suspicious transactions through easy workflow processes, study the behaviour pattern of their customer, identify customer’s relationship across enterprise through single view, conduct analysis on customer risk rating & enterprise-wide risk rating and increase transparency for planning and decision making.

Customers are now able to convert raw data into actionable analysis and meaningful businesses measurements on a strong reporting engine and comply with internal management polices & even liquidity risk reporting to FSA. At many customer sites, we have further enhanced this engine by integrating with industry standard reporting tools such as Business Objects, our proprietary reporting solution GAINS among others.

To learn, how we can help you in strengthening your organizations risk & compliance practice, write to us at solutions@infrasofttech.com

Data Management

As companies grow, data becomes disparate and scattered making it increasingly difficult to conduct analysis and develop an accurate picture for key decision making. Insurance companies have realised the need for instant access to accurate data and analysis through technology for having competitive advantage.

How InfrasoftTech’s expertise can help you?

InfrasoftTech’s Process Exception Monitoring Framework (PEMF) ensures our clients 90% accuracy in migration & integration of data, far above the industry standards, providing them with instant and seamless access to accurate data at single point. PEMF is further enhanced by integrating with third party industry standard business intelligence tools for analysis.

With our data management services, we assist our customers in product development, market penetration, rate & price analysis, enterprise risk management, solvency evaluation, fraud detection & prevention and in many other areas.

To learn, how we can help you in converting raw data into actionable analysis and meaningful business measurements, write to us at solutions@infrasofttech.com

Integration & Process Management

Insurers constantly deal with issues such as in-efficient back end processes, disintegrated systems, decentralized client information, and lack of transparency across operations. These negatively influence the overall performance and reputation of the organisation. Hence, it is becoming critical for insurance companies to streamline, automate and integrate disparate systems. While technology offers integrated solutions, effective business process management goes hand in hand for ensuring that the integration objective is realised across the organization.

How InfrasoftTech’s expertise can help you?

InfrasoftTech leverages on its domain experience, best practices and process knowledge in delivering cutting edge solutions. We enable seamless flow of information by interfacing multiple external & internal systems on SOA/ web services environment as recommended by ACORD LOMA. We offer services for automating and re-defining processes by implementing flexible workflows aligned to the organisation’s objective. At many client sites, we have also implemented third party business process management solutions.

We help our customers achieve operational excellence at reduced cost of operations by automating process, decrease in processing time by eliminating manual processes and task, and reduce in fraud & better management of customer information by complaining to data protection laws.

To learn, how we can help you integrate based on SOA/web services environment and streamline processes, write to us at solutions@infrasofttech.com

InfrasoftTech with its deep understanding of insurance sector is helping insurers drive down operational costs without their losing focus on accelerating business growth. We are working with several global Property and Life Insurance companies and bring to table strong domain and technology competencies.

To learn, how we can help you maximize your organisation’s investment in technology, write to us at solutions@infrasofttech.com