IT infrastructure solutions and services for insurance sector

The insurance industry continues to brave the challenges of reducing costs and sustaining growth whilst responding to regulatory pressures, compliance issues and the increasing demands of the market. Globally the Insurance industry has been under significant focus due to several world events since September 2001. Events that led to public outcries resulted in governments spending more and more budgets in this industry have had a direct impact in the well being of humanity. Numerous unanticipated claims have inundated the Insurance industry resulting in an adverse impact on their bottom-lines. Unabated demands for improved services have clogged the insurance organizations to re-vamp the way the services are being provided.

Our Insurance Business Unit offers integrated IT solutions and services spanning business consulting, requirements definition, technology assessment, solution architecture design, development, implementation and support.

Requirements of the Insurance industry today

The insurance industry is now looking at strengthening distribution, investing in infrastructure and operational tools such as workflow engines, and in ensuring quality customer service. Some of the focal areas in the insurance industry today are:

	Cross-selling and expansion of the customer base
	Organizational realignment
	IT sourcing
	Enterprise Application Integration
	Product design and development
	Single view of customer
	Partner Relationship Management (intermediaries, agents and brokers)
	Analytical CRM strategies to handle multiple channel development

Based on the survey by FSA to examine the steps taken by Claimant Insurers to combat fraud, the following results were found:

	Fraud was not a significant issue within their particular firm – six firms had not identified any risks relating to claimant fraud;
	Reports to firms’ Boards are usually high level and reactive with no predetermined process of escalation;
	For every £1 spent on fraud prevention, firms yielded £3.80 in savings. However, fraud budgets were tight, with 71% of the firms having no earmarked fraud budget at all;
	21% of the respondent firms had no IT based fraud detection activity. 41% relied most heavily on analysis of their own data (exception reporting against internal parameters);
	Firms were content to participate in data sharing, the majority saying they would not object if it were to be a mandatory requirement; and
	The creation of an (economic) data warehouse was seen as the most significant outstanding market solution.

Please visit the FSA website for more information. www.fsa.gov.uk

Key Trends and Focus