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Edition: September 2009
Format: e-book (Adobe Reader)
76 A-4 Size Pages
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Insurance landscape has undergone a fundamental change.The ever-growing demand for better insurance products and the growing consumer movement has put forth a lot of challenges for this sector. Technology is not just a ‘catalyst’ to enhance business process; it has taken on the role of an ‘innovation agent’ in building the business processes using best practices and creating new products.
"Technology In The Insurance Sector" is one of it's kind publication on the technology in insurance sector. It is a collection of 8 papers and 2 case studies. Contributors include-
Chief Operating Officer, Aviva Life Insurance; Vice President, Information Technology, Reliance General Insurance; Sr.Consultant, Microland; Sr. Manager, Nelito; faculty from Mody Institute of Technology & Science, Rajiv Academy for Technology and Management and National Insurance Academy (NIA)
The papers in this publication cover various aspects of the use of IT in the insurance sector- Integration Technologies and Standards , Information Security, Claim Management, Insurance Inclusion, CRM Technology etc. In addition to these there are case studies from Verizon Business & Hewlett-Packard (HP Exstream) that highlight the use of IT in insurance for business benefits. Brief abstract is given below.
"Technology In The Insurance Sector" was released at Banknet's 5th International Bank Tech Summit on 24th Sept 2009 at Mumbai.
TABLE OF CONTENTS
“Integration Technologies and Standards for Insurance Industry”
- Dr. S D Page
While insurance companies are getting transformed through innovative deployment of core insurance solution, portals, mobile-computing, document management, workflow technologies for improving operational efficiencies; technological developments in XML, Web Services and SOA promise more flexible, seamless and meaningful integration of systems (services) within and across various organizations in insurance industry. Indian insurance industry cannot be an exception to this. Adaptation and integration of appropriate standards at this juncture are of great importance.
“Information Technology - Catalyst or Constituent for a Sustainable Business Model?”
- Abhay Johorey
IT has an important role to play in the success and sustainability of any insurance business. Technology is not just a ‘catalyst’ to enhance business process; it has taken on the role of a ‘thought leader’ in building the business process. IT is not just a support function anymore but a key factor in deciding the sustainability of business
“Information Security in Insurance Sector”
- Bala Ramanan. B
In this paper the author explores the challenges faced by IT function and how effectively they can address the same by implementing IT GRC Framework addressing privacy, compliance and information security requirements.
Motors Claim Management and Our Strate
- Sudip Banerjee
There are limits on the number of processes that can be automated and we are probably hitting those levels.” This is what was thought of at some point of time when insurance cos went beyond the boundaries to think of something different. Insurance is a global business and hence is also affected by the external factors prevailing now.
“Insurance Revolution By Insurance Inclusion using CRM Technology
- Ashish Raverkar
Insurance is required by everyone & to bring every Indian under the umbrella of Insurance, it is necessary to have a combination of CRM and Insurance Inclusion technology. The paper attempts to create a road map to reach out to potential customers while keeping track of the existing customers.
“Revitalizing Indian Insurance Sector with IT injection”
- Krishna Murari
The opening of the insurance sector to the private players has provided stiff competition resulting into quality products with the use of innovative techniques. The paper attempts to explore the possibilities of application of information technology to support the insurance industry in terms of clients servicing areas such as premium payments, after sales service, electronic policy dispatch, redressal of grievances etc. as IT injection can revitalize the insurance sector.
“Insurance sector to drive Indian CRM market”
- Saikat Gochhait
Insurance companies are in a phase of transformation using innovative deployment of core insurance solutions, portals, mobile-computing, document management and workflow technologies for improving operational efficiencies. It is now time for integration of systems (services) within and across various organizations in insurance industry. The paper addresses the need, importance and applicability of integration technologies along with related insurance data standards.
“Technology in Insurance Sector”
- Noopur Sinha
India has a high potential for development in insurance as most of its household are still untapped by the insurance companies. With increased competition among insurers, service has become a key issue. Moreover, customers are getting increasingly sophisticated and tech-savvy. The paper analyses the situation and highlights the importance of technology to suit the personalized need of the customer as well as of various intermediaries.
1. Verizon Business
2. Hewlett-Packard (HP Exstream)