Ibexi Solutions ::: Reflecting on the future
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Customer Speak
"Inputs from Ibexi were useful for completion of implementation within the expected timeframe, since they have
- Insurance domain understanding
- Process knowledge in international context, especially the cross- functional relationship-extending from front and back office operations
- Project management skills to manage the business application implementation including requirements analysis, testing and user training..."
Rachna Sethi Vice President (Special projects),
Royal Sun Alliance Insurance Company Ltd, India
"You can't build a point of view in isolation of the business, so we built business training programmes like insurance 101, insurance 201 so that our people can understand the business relevance of what they're doing..."

Vivek Paul Vice Chairman, Wipro
"We are very happy to record that the training imparted was in-depth and relevant for the trainees. The feedback from the trainees was equally good in terms of usefulness and pedagogy, and they have been able to apply the training to practical use "

Shubhayu Sengupta
Head- Human Resources Swiss re Shared Services (India) Pvt Ltd


Archiving the insurance data warehouse Download PDF

Over time, as the insurance data warehouse matures, the much-postponed archival becomes essential. At this stage, many questions come up – from “What's in the insurance warehouse?” to “What should we keep?" to “How should one archive?” and finally to “Who will pay for the project?”. We seek the answers.

Towards a new policy for policy numbers Download PDF

Historically, policy numbers have been sequential and patterned. Do these requirements provide solutions to business issues? Or are they vestigial tail-bones and appendices, left over from evolutionary history? And perhaps counter-productive in the current era? Read more on what works for numbering policies - and other documents and transactions.

Biz-I Insight: Indian individual life insurance - the premium players View with slideshare

We know that in India, life insurance sales pour in March every year. But do you know:

  • Which insurers have high case sizes for individual policies?
  • In regular and single premium, are the leaders different?
  • Are they consistent?
  • Does your guess/ intuition match the data?
    Check out how well you know the premium players.

    The seasons of Indian life insurance View with slideshare

    We know that in India, life insurance sales pour in March every year.
    But do you know:

  • Is there a greater skew for group vs. individuals? For single premium or regular    premiums?
  • Which month always has second-highest sales?
  • Has the March skew changed over the last few years?
  • Are there outlier companies? What do they tell us?
  • How can a company use its seasonality index?
  • Does your guess/ intuition match the data?

  • Check out how well you know your seasons, and how you can use that knowledge to run the business operations more profitably.

    Union Budget-2012 & Insurance Industry View with slideshare

    India's Finance Minister has declared the Union Budget 2012 for the financial year 2012-13.

    In the budget there is a significant change in the service tax. Service tax will be levied on almost all services. Then service tax rate has increased from 10% to 12%. So there will be an increase in the premium.

    This presentation covers the impact of this budget on the insurance industry i.e. how the policy owner, insurer, value added service provider etc. will be impacted by the 2012-13 budget.

    Emerging Business Drivers for IT in insurance Download Flash

    The insurance industry in India has come a long way in its first seven years.So far, companies have tended to follow a uniform model of largely undifferentiated products and services, with focus on distribution spread. With more companies coming in, the market will get crowded; businesses will need to look at increasing differentiation.

    This presentation covers the future business drivers using the Value Discipline model, and identify the themes that IT will have to focus on immediately to be prepared for the future

    Actuarially funded products Download PDF

    Actuarially funded life insurance policies have received much attention of late, largely due to wrong reasons. In several markets, these are unitized products are quite novel where the costs associated with policy sale is deferred over a few years. In most situations, the products are quite innovative, but attracts criticism of mis-selling and misrepresentation by over anxious insurance agents. Therefore, these are subject to careful scrutiny by regulators. Know more about features and accounting treatment of actuarially funded products.

    Market Positions of Life Insurers in India More

    The battle for top slot is on feverishly amongst the private life players. With the year coming to a close, check out what is the current status.    

    Opportunities Of Outsourcing In Insurance Industry Download PDF

    "Tom Peters Once said, "Do what you do best, outsource the rest". This line may pose a conundrum to some one trying to figure out benefits of outsourcing. Reading the above line in tandem will certainly assist the insurers about what benefits can outsourcing offer to their stakeholders and can also act as a key differentiator to their business.

    This paper tries to bring out the opportunities of outsourcing in insurance vertical, covering the common business processes enabling technology.It also tries to address the uncertainty of operational planning, so that it shouldn't act as an impediment, but instead gives an impetus to insurance players in reaping the benefits of outsourcing".

    Future of India's old age income security Download PDF

    This paper gives an insight in different types of pension plans i.e. Defined Contribution (DC) & Defined Benefit (DB). Pension systems around the world followed DB before 80's, and then it become difficult for the governments to sustain this expenditure. Pioneered by Chile DC became popular, in which there is no contribution from the government. On paper this looked like a knight standing in shining armour to save them. DC was adopted as the pension plan by many countries following the footsteps of Chile.

    Learn more about Pension and its impact in India.

    Homeowners Insurance in US Download PDF

    Homeowners insurance, part of Property & Casualty Insurance, provides financial protection against disasters to homeowners. Does it cover damage to your property and your liabilities and third-party damages. Which perils does it cover: earthquake? flood?

    Learn about the Homeowners insurance in the US market.

    Pension Reforms - Journey From Benefit to Contribution Download PDF

    Indians are increasingly looking at formal pension schemes. From 1998, there have been several efforts in thinking about reforming the Indian pension system. The pioneering effort was Project OASIS, set up by the Ministry of Social Justice and Empowerment in 1998. The winds of reform have started blowing.

    Reforms have been the buzzword for long, but what is the significance of these reforms? What are the concerns of individuals, regulators, government agencies and the industry? What are their emerging roles?

    The paper is an analysis of the past and present and an expectation from the future.

    Technology Themes that enable Insurance Business Strategy Download PDF

    To analyse insurance business meta-strategies, it is possible to use apply Tracy and Wiersema's popular Value Discipline model. This can be extended to identify the Technology Themes that will support the business meta-strategies. The four themes identified are:

  • Accessibility & Availability: anywhere, anytime, through any means
  • Integrability & Interoperability: work with other solutions seamlessly
  • Configurability & Customisability: change comprehensively and easily
  • Stability and Scalability: a sound basis necessary for managing volumes

  • Each of these themes supports each of the business strategies of the Value Discipline model in a different way, especially for insurance. Evaluation of your current (or future) solution against these themes can be used to understand the limitations of your technology choices and therefore potentially on your operational business strategies.

    IBEXI solutions has developed a powerful model for evaluation of IT solutions. Many insurers have benefited from this model.

    Solving Insurance Business Problems Using Statistical
    Download PDF

    Statistical methods are well-suited for solving many insurance business problems. Different business problems can be solved using different statistical approaches, and a combinations of methods.

    For several specific business problems - insurance agent attrition, productivity of insurance agents and high lapse ratio - the impact and cost to the business are explained.

    What specifics steps and statistical approaches are used by IBEXI analysts to solve these problems?

    Statistical methods are well-suited for solving many insurance business problems. Different business problems can be solved using different statistical approaches, and a combinations of methods.

    For several specific business problems - insurance agent attrition, productivity of insurance agents and high lapse ratio - the impact and cost to the business are explained.

    What specifics steps and statistical approaches are used by IBEXI analysts to solve these problems?

    Group Insurance - An Overview Download PDF

    Group insurance involves providing insurance to a group of individuals who share some common attribute, through a single policy contract.

    Group insurance plans are particularly beneficial to those for whom other regular policies are a costlier proposition. It is also used as human resources tool by corporate employers to ensure employee loyalty.

    There has been brisk activity in the group insurance business especially in the Indian insurance industry in the past few years with the major private players fortifying their portfolios with new products and radical pricing strategies. In the process some insurance companies tend to price group term products 30-50 per cent lower than the competition.

    The schemes vary from insurer to insurer with every one trying to undercut the others with more features; riders, discounts and we can see that the same product being marketed in different forms. With stiff competition from new entrants the group insurance business is all set to take off.

    Bancassurance - An emerging concept in India Download PDF

    Welcome to Bancassurance. Bancassurance - a term coined by combining the two words bank and insurance (in French) - connotes distribution of insurance products through banking channels.

    Bancassurance is a long-standing dream of offering a seamless service of banking, life and non-life products. Banks have expertise on the financial needs, saving patterns and life stages of the customers they serve. Banks also have much lower distribution costs than insurance companies and thus are the fastest emerging distribution channel.

    However, the evolution of bancassurance as a concept and its practical implementation in various parts of the world, have thrown up a number of opportunities and challenges. Aspects such as the most suited model for a given country with its economic, social and cultural ramifications interacting on each other, legislative hurdles, and the mindset of persons involved in this activity, have dominated the study and literature on bancassurance.

    Will it work in India? That can only be answered in the future; the initial action does show that many banks seem to believe that bancassurance will be a big success here.

    Automated Underwriting Download PDF

    The challenge for the Life insurance companies in the increasingly competitive market is to maintain profitability and the market share. To achieve this, the companies need to streamline their processes and make their people more competent. This is particularly true of the following core areas of their operations: sales and marketing and underwriting.

    This paper looks into the underwriting aspect. Underwriters need to assess the risk and write/rate it consistently. Most often underwriting results suffer because of an inability to write it consistently. More often than not this area of operation is always pressed for time. More over the inventory piles up continuously which further adds to the cost. The paper looks at how adding automation to their current underwriting processes, most companies can expedite their processes and reduce the cost of operation.

    It also looks at how the companies can capture the essential information in an automated underwriting process so as to write the risk correctly. The paper elucidates what information an Automated Underwriting System should capture and how one can go about the same. The paper also looks how companies can formulate rules for automated underwriting and how to fine-tune these rules based on analysis of the results. The paper also compares some of the more commonly used Automated Underwriting Systems.

    Insurance Brokers Download PDF

    ' Broker led insurance sale is new to Indian market, which has traditionally been agent dominated. Insurance brokers in the direct insurance domain as well as the regulation relating to their operations are in their initial stage. Brokers are striving to distinguish themselves from agents, while as regulation is trying to reach the fine balance, where broking is attractive, yet does not degenerate into commission led competition with direct sales or agent led sales.

    This article, drawing from international experience, seeks to explore the opportunities that insurance brokers have in the market space, in Indian market. '

    Putting your best foot forward Download PDF

    Increasingly, insurance companies are implementing enterprise-wide packages. How do you start converting a selected package to a successful implementation? This is one of a series of papers on package implementation for insurance. The list of papers are:

    • Evaluation : Picking the appropriate package
    • Starting : Putting your best foot forward
    • Pilots : Simple simulations that reduce risk
    • Testing : Comprehensive and completed - a contradiction in terms ?

    Regulation of e-business Download PDF

    The Web brings with it the potential to provide insurance companies with a unique channel which can be used for a range of tasks ranging from basic marketing to the eventual sale of products. Using the Web as a distribution channel requires tackling issues like confidentiality, security, and e-payment. This paper examines all aspects of the Internet and its related technologies to determine what level of services can be provided with currently available technology, and also looks at innovations which may impact future growth in this area.

    Crime and De(tech)tion Download PDF

    In a world of rising health-care crime, meet the new Sherlock Holmes : Information Technology. Find out the modus operandi of the criminals, and how IT plays the de(tech)tive. Perhaps, in your world too, there are such crimes being committed, undetected. Find out if there's help somewhere.

    Alternate Risk Transfer Download PDF

    We are living in times of great change-sometimes for worse! A spate of large catastrophic losses, man made or natural, have exposed the vulnerability of insurance market to capacity constraints. Developed market have started looking for alternatives, especially the capital market, to share their risk exposure.

    This paper surveys common alternative risk transfer tools, as available today, with examples. Drawn from various articles on specialised topics, the article provides an overview of ART market and its future.

    The paper also tries to assess if the Indian finance market is mature enough for these alternative risk transfer instruments. This paper was presented by Ibexi at the Fifth Asia-Pacific Risk and Insurance Association annual conference at Bangalore, India.

    Earning by exposure Download PDF

    Classically, non-life insurers have analysed loss ratios, and exposure for the portfolio. After looking at the usual informational bases for these analyses, a dimension often overlooked is identified : time. There appear to be several questions which cannot be answered without including this dimension. It then suggests a method to make an analysis of exposure consistent with other time-based variables used for analysis, and introduces a different measure - annualised earned exposure.


    Ibexi Solutions ::: Reflecting on the future

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