Evaluation & Selection of Insurance
Often, in areas of common operations such as policy administration,
agency management or customer relationship management, many
applications are available in the market. Many companies
do not want to build software solutions for these areas;
they prefer to implement one of the available solutions.
Our consulting team can help resolve the problems of choice.
Their experience with many such projects has been translated
into a set of checklists for assessing different areas:
functional, technical, data migration, vendor as well as
commercial and contractual issues.
In the functional area, we start evaluating projects with
a pre-built set of standard requirements. These structured,
detailed requirements for different insurance business processes
- with hundreds of items - and a well-defined measurement
methodology provide impetus to the evaluation project. User
interviews are conducted to fine-tune these for the specific
requirements of the project.
We have a set of standard evaluation criteria
for common business areas, including
- CRM for life insurance business
- Policy admin system for Life insurance
- CRM for P&C insurance business
- Policy admin system for P&C
- Policy admin system for Motor
- Agency management
Our consultants conduct user interviews to fine-tune
these requirements for the specific needs of the client.
Typically, these cover the current business and regulatory
requirements, as well as emerging business requirements.
Using their extensive industry and technical experience,
our consultants factor in the impact of growth and
of possible changes in business models - e.g. new
sales channels, changes in workflows for policy processing.
These help in future-proofing the evaluation of the
The techno-functional team then uses these checklists
to assess the level of fit with current business requirements
and to analyse the flexibility for the future. Technical
robustness, flexibility of design and scalability
of the technical architecture are also analysed. In
many cases, the experience of our team with a wide
variety of industry-standard applications is a major
For projects involving high-volume, assessment of the
data migration strategy is a crucial factor in evaluation.
Our consultants have a breadth of experience in assessing
and executing such projects. They have the skills to
assess the methodology of executing - and reconciliation
- of data migration, and to assess the expertise of
the vendor and the cutover approach.
Our analysts are familiar with
many packages, including
- INGENIUM ® (from EDS/Solcorp)
- Life/400 ® (from CSC)
- Amarta ® (from Sherwood)
- Oracle ® CRM
- Siebel® CRM
- X-GEN ® (from Apex Systems, Singapore)
- Premium ® (from Premium Systems, Singapore)
- Premia ® (ICICI Infotech Ltd)
- X-Group® (from Apex Systems, Singapore)
- Group 400® (from CSC)
|No evaluation is complete without an
assessment of the vendor, and the commercial and contractual
options. Our consultants have the experience of working
with different commercial options, and can identify
the real costs of different types of models for implementation
and post-implementation support.
In summary, our consultants can provide you a comprehensive,
structured and fast evaluation by leveraging their expertise
Case Study: CRM for a composite insurer
A composite insurance company decided they need
a solution to manage the growing requirements of their
clients and agents. As they were a composite insurer,
they had to manage a wide variety of service requirements-
corporate and retail clients, individual and group
businesses, corporate and retail agents, long-term
life and pension businesses as well as short-term
automobile and property businesses.
Our insurance experts identified all the scenarios
and the business processes followed by the insurer.
The business process document enabled the company
to start re-engineering the practices to ensure better
customer servicing. The techno-functional team used
the business document to assess various CRM Solutions
like - Oracle CRM ® , Siebel ® and Talisma ® in order to identify
the most appropriate solution.