Ibexi & iAP enter into strategic partnership
to expand to South East Asian region
Swiss Re Research had forecasted in
their latest study on insurance markets in Asia (Sigma
4/2001) that Asia - excluding Japan - is expected to
see average real growth of non-life business increase
by 7.9% until 2005. This will be surpassed by expected
growth of life insurance premium of 8.9% per annum over
the same period of time. Globalisation combined with
gradual liberalisation of the insurance industry is
creating new market opportunities, on one hand, but
also increased competition for both life and non-life
insurers, on the other hand. This is a global trend
but is particularly true for the Asian market. Hence,
insurance companies of all sizes are searching for innovative
ways to acquire new customers, retain existing customers,
improve profit margins and better manage their risk
profiles. Overall, the effort is to increase productivity
and control costs while enhancing customer satisfaction.
In order to meet these objectives, Insurance companies
in Asia have relied on IT to varying extents. But, the
new reality has made it imperative to embrace IT based
automation in a more holistic fashion to differentiate
themselves from the competition. Ibexi Solutions Pvt.
Ltd. (IBEXI) is a boutique consulting company set up
in the year 2001 to address such strategic automation
issues for Insurance companies in Asia. With a mission
to provide high value adding consultancy to insurance
companies, IBEXI Solutions Pvt Ltd was founded by a
team of consultants who have extensive work experience
automating leading Insurance companies in the Asia Pacific
region for the past several years. "We realised
that many regional insurance companies were looking
for a vendor-neutral consulting partner who could help
them choose and implement a combination of software,
tools and technologies best-suited to meet today's needs
and, at the same time, offer long-term investment protection",
says Ashok Bhavnani, CEO of IBEXI.
In the ASEAN region, there has been need for players
who are physically close to the customer and also possess
knowledge of local business environment. In order to
meet these market needs, IBEXI has chosen iAP Pte Ltd
(iAP), headquartered in Singapore, as its regional partner
in order to expand to South East Asia. iAP was setup
in the year 2002 to provide Project Management and value-added
IT Infrastructure solutions offering high performance,
high availability and optimum security. Explaining the
reason for the strategic partnership with iAP, Ashok
Bhavnani highlights "Due to iAP's market strengths,
we chose it as our right partner to promote IBEXI's
services and to enable us in offering "total solution"
to customers based on specific needs".
Lax Sankar, Managing Director of iAP complements Ashok
Bhavnani's comments "IBEXI has a proven track record
specifically in the area of business intelligence systems
which is relevant to most insurance companies in Asia.
Also, IBEXI is unique as it focuses only on Insurance
vertical thus allowing its team of consultants to represent
a niche combination of business and technical skills".
Lax Sankar further adds, "In partnership, iAP and
IBEXI are confident that we can provide the right suite
of system services to empower Insurance companies to
raise their competitiveness. Over time, our vision is
to provide turnkey projects and meet the growing need
for strategic outsourcing in the ASEAN insurance market".
About iAP
Infotech Asia-Pacific Partners (iAP) Pte Ltd, incorporated
in Singapore, provides cost-effective IT Solutions to
help enterprises derive strategic advantage in their
business. iAP has a horizontal focus on IT Infrastructure,
e-Business Applications, Project Management and Embedded
Systems. The Financial Services Industry is iAP's main
vertical focus area.
Infotech
Asia-Pacific Partners (iAP) Pte Ltd