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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
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"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
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"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



Evaluation & Selection of Insurance Software Solutions

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 evaluation 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 solution.

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 advantage.

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 insurance applications for policy administration, channel management and CRM. That experience translates into faster and deeper understanding of the short-listed applications, and a better assessment of the fit and gaps

 
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 and experience.


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.