The spiraling cost of acquiring new businesses has turned out to be the biggest challenge before insurance companies in the sluggish economy and a soft underwriting market. They need to use focused solutions that cater to the specifics of new business acquisition process in their context. These include solutions for proposal management, lead management, point of sales, and new business processing.

NIIT Technologies brings its efficient software solutions to take care of all the challenges plaguing the Property and Casualty (P&C) insurance companies.

Solutions

NIIT Technologies, backed by years of experience, understands the property and casualty insurance industry better than others. Having worked with the world’s leading insurance companies in this space, we help you streamline your new business acquisition process. Our customized solutions cater to your specific needs in the following business areas:

• Point of Sales (POS)
• Lead management
• Proposal management
• Introduction of new products in the market
• New business processing

Business Value

NIIT Technologies’ solutions help you achieve the following business benefits:

• Significant reductions in time to market
• Greater predictability in calculating premium values
• With more efficient point of sales activity, you can scale up quickly
• With more efficient point of sales activity, you can scale up quickly
• With reduced costs and greater efficiencies, you can compete with other non-insurance financial institutions in terms of acquiring new customers

Success Story

Consolidation of Standalone Proposal Management Applications:

One of NIIT Technologies’ clients required a solution for consolidating its various standalone applications for Proposal Management on to a single technology platform. The turnaround time for adding new products was long, the insurance company had a complex process for generating reports, and the data used for premium calculation was not completely accurate.

Impact: NIIT Technologies developed a new system with a robust design and user-friendly navigation. This system reduced the turnaround time for new products, ensured that premium values were accurate, and streamlined other processes as well.

Enhancing the POS System of a global insurance company

The client was a UK-based subsidiary of a global insurance company. The POS system in use was old, lacked operational efficiency, and could not be customized for new geographies.

NIIT Technologies worked on enhancing the POS system based on country-specific requirements, including internationalization. NIIT Tech’s insurance team customized the system for over 7,000 agents and brokers, rolling out the enhanced system to 650 cities across the globe, providing product deployment and maintenance support in all locations, and setting up a 24/7 help desk for all countries across time zones.

The team developed the system using Visual Basic, C++, SQL Server/ B Trieve.

Impact: NIIT Technologies helped the client in expanding its POS network across the globe. We effectively managed the Global Help Desk for customers and agents across geographies and time zones to enable the client to achieve significant dollar savings annually.