The risk management process attempts to identify and manage threats that could severely impact an organization. Insurance companies face a variety of risks impacting their investments, how they price their products, acceptance of coverage, fraudulent claims etc, to name a few.

Risk management is taking centre stage in the Property and Casualty (P&C) business. With natural catastrophes, accidents, cases of negligence and fraud on the rise, risk management is now a worry area for most P&C business heads. They struggle to have the right risk management frameworks, processes and people in place. And with Solvency II requiring risk management frameworks to be effective, there is now a clear need to be able to measure the performance of the frameworks and systems.

To achieve this, P&C companies need a specialist IT partner who has the right expertise, experience and solutions to work out the frameworks that are tailored for their business.

Offerings

NIIT Technologies brings considerable domain expertise in insurance risk management, and has supported global P&C insurance majors for a long time now. The risk management solutions that we offer address all the enterprise risks, allowing you to concentrate your energies on your core business. We bring you solutions for the three primary areas of operations, IT and compliance.

o Operations

• Exposure Management.
• Fraud Management
• PCI-DSS*

o IT

• Application and Network Security
• Identity and Access Management
• Multi-level Authentication
• Business Continuity and Disaster Recovery

o Compliance

• Anti Money Laundering Solvency II
• SEC audits
• GLBA
• SOX

Through our subsidiary, Room Solutions, we offer Exact Advantage, which supports detailed risk assessment of onshore and offshore risks. We also offer a security and transaction monitoring framework for insurance IT risk management.

Business Benefits

NIIT Technologies works with you to chart out risk management solutions right for your business. The benefits you gain include:

• Easier compliance with regulatory norms, like anti money laundering, etc
• Improved risk management through proactive assessment of the susceptibility of underwriting portfolios to catastrophic events, including terrorism, windstorm risk exposure, flood risk exposure, etc.
• Improved IT risk management, as our security and transaction monitoring framework gives out alerts based on the severity, priority and criticality of any security violations or transactional inaccuracies

Business Benefits

Risk Aggregation Solution for an international reinsurance company

A leading reinsurance company’s subsidiary in Lloyd’s Market was looking for a risk aggregation solution as they faced challenges in risks associated with terrorism underwriting. Traditionally, high risk regions present business possibilities to terrorism underwriters that cannot always be accepted due to limited availability of reinsurance cover. Also the nature of terrorism risk makes managing exposure and pricing a difficult task.

Lloyd’s market chose Exact Advantage, a risk aggregation solution from ROOM Solutions, a subsidiary of NIIT Technologies. The solution has been implemented for a new book of terrorism business.

Impact

The client found an effective and accurate way of managing its risk exposure and aggregation in Exact Advantage.

Salvage reporting solution

NIIT Technologies has built a Salvage reporting solution for a client of a leading claims service provider using Business Objects as the OLAP tool. The solution has enabled the salvage industry to reduce salvage cycle time, maximise returns, and measure salvage performance.