NIIT Technologies unveils Insurance Process Framework for Commercial Insurers

 New Delhi, 12 February 2009: NIIT Technologies Ltd, the global IT services provider headquartered in New Delhi, today unveiled their new Insurance Process Framework - IPF3 - for the commercial insurance sector. Built on a robust SOA architecture, IPF3 promises to provide enhanced technology enablement, faster time to market and easier compliance to changing regulatory requirements for commercial insurance organisations.
International strategy consultancy Celent has predicted that by 2012, total IT spending in India will reach $9.4 billion. Celent also reports that projected IT spending of general insurers in India will nearly double in 2012 with insurers spending 5% and 6% of net written premium on IT

‘"IPF3 will bring significant advantages to insurers in terms of speed, flexibility, scalability and adaptability to regulatory changes facilitating, faster time to market," said Mr. Arvind Thakur, CEO, NIIT Technologies.

This agile framework from NIIT Technologies has already been implemented by leading commercial insurers and reinsurers in the Lloyds market in UK. Reinsurance major, Munich Re Underwriting Limited (MRUL), among others, is one of the first clients to go live.
IPF3 incorporates unique utilities for managing workflow, business logic and functionality. Additionally, IPF3 can be integrated with an existing workflow system thus allowing business process flows to be developed or modified quickly.
About NIIT Technologies
NIIT Technologies is a leading IT solutions organisation, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions including Managed Services and Business Process Management to organizations in the Financial Services, Travel, Retail and Distribution, and Government sectors.
NIIT Technologies' software development processes are assessed at SEI CMMI – Level 5 Version 1.2. Its human resource processes are assessed at the highest-level of maturity at PCMM Level 5. Further NIIT Technologies has processes and systems for information security management certified in accordance to the ISO 27001 standard, and its facilities offering Managed Services conform to ISO 20000 standard of Service Management.
For further information please visit www.niit-tech.com
About NIIT Technologies' Insurance Practice
NIIT Technologies with its extensive experience in the Insurance vertical, has been leveraging on its' knowledge of business processes to provide end to end IT solutions for the Insurance industry since inception. The company’s' global domain experience and business understanding ensures efficient, scalable, secure and robust solutions that are tailored to the needs of its clients. NIIT Technologies' Knowledge Management Framework coupled with strong Competency development capabilities has helped clients deal with knowledge and technology challenges.
Safe Harbor
Certain statements in this release are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company
 

For media queries please contact:
Anil Tikoo
NIIT Technologies Ltd
+91 11 40570736
anil.tikoo@niit-tech.com
 

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NIIT Technologies Ltd
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