Chennai: United India Insurance Company Ltd today signed a seven-year agreement with Hewlett Packard to implement a complete turnkey solution for Core insurance.
The scope of the system integration would include supply, customization,implementation and maintenance of core and other application software, hardware and system software, G Srinivasan, chairman and managing director, United India Insurance told at a press conference here today.
HP alongwith its partner SSP would implement Sirius 4 Insurance (S4I),a centralized core insurance application for United India.
The project cost was Rs100 crore spread out as Rs70 crore for the hardware and Rs30 crore for software, services, maintenance and training over seven years, he said.
HP would also implement SAP ERP platform for enterprise wide Financial Accounting, G/L and Human Capital Management solution, Balu Doraisamy, Managing Director, HP India said.
Srinivasan said this core insurance solution would help increase the company’s level of customer service apart from reducing the IT and transaction costs per transaction.
“We would be able to save about 20-22% per transaction once this is implemented,” he said adding that the company could recover the project cost within two years.
In the initial phase,the solution will be implemented as a pilot project from September next year and by the end of next year, it would be implemented in all the offices of the insurance company, the CMD said.
The solution would help online sale of policies, online access for the customer to talk to the company representatives, renew policies, settle claims anywhere apart from a host of other benefits, Srinivasan said.