3i Infotech, an award-winning global IT solutions and services provider, has signed with Liverpool Victoria - one of the UK’s leading financial services companies. Under the terms of the agreement, the company will implement 3i Infotech's PREMIA™ solution as the platform to automate its general insurance business.
The deal marks 3i Infotech’s foray into the UK’s highly competitive insurance market and PREMIA will support Liverpool Victoria’s business with unified distribution across multiple channels including Direct, Internet and Broker.
Explaining the decision to select PREMIA, John O’Roarke, managing director designate of Liverpool Victoria’s general insurance business, said “We have evaluated over 50 general insurance systems and decided that PREMIA best supports the vision and business model we wish to pursue in becoming one of UK’s top five general insurers by 2011.
“As an all channel, comprehensive general insurance company, we aim to provide more competitive pricing and improved customer service to individual customers and Small and Medium Enterprises. Innovative products, speed to market and highly automated business processes will be the keys to our success.
“We look forward to working with 3i Infotech to implement their state-of-the art insurance solution, PREMIA, on which our business will be built.”
PREMIA is installed at over 100 sites worldwide, including American Insurance Group, Tokio Marine, Prudential, Hallmark Insurance, and Oriental Insurance.
Kalpesh Desai, Chief Operating Officer (Europe, Middle East & Africa) at 3i Infotech commented: “The challenge for high growth oriented insurers today is to optimise new distribution channels available while ensuring that the back-office is as efficient, agile and responsive as possible to market changes. PREMIA has been built from the ground up with the Internet and on-line collaboration embedded in its architecture.
“We are delighted that Liverpool Victoria has become the first UK insurer to embrace PREMIA in a market, which we believe has a significant demand for a new integrated technology solution. Such systems need to bring together the ever evolving distribution chains with required transaction processing, in a manner that can be virtually extended to back office processing, in a geography independent model, which PREMIA does admirably.
“Today UK insurers require a truly enterprise class solution addressing the entire insurance value chain and PREMIA fits this need as demonstrated by Liverpool Victoria’s selection of the product.”
With its configurable product, rating and workflow engines, 3i Infotech’s PREMIA General Insurance system provides a single solution to insurers and the opportunity to significantly improve their performance in today’s digital market while establishing consistent controls over all channels of distribution.
About 3i Infotech Limited
3i Infotech (www.3i-infotech.com) provides a range of information technology solutions for insurance, banking & finance, e-Governance, manufacturing, and retail & distribution. The company is SEI CMMI Level 5-compliant for its software business and ISO 9001:2000-certified for its Infrastructure Services and Business Process Outsourcing Operations.
Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech has a presence across 5 continents and serves customers in 50 countries. 3i Infotech has a representative office in Kazakhstan.
For almost two decades, 3i Infotech has been serving the Middle East and Africa region. 3i Infotech's list of more then 500 customers includes those in the GCC countries, Sudan, East & West Africa, South Africa, Mauritius, the Central Asian Republics and the Mediterranean countries.
The company also has been the recipient of prestigious international awards such as the Asia Insurance Industry Award for Service Provider of the Year for 2005 and 2006, Frost & Sullivan Growth Leadership Award 2005 for India ERP Software for Small & Medium Business (SMB) and Dubai Quality Appreciation Program award.
About Liverpool Victoria
Liverpool Victoria is the UK’s largest friendly society and has more than 2.5 million members and customers, who trust them to manage over £8 billion on their behalf. Liverpool Victoria provides a broad range of financial services including life assurance, general insurance, asset management, banking services and whole of market financial advice. Liverpool Victoria is authorised and regulated by the Financial Services Authority and is a member of the ABI, AFS and ILAG, and a founding member of AMI (the Association of Mutual Insurers) a trade association formed in September 2004 specifically for mutual insurers. Liverpool Victoria supports AMI's work of representing the UK mutual insurance industry in lobbying and communicating with bodies such as the FSA, UK Treasury, politicians, the European Union, the International Association of Insurance Supervisors and the International Accounting Standards Board.
