Innfobase Insurance Software Solutions enable organizations to grow their business through increased productivity.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
The Insurance industry is facing the most significant economic and competitive challenges in its history. Consolidations, mergers, and failures are escalating, while competition from other financial services segments continues to mount. To succeed in this rapidly evolving business climate, insurers are compelled to investigate ways by which they can improve bottom-line operational efficiency and drive top-line growth, and still meet and exceed the expectations of their customers.
Working closely with our Insurance industry clients, we have increased their operational effectiveness and efficiency by enabling them to outsource non-strategic processes and refocus resources on core activities. We achieve this through a powerful combination of Insurance domain expertise, process excellence and a flexible, responsive and personalized approach to service.
The innfobase approach to insurance software solutions has helped our clients reduce the time-to-market required for new product and service introductions, and has lowered operational costs. Our long-term relationships and high rate of repeat business are a testimony to the success of our approach.
Insurer’s Business Model
Profit = Earned Premium + Investment Income - Incurred Loss - Underwriting Expenses.
Insurers make money in two ways. Through underwriting, the process through which insurers select what risks to insure and decide how much premium to charge for accepting those risks and by investing the premiums they have collected from insured's.
The most difficult aspect of the insurance business is the underwriting of policies. Based on a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, the industry uses actuarial science to quantify the risk they are willing to assume. Data is analyzed fairly accurately to project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine the insurers overall exposure. At the end of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit
Our IT consulting and insurance software solutions span a range of Insurance lines of business including Life, Annuities, Health, Property and Casualty and Reinsurance.
We partner with Insurance clients in a variety of engagement models, based on their requirements to provide insurance software solutions. We offer deep experience in all stages of the Insurance business cycle, such as:
Agency Management
Underwriting Solutions
Proposal & Policy Generation and Distribution
Policy Administration
Claims
Compliance
Accounting
Trading & Investments
Statistical Reporting
MIS.
Insurance
