1. INFORMATION TECHNOLOGY
Roy Thomas

2. Introduction
 The rapid innovations in the field of information and
communication technology
 Use and application of information technology in wide variety
has direct impact on the productivity of resources, and
sweepening impact on reducing the cost of various activities.
 Accounting, policy issue and servicing, claim processing, sales
management etc

3. Effectively utilized in
Speedy and correct issuance of documents
Expeditious disposal of claims
Proper building of accounts and statistics
Quality assurance & efficiency

4. Reduce
The paper work
Improve efficiency of service delivery
Provide competitive advantage to the
insurance companies.

5. Technologies for Insurance
 Allowing cross-border trade to become electronic and
paperless, are increasingly offered to
importers, exporters, shipping companies and financial
institutions.
 Spot service facilities for its customers while keeping its data
base at a centralised location
 Provides interesting working model, reduces cost of servicing
but at the same time enables different users to access the data
base and provide service on anywhere any time basis with
M.I.S. Generation at all levels.

6. Database Management Systems
Principles of tracking and measuring responses can pay
off
To find more clients, insurer needs to consider many
factors, including cash value, premium and competition
The need to record and study the characteristics of
persistency- the length of time we retain
policies, customers and agents

7. Analysing a 10-year database is cost effective
Using database technology companies can get a
comprehensive, performance, loyalty, and lost
opportunity
Provides information on how many clients have
actually migrated not just how many policies have
lapsed or surrendered

8. Data Warehouse
 Integrating a number of information systems into a one stop
shopping' database to achieve vision of making company
national in scope, but regional in focus.
 Allows managing by profit levels with an integrated approach
rather than by limiting losses.
 Data mining can be used as a means to control costs and
increase revenue resulting in enormous earning for effective
users.

9. Decision Support Systems
Decision support systems will equip the insurance
managers with ability to allow for customised
products and services that are more in line with what
customers want.

10. Group Linking Software
Enables sharing of information and particularly suits
document heavy insurance business.
Tracking of policy application shows how
information that is input and accessed from a number
of locations can increase efficiency

11. Imaging and Work-Flow Technologies
The proposal forms may be scanned into an imaging
system; data may be extracted for updates to
computer and for automated underwriting workflow
may be implemented.

12. Mapping
Insurers to meet different needs
Identifying loss prone areas
Geographic claim analysis
Helps the insurer to analyse the extent of its
network

13. Call Centre Technology
Good customer service is a crucial element in
gaining, maintaining and retaining profitable
customer

14. Video linking
Between an insurer and a broker allows underwriters
at one place and brokers at other unit to discuss risk
inherent in a proposal face to face.

15. Cat Models
Use data from the recent spate of natural disasters that
helps develop more predictions of insurers' property
exposures in future disasters.

16. Intranet, Extranet and Internet
Intranet is the network connecting different offices of
the same business to permit the internal data within
the business
Extranet is a network allowing the business to
communicate with business partners like
suppliers, vendors, banners, regulations etc. On the
electronic channel.
Internet is a global network of many computer
networks

17. IT APPLICATIONS IN FUNCTIONAL AREAS
Marketing
Consumer Awareness
Information about the products and pricing policies can be made
available to the public in few seconds and much transparency in
operations can be established
To compare the insurance products of various issuers and decide
the product suited to his needs.
The information about the new products changes in the existing
ones
The information on various discounts and incentives can be
provided at a much faster rate and lower cost.

18. Customer services
Market research
Consumers targeting and segmentation
Customizations of products
Easy procedures like premium payments, claims
settlements, tracking of brokers and agents
Complaints management/grievance handling
Intermediary analysis.

19. Finance
Accounting
Treasury management
Financial performance reporting
Resource mobilization
Portfolio management
Investment planning

20. Human Resource Management
Recruitment and selection
Training
Performance appraisal
Promotions, transfers and dismissals
Valuations.

21. Research and Development
Surveys and research on market potential
Analysis of markets
Tracking with international norms and developments

22. MANAGEMENT INFORMATION SYSTEM
REGULATORY CONTROL
The usage of IT can help regulator having common norms
for the industry and test check for all the insurers for
particular kind of business against these norms. Here again
technology lends a big helping hand to the regulator.

23. Thank You.