By ABHINAV ANAND (BM-014116) ABHISHEK AWADHIYA (BM-014117) GULSHAN CHAUHAN(BM-014118) Mergers and acquisitions (M&A) are both aspects of strategic management. A merger is a legal consolidation of two companies into one entity, whereas an acquisition occurs when one company takes over another and completely establishes itself as the new owner. IFFCO-Tokio General Insurance was incorporated on 4th December 2000 with a vision of being industry leader by building customer satisfaction through fairness, transparency, and quick response.
It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group which is also the largest listed insurance group in Japan. From a modest Rs 213 Crores of GWP (Gross Written Premium) in 2001-02 it has achieved an impressive Rs 2248.16 Crores in 2011-12, thereby becoming one of India's leading private players. Client Data Insurance carriers maintain accurate and updated client data records. Information technology must be both secure and comprehensive enough to store multiple names, addresses, telephone numbers, email addresses and other pertinent details. Policy Details Details of each insurance policy, ranging from life, home, auto, boat, liability and business products, need to be accurately recorded and merged with client data.
Claims Management Information technology plays a vital role in allowing carriers to record claims details and share data with police, other carriers, attorneys and beneficiaries. Advanced computer software ensures important information remains accessible and updated. Beneficiaries Life insurance companies utilize database technology to record policy owners' beneficiary designations. Payment Information The most essential area is an insurance company's client payment details. Above all else, billing and invoicing systems generate the necessary revenue to keep the company in business. IFFCO Tokio General Insurance has got the Technical Support for underwriting and reinsurance from Tokio Marine and on Risk Management from tokio Risk Consulting (TRC). It is the first company in India to underwrite mega policies for a fertilizer and an automobile company. The problem was that the company's AS400-based claims processing system had many manual processes and couldn't cope with increasing business demands and growing customer expectations. It forced a duplication of data entry and time- consuming documentation. It also meant higher turnaround time for claim settlement, which made no one happy. To alleviate these pain points, Dubey and his team rolled out a Rs 1.5 crore integrated claims management system (ICMS) developed using Java programs, a CRM system, a document management system, an enterprise service bus, and an SMS gateway. IFFCO Tokio is also the only insurance company in the country to have a 100%-owned distribution channel to service its retail customers called IFFCO-TOKIO Insurance Services Ltd (ITIS).
As a customer focused company, they conduct bi-annual customer satisfaction surveys through independent agencies to gauge its operational efficiencies. This is backed by a robust IT infrastructure which has enabled among other things, speedy settlement of claims.
AgencyPro for Windows AgencyPro for Windows is an insurance agency accounting application. You can keep track of your sales representatives commissions, customer payments and balance sheets. USSI510e United Systems and Software Incorporated (USSI) is designed to meet the current and future administration requirements found in most traditional and non-traditional life and health insurance companies
SmartOffice SmartOffice is a customer relationship management (CRM) application for insurance agencies. SmartOffice also comes with a policy tracking feature, which helps you to keep track of your customers' policies. Unirisx Unirisx is the leading low-cost integrated core- processing Software-as-a-Service (SaaS) used for Policy, Billing and Claims. The highly configurable web-based, on-demand solution enables insurers, agents, brokers and other users to rapidly create and launch new products. Unirisx is customizable for any language, currency and insurance product. Unirisx services more than 50 lines of business with 25 currencies in 19 countries on 5 continents.
1) Health insurance 2) Travel insurance 3) Motor insurance 4) Home insurance 5) Other insurances
Application Submission Many life insurance companies now use digital applications. Digital Signature Pads Life insurance agents who use digital applications can capture client signatures on portable imaging devices. This reduces paper usage and ensures information will be transmitted accurately.
Medical Information Bureau Every applicant's information, along with the company's subsequent underwriting decisions, are stored in electronic databases. Potential clients names and information are checked against this database to detect fraud and obtain relevant data discovered by other carriers. Motor Vehicle Abstracts Information technology allows carriers to review a potential client's driving records digitally in secured online databases. Criminal Records Digital information technology allows carriers to obtain and review criminal records quickly and efficiently.
We are going to conclude here by saying IT has facilitated Iffco-tokio straight-through processing for the entire claim system. It has also increased transparency across the organization, reduced turnaround time and data entry and associated errors.