By IANS
Chennai : India’s second largest non-life insurer, United India Insurance Co Ltd, has chosen a Hewlett Packard-led consortium to implement a core insurance software solution and install necessary hardware. The project is worth Rs.1 billion ($25.3 million).
“The new solution is expected to change the way in which we transact business. We will also connect all our 1,300 branches,” said G. Srinivasan, chairman-cum-managing director of the company.
“The hardware component of the deal will be Rs.700 million and the balance would be towards software, maintenance and other aspects,” Raju Sharan, financial advisor, United India Insurance, told the media here Thursday.
The consortium, led by system integrator Hewlett Packard, consists of SSP, a vendor of insurance solution “Sirius 4”, and Newgen, an e-document company.
The consortium would also set up a 24×7 helpdesk to assist the insurer solve technical glitches.
The contract is for seven years, after which Hewlett Packard would hand over the solution to the insurer.
The pilot phase is expected to start sometime next September and the whole system is expected to go live by end 2008, said Srinivasan.
United India Insurance will also have a disaster recovery centre in Hyderabad.
Queried about the status of the consultant’s report for reengineering the company’s operations, Srinivasan said: “The Boston Consulting Group is expected to submit its first report this December. It will be discussed with other stakeholder groups like the employees before the measures suggested are implemented.”