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EPS Assignment 1
Contents
Insurance Industry in India............................................................................................................................ 2 ERP in Insurance firms in India ...................................................................................................................... 2 Reducing the procedures .......................................................................................................................... 3 Rectifying Information Flaw ...................................................................................................................... 3 Performance of the Agents are Checked .................................................................................................. 3 Insurance Industry Expectations from ERP Systems ..................................................................................... 3 Country Specific Expectations ................................................................................................................... 4 Case in Focus: AEGON Religare Life Insurance ............................................................................................. 5 Introduction to AEGON Religare ............................................................................................................... 5 IT solutions required at AEGON Religare .................................................................................................. 5 ERP solutions by Oracle: ........................................................................................................................... 5 Oracle Business Intelligence System for Insurance .................................................................................. 6 Cost Savings .......................................................................................................................................... 6 Revenue Generation ............................................................................................................................. 6 E-business suite 11 ................................................................................................................................ 6 Appendix ....................................................................................................................................................... 8 Conclusion ..................................................................................................................................................... 9 References .................................................................................................................................................. 10
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Planning
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The story of insurance is probably as old as the story of mankind. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 19051907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. IRDA is Insurance Regulatory Development Authority, has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.
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carries facts and numbers transparency, facts and numbers integrity, and mighty analytics for tactical and strategic conclusion producing and reporting.
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Revenue Generation Underwriting trends: this module is used to understand the underlying trends lying in the business portfolio of the organization and therefore helps in improving the chances of the organization to exploit opportunities in the new market. Pricing Analysis: Using the pricing analysis model offered by Oracle helps not only in the analysis of myriad data but also helps in exporting the financial data to the spreadsheets for the actual pricing scrutiny of various products and services. Sales optimization: This helps the sales personnel to identify consumer behaviors and thus customize insurance policies and plans to meet their buying behaviors. This enables the firm to sell and cross sell their products in multiple lines of businesses. E-business suite 11 Key Modules Billing Payments Collections
This particular suite helps in forecasting the cash flows in the organizations and helps reduce the losses in the revenue management inefficiencies. Work flow capabilities help in achieving for the firm better resolution thereby reducing lead times in responding to customer requests.
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Key features
Multi-line support on one system Eliminates the need to manage multiple billing platforms across the insurance enterprise Business rules separated from underlying code Empowers business users to make changes without IT intervention E-billing and Web-based, self-service options Provides support for agents, producers and other distribution channels, as well as customers Multi-lingual and multi-currency support Enables international carriers to comply with local regulations, improve speed-to-market, and reduce IT costs Consolidated billing Provides single, 360-degree view of all customer billing interactions, so customers with multiple policies receive a single bill Comprehensive account current and group bill processing Provides better support for the distribution channel and easy reconciliation for group bill, resulting in faster cash realization and lower write-offs Scalable for enterprise deployment Grows along with your business Brower-based with exposed Web services Extensible data model with unlimited user-defined fields Insurance-specific call center functionality
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Appendix
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Conclusion
Oracle provides a sustainable solution to manage the business processes at AEGOn Religare Life Insurance through its financial management and claims management modules. The booming insurance sector in India is well supplemented by the ERP solutions offered by some of the top software vendors.
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References
www.edocfind.com www.sribd.com www.erpresorce.com www.callidussoftware.com. www.technologyevaluations.com
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