RADNOR, Pa.; February 11, 2010 – Unirisx, the leading global Software-as-a-Service (SaaS) provider of core insurance services, and IFFCO Tokio (India), India’s fourth-largest general insurance company, today announced the successful field test of digital pen (“digipen”) technology in rural India for processing individual policy applications.
The test was designed to enable financial inclusion by equipping insurance agents in rural markets with a tool for writing micro-insurance policies. Unirisx integrated their insurance policy processing platform with a digital pen, or digipen, to quickly convert handwritten applications (also known as covernotes) into a full policy with robust security.A digipen is a pen-shaped device that electronically inputs data through scanning to digitize information for easier and more efficient use and transfer. Unirisx and IFFCO Tokio (India) used the digipen in rural areas to transfer insurance policy data via GPRS or Bluetooth.
Vivek Narain, vice president-global business relations for IFFCO Tokio Marine, said the field test demonstrated the strength of the technology for rural India – including improved accuracy, unique date/time stamping that eliminated covernotes fraud, lower costs, and easy integration with existing customer-relationship-management systems. “Throughout the exercise, Unirisx dealt with every challenge to straight through processing promptly and professionally, despite the often difficult environment on the ground,” Narain said.
Said David Piesse, chairman of Unirisx in Asia Pacific: “This successful digipen proof of concept has the potential to create a new era of insurance security in rural India. This is truly the ‘last mile’ in the technology chain that links the enterprise with its customers, particularly in rural areas without the infrastructure traditionally needed for policy processing.”
The field test comprised six digipens used by 15 agents writing 125 covernotes or policies in the Delhi region. Suraj Nichani, who managed the project as Unirisx client relationship manager, said this trial was the first of its kind for digipen and retail insurance in rural India. “The combination of the digipen, personal telecommunications and Unirisx is a very cost-effective solution with a high 85-percent accuracy rate and increased security – indicating this solution can play a key role in rural distribution and data capture.”
About Unirisx
Unirisx (www.unirisx.com) is the leading low-cost integrated core-processing Software-as-a-Service (SaaS) 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, broaden distribution and manage the full policy lifecycle in real time. Components deliver straight through processing, eliminating errors from manual processes and reducing costs. In most cases, Unirisx is implemented in 45 to 60 days. It delivers premium growth, cost savings of 30-50 percent, improved risk management, and efficient management control across multiple distribution channels. The platform requires no software to install or hardware to buy, dramatically reducing upfront and maintenance costs. 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 as of January 2010. Unirisx is offered by Unirisx LLC, a privately held company based in Radnor, Pa., with offices in Hong Kong and Reading, England and affiliate locations in Beijing, Delhi and Mumbai.
About IFFCO Tokio
IFFCO- Tokio General Insurance (ITGI) 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 associate and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan. ITGI has Pan India presence with 51 ‘Strategic Business Units’ and a wide network of over 110 offices. It offers a wide range of uniquely customized policies covering a wide range of customers, from farmers to some of India's largest automobile manufacturers. From a modest Rs 2130 Million of GWP (Gross Written Premium) in 2001-02 it has achieved an impressive Rs 12350 Million in 2007-08, thereby becoming one of India’s leading private players. ITGI 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. This comprehensive policy is based on international rates and optimizes the premium outflow for clients even as it offers a one-stop, all-risk cover. Other than the conventional products, it has been able to come out niche products like Credit Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omissions Policy for the IT Sector etc. At the same time it has steadfastly carried out its rural centric initiatives by launching products like Sankat Haran Bima Yojana, Mausam Bima Yojana, Mahila Suraksha Bima Yojana and Janata Bima Yojana for the masses.
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Unirisx Contacts:
Stuart Ferrell—Global Marketing Director
Stuart.ferrell@unirisx.com
+1 484-367-7250
