L&T General Insurance is a wholly owned subsidiary of Larsen & Toubro Limited. The company provides a complete range of Retail and Institutional insurance solutions catering to the needs of Individuals, Small and Medium Enterprises and Corporates with business lines that include Property & Casualty, Automobile, Health, and a special focus on Rural and Micro Insurance.
The Challenge
Targeting a rapid implementation of its business initiative, L&T Insurance was looking for a packaged- based software solution with full straight through processing and field tested general insurance best practices, across the whole underwriting process.
The Solution
The new software platform, which fully complies with the Indian Insurance Regulatory and Development Authority (IRDA), provides the technological foundation that integrates all the necessary business functions for a deeper customer connect via unified brand experience. This includes the deployment of motor, property, fire and engineering, while additional business lines, such as commercial liabilities, health, travel and marine, will follow.
The Technology
L&T Insurance is using IDIT™ Software Suite as its central system for managing the core policy administration business. The system is running on IBM P-Series with AIX Platform, Websphere & DB2-UDB. The system is scalable to handle large number of policies in future. The project was conducted jointly with L&T Infotech, IBEXI and IBM (India).
Going into the Future
L&T Insurance plans to enrich the system with more number of insurance products, and leverage the initial investment to further maximize the TCO (Total Cost of Ownership). The IDIT™ system will support the implementation of innovative insurance products and processes to be offered on-line for improved competitive edge.
