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Follow UsBANGALORE, INDIA: The Oriental Insurance Company Limited (OICL), today announced that has completed the implementation of its Core Software (Inlias) in all its Branches and Extension Counters numbering 1018.
This has enabled 8000 concurrent users across all offices, access to a centralized system making it one of the largest centralized installations of core insurance application processing over one crore policy documents and over 6 lakh claim per annum, said a press release.
This marks a new benchmark for the Indian insurance industry, as OICL is the first Indian General Insurance Company to have rolled out Core Insurance Solution across all its branches, it added.
The celebration of the deployment of the software was organized in all the offices OICL, which was chaired by Arun Ramanathan, finance secretary, Government of India, the release added.
The complete solution on Sun hardware platform with Solaris Operating System and Oracle Database and Fusion Middleware has provided the company’s IT infrastructure with robustness, management features, security, scalability and performance to service 65,000 transactions a day and process 35,000 new policies everyday, the release added.
The new software would enable the customers of OICL to pay their premiums, or lodge their claims, at any of the offices of OICL through out the country.
The software also provides a web based interface that allows policy holders to access their policies instantly online, registering complaints and tracking them online.
The new software would also provide centralized statistics and also help OICL in generating the various returns and statistics to be filed with the various regulatory Authorities.
The core software has been developed and supplied by 3i Infotech and is running on Oracle database with Sun hardware and the connectivity has been provided by Sify Technologies Limited. The PCs and LAN infrastructure has been supplied by HCL Info System.
M Ramadoss, CMD of OICL said, “We wanted a centralized IT solution to consolidate our processes and transactions, empower our decision makers to take informed timely decision based on the centralized database and also provide a web-based interface to customers to access their policies online.”
He added that the solutions provided by their Technology Partners - 3i Infotech, Sun Microsystems, Sify and Oracle got integrated seamlessly to give them a cutting edge IT environment which would not only enable them to reduce the turnaround time and cost of operations but also increase customer satisfaction significantly and improve their employee productivity.
"It is indeed a moment of great pride for us to play a key role in helping OICL leverage technology to create a new benchmark for the Indian insurance industry, ” said Anil Valluri, VP and managing director- India GEM, Sun Microsystems
He added that the Sun’s solution offering has provided OICL with an agile infrastructure that has ensured a highly reliable and secure environment. This is yet another demonstration of Sun’s technology innovation and proven experience and success in the BFSI industry in ensuring that financial services companies are fully future proofed.