Patni Computer Systems Ltd. (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI), a global IT consulting and services provider, today announced its customizable solution framework for the development or modernization of insurance business applications. Initially, the framework will support Patni’s application components for Life New Business.
Based on SOA (Service Oriented Architecture) and built using the company’s branded PatniPlus methodologies, these application components are architected to integrate with existing custom or packaged applications within an insurer’s systems infrastructure. They incorporate state-of-the-art Business Process Management (BPM) and Business Rules Management (BRM) technologies, as well as a robust insurance reference model that covers all lines of business. Also included is an integrated Business Intelligence reporting and analytics capability that supports insurer needs for business insight, performance metrics and increased audit capabilities.
As most insurers know, existing technology infrastructure often lacks the flexibility needed to support new business initiatives, launch new products or streamline existing business functions. “Poor integration of existing systems and ineffective automation and tools can lead to extended time to process new business applications, inconsistent data capture, increased errors, inaccurate claim payments and ultimately, unhappy agents and customers”, said Ganesh Iyer, SVP for Patni’s Insurance Practice, “This framework is designed to solve these problems by leveraging Patni’s in-depth domain experience, technical knowledge and solution components.”
All Patni frameworks are built using a reference model incorporating industry best business process and SOA practices that support the industry’s desire for efficient, agile, compliant and cost-effective processing. The frameworks provide insurers with a flexible and easily modified platform that helps mid-sized to Tier 1 carriers transform their legacy application portfolios across business lines.
Commenting on the announcement, Craig Weber, SVP of Celent’s Insurance practice said, “The industry has long been in need of automated solutions that increase accuracy, lower costs and reduce risk and which can be easily applied to a broad range of business segments. Celent believes that tools like this are on the radar for many carriers, and they will quickly allow the industry to significantly raise the bar on service while lowering costs.”