New India Assurance Company Ltd (NIA) has extended its partnership with SSP, a global provider of insurance technology, by upgrading to SSP Pure Insurance, improving its speed to market, agility and distribution capability.
SSP Pure Insurance is a flexible, end-to-end core insurance system which includes modules such as product development, policy administration and claims management. Improving on NIA’s legacy systems will provide access to enhanced broker distribution capabilities, as well as making it easier to bring innovative products to market, dynamically manage rate performance and distribute more efficiently.
NIA has been a customer of SSP since 1999 and wanted a legacy modernisation strategy focused on implementing a new system as painlessly as possible. This was a key factor in the decision to remain with SSP. NIA has already undertaken one upgrade of its software from a UNIX-based green screen platform to S4i. SSP delivers NIA with a low risk upgrade with no issues around the migration of data, and therefore enhanced business continuity.
A future phase will also see the introduction of web portals, with the potential for integration with the SSP Marketplace broker e-trading portal to distribute products to an even wider market.
Rupert Bidwell, SSP’s Head of Territory for Europe, Insurer, said: “In a tough, competitive marketplace, standing still is not an option. We’re committed to moving our customers on to new technology so they can take full advantage of the digital revolution, achieve greater operational efficiency, and augment their data with information from third party sources to stay competitive in the marketplace.”ˆ
Girish Radhakrishnan, Chief Executive – UK at NIA, said: “Over the past 15 years, SSP has become a trusted advisor due to the team’s thorough understanding of our business, and we’re pleased to continue with the next stage of our relationship.
“As a top 100 UK insurer, NIA is keen to look to the future and constantly evolve our strategy. SSP Pure Insurance is a modern future-proofed platform that will allow us to manage the entire business lifecycle from a single solution. The greater operational efficiency achieved through the automation of manual process will also empower our underwriters to spend more time working directly with brokers”.