Hewlett Packard has been awarded a seven year contract worth $25.2m to implement a core insurance solution for an India-based insurance company United India Insurance. The solution would enable United India Insurance to offer its products and services online.
HP will implement Sirius 4 Insurance (S4I) a centralized core insurance application with a UK insurance solutions vendor Software Solutions Provider (SSP) and e-document company Newgen.
The scope of the system integration contract includes supply, customization, implementation, and maintenance of core and other application software, hardware, and system software. HP will also implement SAP ERP platform for enterprise wide financial accounting solutions. In addition, it also includes supply of Newgen’s document management and workflow management solution which will enable United India to optimise their performance & operational efficiency by setting up back-office processing centers. The complete implementation is based on Microsoft technology on SQL servers and .NET framework.
The company is expected to spend $17.7m for the hardware and $7.5m for software, services, maintenance and training over seven years. The solution will connect around 1,300 offices and is expected to reduce the transaction cost, the company claimed.
According to Sify, G. Srinivasan, chairman and managing director at United India said: After seven years, the IT solution will be handed over to United India personnel, who will be trained by Hewlett Packard. A pilot will be done by September 2008, and the online solution should go live by next year-end. We would be able to save about 20-22% per transaction once this is implemented.
TCS and Wipro had also bid for this deal along with the HP consortium in 2006.
United Insurance also awarded $12.2m contract to BSNL for the on-line transfer of insurance data from the divisional offices to its head office via regional offices.
Source: ComputerWire daily updates