ICICI Infotech Ltd., an Edison, N.J.-based IT solutions provider, has signed an agreement to implement its PREMIA 10.0 system for Comercial America Insurance Co. (CAIC).PREMIA 10.0, has been tailored for the U.S. insurance industry, and combines a modular application software solution with a single, integrated system. Beneath a consistent presentation layer, PREMIA 10.0 provides business functionality that supports rating, quoting, underwriting, binding, billing, endorsing (including out-of-sequence), claim administration, reinsurance management, and general ledger accounting. PREMIA 10.0 also delivers enhanced reporting and an improved capability to integrate with existing systems.
"We wanted an insurance system solution that had been built to support large and complex operations and that also had the pricing and BPO flexibility that would be attractive to our smaller, current operation," says Luis Bordes, president of Houston-based CAIC.
"PREMIA, which ICICI Infotech is delivering to us through a BPO services package, will enable us to provide our producers with technological tools not currently deployed in our business space. In addition to that competitive advantage, just the availability of PREMIA is already helping us advance some stalled business initiatives that other system solutions could not adequately support," he says.
Finally, Bordes says, the implementation of PREMIA 10.0 will also bring new efficiencies to CAIC's operation. By integrating general ledger accounting, reinsurance management, policy administration, and claim administration in one system software package, the company expects productivity benefits at the staff level in excess of 15%.
Source: ICICI Infotech
