3i Infotech, a global provider of IT solutions announced the release of its latest version PREMIA 11j, a comprehensive core Insurance solution for Individual and Group Life business. Premia 11j covers end to end automation of insurance life cycle across customer acquisition, underwriting, re-insurance, policy administration, distribution management, persistency and claims management. The solution is built on a state of the art Java platform & robust Oracle database to deliver a Scalable, Stable, functionally & technologically superior product.
Premia 11j Life Insurance addresses both Conventional and Takaful markets across Asia Pacific, South Asia, Middle East and Africa. The solution provides insurers with unparalleled flexibility to manage product offerings and distribution across a wide spectrum of the sector. Premia 11j provides comprehensive rating engine, inbuilt product configurator, integrated workflow, document management and powerful reporting.Premia interfaces and renders a full and flexible real-time self-service for the community of participants, agents, brokers and sponsors through its Premia E-Portal & Zeus Mobility framework.
Many Insurers are constrained by traditional legacy systems which are expensive, difficult to maintain & need to build multiple surround applications to address their business need. The integrated approach of the system provides a single multi-line platform for insurance companies, improving total cost of ownership. PREMIA 11j Life Insurance provides insurers with a compelling technology advantage in a dynamic business environment where regulatory and social drivers are reshaping the Life Insurance market. As Insurers continue to reinvent their business model to address these opportunities & challenges, a powerful core insurance platform helps in managing the business processes dynamically. The key focus of the solution is to render a full and flexible real-time self-service for the community of participants, brokers and sponsors.
According to Mr.MadhivananBalakrishnan,MD&Global CEO, 3i Infotech Ltd, “Complexity of business operations and need for the technology modernization are amongst the biggest hurdles to accelerate growth today. Leveraging the single system approach of Premia 11j, life insurance sector can choose to deploy a solution based on business priorities. This ensures simplified transformation journey and faster realization of modernization benefits. This also reiterates our commitment and deep understanding of the Life Insurance vertical across the targeted markets.”