Integration Technologies and Standards for Insurance Industry (Extract from paper by S D Page, Associate Professor (IT), NIA, published in Banknet's Publication Technology In The Insurance Sector)

Insurance companies in India have been using IT (Information Technologies) in one form or the other for their various business activities, especially during past couple of decades or more. At present, they are bringing further innovations and transformations through the deployment of centralized (or pseudo-centralized) core insurance solutions, portals (for customers, agents, employees and development officers), mobile-computing, document-management, workflow technologies etc., for strengthening operational efficiencies and market reach. Apart from seamlessly integrating their (internal) subsystems, insurance companies (life as well as general) have to further integrate such integrated (enterprise-wide) systems with the systems of entities in their business environment.

For example, an insurer has to integrate its systems with the systems of its corporate customers, brokers, with banks in case of bancassurance and also as its banker/bankers, other business partners, healthcare industry (in case of health insurance), RTOs (Road Transport Offices), motor insurance pool, with reinsurer, etc.

While insurance companies are getting transformed through innovative deployment of core insurance solution, portals, mobile-computing, document management, workflow technologies for improving operational efficiencies; technological developments in XML, Web Services and SOA promise more flexible, seamless and meaningful integration of systems (services) within and across various organizations in insurance industry and also with other related industries, enabling us moving towards the establishment and further integration of industry-wide computing grids.



Integration technologies will have maximum impact on the way insurance companies (Life as well as General) will do their business, in this and subsequent decades. Adaptation of globally recognized ‘insurance data standard’, system engineering practices and related new technologies has become minimum requirement for sustaining inclusive growth. Development, internalization, use, institutionalization and industrialization of these technologies, standards and such IT-based insurance business processes; and their continuous assessment for further improvement; is the need of the hour.

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