L&T Infotech has launched “AccuRUSI” (Accurate Risk Underwriting and Systems Integration), a framework aimed at transforming underwriting capabilities for insurance companies. This was launched during a global insurance event in the USA. This framework will enable insurers to leverage and harmonize technologies such as collaborative workstations, rules engine, BPM and advanced analytics to achieve strategic business goals such as underwriting profitability and pricing accuracy.
During the launch, Mr. Avinash Lele, Senior Vice President – Insurance & Head of Insurance Business Unit, L&T Infotech, said, “AccuRUSI enables better identification and evaluation of risk exposures, alignment of pricing and terms to the quality of risk, and improved underwriter productivity. Insurers thus will be empowered to reduce their loss ratios and improve underwriting outcomes.”
Insurance companies often struggle to make their underwriting functions more effective and responsive. Underwriters are forced to manually gather critical risk data from numerous disparate internal IT systems and external sources. Moreover, the policy administration systems that underwriters typically use are unable to provide sophisticated underwriting processing and analytical abilities. As a result, there is lesser visibility and control over underwriting throughput, risk selection and pricing accuracy.
L&T Infotech’s AccuRUSI framework is designed to address these challenges for Property & Casualty and Life insurers. It provides a collaborative platform to enable underwriters follow an effective risk evaluation process, a powerful decision support mechanism, and set of configurable business components for straight-through processing.
To deliver these benefits, the AccuRUSI framework includes business components for case management, risk information and analysis, location intelligence, medical test allotment and underwriting performance management. The AccuRUSI framework presents an opportunity for underwriters to collaborate, monitor business activity and improve overall underwriting discipline.
About L&T Infotech
Larsen & Toubro Infotech (L&T Infotech), one of the fastest growing IT Services companies, is a part of USD 11.7 billion L&T Group, India’s ‘Best Managed Company’ with presence in the areas of engineering, manufacturing and financial services. It is ranked by NASSCOM as 8th largest Indian software & services exporter from India, is amongst NASSCOM’s Top 20 IT-BPO Employers in India (FY2009-10) and is ranked 7th in DATAQUEST-IDC top 20 IT Best Employers Survey 2010. L&T Infotech is differentiated by its unique Business-to-IT Connect, which is a result of its rich corporate heritage.
It offers comprehensive, end-to-end software solutions and services in the following industry verticals: Banking & Financial Services; Insurance; Energy & Petrochemicals; Manufacturing (Consumer Packaged Goods/Retail, High-tech, Industrial Products, Automotive), and Product Engineering Services (Telecom).
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The Company’s new emerging verticals include Media & Entertainment and Life sciences & Healthcare. L&T Infotech also delivers business solutions to clients in the following horizontals/Service Lines: SAP, Oracle, Infrastructure Management Services, Testing, Consulting and Business Process Services; while its other service offerings are: Business Analytics, Legacy Modernization, Applications Outsourcing, Architecture Consulting, Enterprise Integration, Service Oriented Architecture, Systems Integration and PLM.
L&T Infotech also offers Unitrax®, a SaaS-based transfer agency product, enabling fund managers to process product types such as mutual funds, fixed income, structured notes, annuities, segregated and retail venture funds. Unitrax® provides web-based BI reporting, sales analytics and CRM features. Unitrax®’s Web services-based architecture eases inter-connectivity to in-house applications. With a consistent high client satisfaction measure, the product improves efficiencies through streamlined and automated client processing and administrative features whilst ensuring a high level of compliance with regulatory requirements and industry standards.