UTI Tech to foray into insurance BPO services

UTI Technology Services, a Rs 100-crore BPO services firm, is foraying into insurance business process outsourcing services.

The company, better known for issuing PAN cards, is getting into the sector as the insurance industry is set to grow substantially over the next few years.

UTI Technology, in addition to providing complete back office services like assessing premium risk, collecting clients' data to handing over the policy certificate is also looking at entering the health insurance sector through the TPA (third party administrator) route.

Said KN Prithviraj, chairman, UTI Technology: "This diversification will enable insurance companies to focus on their core operations like customer acquisition and underwriting leaving the challenge of servicing to us. We will enable insurers to scale up their operations and transaction handling capacity to harness the large business opportunities."

KP Krishnan, joint secretary (capital markets), Ministry of Finance, said the financial services in India was set for a phenomenal growth and UTI Tech would have to make the right moves to benefit from this.