3i Infotech's leading insurance solution PREMIA goes global

PREMIA today is used by leading insurance companies in the region who cumulatively write more than 55% of the premium in the region. Thus, PREMIA from 3i Infotech is the market leader in the Middle East & Africa region. PREMIA 10 is a culmination of over three years of product development effort at 3i Infotech to create a single version of the product that can be deployed globally and at the same time configured to meet region and customer specific requirements. This will bring not only global business practices in a given line of business to customers elsewhere but also reduce total cost of ownership and lead time to go live.

3i Infotech's customer list boasts highly respected names in the Insurance business such as AIG, Tokio Marine, Emirates Insurance, Arab Orient Insurance Company, Marsh Insco and Heath Lambert Insurance Brokers, besides many leading Takaful Insurance companies such as Al Rajhi Islamic Insurance Company, Abu Dhabi National Takaful Company, First Takaful, Kuwait and Solidarity Islamic Insurance & Assurance Co.

PREMIA 10 has been developed on the latest Oracle 10g platform, and can be deployed on an Internet, Intranet or a hosted environment. It is equipped to provide the right kind of tools that allows an insurance company to proactively analyze risks, configure its product variations, handle a dynamic business environment and offer it through multiple channels.

An innovative product configurator with a rating engine that allows the user to set up complex premium rating makes PREMIA 10 a very powerful tool to handle the dynamic business environment. The increased flexibility and scalability that PREMIA's latest version now offers helps to quicken service cycles. Additionally, the end-to-end integration from Underwriting to Claims, Reinsurance and Accounting helps in refining the business processes to provide better service to customers. PREMIA 10's new features mark a proactive approach by 3i Infotech in responding to the feedback and demands from customers and industry experts.

Commenting on 3i Infotech's participation at GITEX 2005, Mr. Hari Padmanabhan, Executive Director, 3i Infotech, said: "I have personally participated as an exhibitor in every GITEX since 1983. All through our years of early growth (the INSYST days) and up to last year, we forged key relationships with new channel partners at every GITEX. As the interest in our products has increased over the years, so have our channel partners across Middle East and Africa, which today number over forty. With a very wide range of innovative and reliable products and services offerings, 3i Infotech will continue to look for partners and to reestablish our new brand with our participation at GITEX 2005."

Globally, 3i Infotech has seen a 4th quarter of all round growth, recording 36% growth over corresponding quarter of the previous year with regional growth significantly outstripping rest of the company average. The company has been able to gain higher value deals thereby leading to increased margins and enhanced future business potential. The company anticipates a growth in revenue for the full year FY 06 of 25% to 30% over the revenue in fiscal 2005. Products contributed 45% of total revenues for the quarter due to greater penetration in existing markets. Services contributed 55% of total revenue with growth being driven by system integration.

At GITEX 2005, the company will be displaying its wide range of enterprise business products and services for varied sectors such as Banking, Financial Services & Insurance (BFSI), Government, Manufacturing, Retail and Distribution. The other specialized software solutions to be showcased include Factoring & Receivables Management, Risk Management, Treasury Management, Asset-Liability Management and Core Banking. 3i Infotech also offers a range of IT Services covering System Integration, IT Infrastructure Management, IS and IT Security Consulting, Compliance Consultancy Services, Software Development, Application Rehabilitation Services and e-Governance.