Background
Insurance industry worldwide is facing the challenges of deregulation, consolidation and convergence of financial services. An in-depth understanding and insight into their working can transform this challenge into an unprecedented opportunity. The intellectual capital in insurance has become so rich that we have been promptly recognized as consultants by State Insurance Company of Mauritius (SICOM) and entrusted consultancy job for formulating IT Strategy Plan in their businesses of Life, General, Pension, Actuary, Marketing, Legal and Compliance and other areas. The quality of our consultancy and coverage was so matured that they appreciated our services and they are now going for its implementation.

The aim of such consultancy is to elaborate the plans to support their business needs with the ultimate goal of making it a leading financial service provider in its business domain. The objective of such consultancy are manifold and scope of activities are described here:

	Analysis of potential impacts of various IT systems on operating efficiency
	Business Analysis with ROI for future years
	Economic Value Addition analysis with respect of each category of business
	Exploring the use of Internet and Portals for greater business opportunity
	Identification of appropriate quantitative indicators to measure the productivity gain with the implementation of IT systems, for example, analysis of figures in the existing Balance Score Card, Key Performance Indicator and how improvements can be augmented through appropriate deployment of IT
	Identification of right tool for strong and efficient Corporate Governance
	Development of Business Continuity and Disaster Recovery Plan
	Training and Development Plans for operations and management staff
	·Development of Knowledge Bank for streamlining enterprise information repository

Areas of Insurance Consultancy
CMC Consultancy is readily available for Insurance and Financial Sectors having the following categories of business and services:

	Life Insurance
	Properties and Casualty Insurance
	Pension
	Reinsurance
	Loans
	Financial Services
	Actuarial Services
	Legal and Internal Audit
	Corporate Services
	Marketing and Customer Care
	HR, Administration and Finance

Methodology
The consultancy process comprises of a number of stages covering study, discussions, presentations and interviews in an iterative manner. CMC deputes a team of trained and experienced technology and domain professionals to undertake the consultancy services.

The preliminary stage comprises of examination of existing business processes (As-Is Business Study) and identifying areas of improvements. Existing process is the aggregation of the following information and activities:

	Data, Information and Statistics of the business activities in the currency
	Analysis of different business processes in terms of its contents and flow of information within organisation
	Process interface analysis with external environment, like customers, agents, brokers, government bodies etc.
	Bottlenecks in the processes and users, customers expectations in terms of improvements

Future Processes (To-Be Processes) are formulated subsequent iterative reviews of existing process with the uses in different levels of the organisation. The future Business Process underlines CMC proposed Information Technology coupled with best practices in Business Planning and Development propositions. Those are aligned with organisation's business goals in the Balance Score Cards.

Depending on the requirements and existing infrastructure, the technology architecture offerings may comprise of the following:

	Application Software
	Tools and utilities for System Integration, Data Warehousing and Business Intelligence, Mobile Computing, Workflow, CRM etc.
	Systems Software
	Network Design
	Hardware Configuration and Sizing

CMC also assists the client in the preparation of Request for Tender (RFP) document with detailed specifications of Hardware and Software.

Benefits
Apart from the benefits enabling prompt and accurate Decision Support to the top management, the organisation achieves operations improvements at different user levels and all these generate positive impacts in the business performance. In general, the following benefits can be leveraged by the organisation:

	Continuous Measure of Key Performance Areas
	Substantial Reduction of Lead Time of Critical Business
	Multidimensional Business Analysis Report at any point of time
	Opening New Channels of Communications with the clients and prospects
	Reporting of all possible categories of exceptions
	IT enabled customer satisfaction survey
	Risk Analysis
	Various options for Product Design
	On Line Audit Trail
	Integrated System with User-friendly interfaces with least human intervention