Insurance
CMC has an exceptional track record as a software solutions provider in the general insurance business. As of date, CMC has an impressive client list covering leading public sector insurance companies, namely, New India Assurance, National Insurance and United India Insurance. Top private insurers like ICICI Lombard, Cholamandalam MS, Universal Sompo and HDFC ERGO have recently been added to the portfolio of our client base.
 
To expand and promote CMC’s focus on the insurance sector, Insurance Competency Centre (ICC) proactively functions with multifaceted activities in insurance business space in terms of innovative product research, development, insurance education and training. The Insurance Competency Centre is located in four major cities of India: Mumbai, Chennai, Kolkata and Hyderabad. 75% of the non-life insurance policies in India are issued through CMC’s software.
 
Products in Insurance
 
GENISYS Configurator Non Life is a Web based Core Insurance Product that addresses the needs of a comprehensive insurance application covering Underwriting, Claims, Accounts, Reinsurance, Reports, Queries, Business Intelligence, Portal, Mobile etc. It also includes the Product Designer (Insurance Product and Processes Setup Tool) that allows the business analysts to set up (easily and rapidly) any new Non Life insurance products in entirety. The Product Designer module includes the product structure in terms of risk structure, cover structure, loading & discount structure for single & group policies, business rules, premium calculation logic, rates, workflow and policy document templates including clauses, warranties and conditions. It also allows the user to make changes to existing insurance products and establish rules that govern the product's behavior. The greatest strength of the application lies in its flexibility and scalability.
 
GENISYS Configurator Non Life caters to all the lines of business under Property and Casualty insurance,  e.g., Aviation, Motor/Automobile, Fire, Engineering, Marine, Health & Allied business, Travel & personal line, Rural and Miscellaneous etc. It also allows definition and transaction of multi section package products which offer benefits and coverage across line of business in a single insurance product.
 
Besides on-line mode of operation, GENISYS Configurator Non Life also supports off line operation whereby proposals created by channel partners/producers/ delivery channels are uploaded, validated and valid proposals converted to policy. Similarly GENISYS Configurator Non Life also uploads and processes claims handled by Third Party Administrators.
 
GENISYS Configurator Life is a Web based Core Insurance Product that addresses the needs of a comprehensive insurance system covering Underwriting, Claims, Accounts, Reinsurance, Reports & Queries, Business Intelligence etc. It also includes the Product Designer (Insurance Product and Processes Set up Tool) that allows the business analysts to setup, easily and rapidly, any new Life insurance products in entirety. Product structure can be defined in terms of risk structure, cover structure, loading & discount structure for single & group policies, business rules, premium calculation logic, rates, workflow & policy document templates including clauses, workflow & policy documents for Term Products, Endowment Products and its variants, Anticipated Endowment, Group Term and Group Annuity. It also allows the user to make changes to existing products and establish rules that govern the products’ behavior. The greatest strength of the application lies in its flexibility and scalability. Also GENISYS Configurator Life Supports Policy servicing processes including Renewal, Paid up, Surrender, Lapse and Revival, Free look cancellation, Policy Loans, Assignment & Reassignment, Duplicate Policy Issuance, Bonus Processing, Premium by way of Salary Deduction and Policy Conversion as well as Claims Servicing for Death Claim, Maturity Claim, Survival Claim for Anticipated Endowment Products , Annuity Claims etc.
 
In addition to the on line mode of operation, GENISYS Configurator Life also supports off line operation whereby proposals created by channel partners/producers/ delivery channels are uploaded, validated and valid proposals converted to policy. Similarly GENISYS Configurator Life also uploads and processes claims managed by Third Party Administrators.
 
GENISYS Re is a Web based Product that comprehensively caters to the Reinsurance requirements of an insurance company, for both Non-life Insurance and Life Insurance business. It caters to all types of proportional and non-proportional reinsurance, viz., Obligatory, Quota Share and Surplus treaties as well as Facultative arrangements and all types of non-proportional reinsurance, viz., Risk XOL, Catastrophic XOL, Stop Loss XOL etc. It also comprehensively covers accounting at treaty, broker and re-insurer levels as well as the different accounting statements. GENISYS Re is available both as an independent product which can be integrated with any Third Party Core Insurance Application or could be bundled with GENISYS Configurator.
 
GENISYS  Portal is a Web based insurance portal framework that allows direct customer or the Delivery Channels (e.g., Agents, Brokers, Banks etc) to transact on the Insurance company’s application. It is available both as an independent product which can be integrated with any Third Party Core Insurance Application or could be bundled with GENISYS Configurator.  The portal is a Share Point based framework with the configuration of user interfaces, workflows, Premium Calculator, Quick Quote, Quick Renewal, Customer Registration, Integration with Payment Gateway, SMS Gateway, Email etc. All confirmations and notifications are sent through SMS as well as through Email as applicable. For the agent, among others, GENISYS Configurator provides entire customer wise portfolio as well as commission and business statements. The schedules in PDF format is directly sent through email alongwith a copy to Delivery Channels.
 
GENISYS Mobile allows customers & channel partners to transact on mobile devices, for issuance of new policy, policy renewal, quick quote, quick renewal, claim intimation and payment through payment gateway. It is available both as an independent product which can be integrated with any Third Party Core Insurance Application or could be bundled with GENISYS Configurator. 
 
GENISYS Broker is a Insurance Policy Exchange where business partners (Auto Dealers, Travel Agents, Banks, Brokers etc) can sell the policies of different Insurance Companies at OEM/ dealer/service provider service points on Web. The Insurance Policy Exchange integrates at backend (Online /Offline) with Insurers’ own core insurance applications.
 
Services in Insurance
 
CMC’s offers a wide range of services for its insurance clients. The services are as follows:
  • Systems Integration Services
    • Insurance Application Testing Services- The Insurance Application Testing Services includes Non Functional Testing and Functional Testing
    • Non functional testing involves testing of the system performance, load testing, failover/recovery testing, exception handling, descriptive error messages etc. CMC deploys and customizes it’s test case repository, built up over years in association with the insurance industry.
    • Functional testing involves testing of the entire solution as desired and designed as independently module /component wise and together. CMC, with it’s exemplary experience in the insurance sector undertakes functional testing with it’s huge repository of functional test cases which are customized for the specific requirements of an insurance company. These test cases pertain to specific functionality, module/ functional area and application as a whole.
    • Regression Testing is type of software testing that seeks to uncover new software bugs or regressions in existing functional and non-functional areas of a solution after changes such as enhancements, patches or configuration changes, have been made to them. High level activities that are carried out in the Regression Testing include Creation of Regression Test Scripts, Regression Testing for each release.

      CMC uses and customizes the existing test script and test case repository specifically developed for the insurance industry, for this purpose.

  • Data Warehousing Services-The Data Warehousing Services includes the Solution and Services to build the Enterprise Data Warehouse & Business Intelligence Solution like business reporting, analytical reporting, multidimentional cubes, scorecards, customer communication  and online analytical processing of data
  • Business Intelligence Solution and Services-The Business Intelligence Service includes architecting, designing and implementing Business Intelligence / Analytics solutions including the Packaged Analytics or Custom Built Analytics for various functions.  Also to implement solution for Metadata handling, Master Data Management and Data Quality.
CMC has implemented huge data warehouse and business analytics for different insurers. These analytics and data warehouse are based on specific Key Performance Indicators (KPIs) for insurance industry and are agnostic of the underlying core insurance application. Whatever be the underlying core insurance application, the KPIs and analytics are applicable for the industry at large.
  • Data Migration Services – The Data Migration Services include migration of Data from legacy systems to Target Systems including the formulating of the Data Migration Strategy and process documents. The data migration services includes cleansing and validation for all data migrated from the legacy systems, preparation of scripts for data upload from Legacy Insurance Applications , provide a reconciliation tool to facilitate the migration process and data exception handling. The controls on data records are maintained at various stages of data migration.
Over the years, CMC has performed data migration for several insurance companies. Based on the experience, CMC has developed migration methodology specific to the insurance industry. Examples are the matching criteria like product coverage and premium and addressing mismatches.
  • ITES Services
    • Services for Healthcare- CMC possesses a web-based portal to handle claims processes. Services include Claim Status, Patient Details, Complete Audit Trail of the Claim History, Payer-Patient-Bill-Claim relationship tracking, Integration with Taxonomy Code master information, Features for reconciliation, ICD 9 mapping and transition to ICD 10. This is triggered by the continued contraction of demand in western countries, commoditization of services, need for innovative solutions to push differentiation and capital requirement for growth in emerging economies has put global hospitality companies under immense pressure.
    •  Document Digitisation Services- Document Digitisation service emphasizes the mode of transformation of information. Information available in a crude format from discrete inputs (physical paper, facsimile, mails or legacy data formats) are converted into a structured format and made available intelligently and in a format which makes business sense. The aim of digitisation is to build a repository that brings intellectual as well as business benefits to an organisation and increases scope to identify and improve processes within various departments of an organisation.
  • Document Management Services- CMCDocs implements a Document Management System to cater to client’s requirement of Indexing data from documents; Metadata data based Searching, Context Sensitive Search, Storage and Archival. The application is built on CMC’s proprietary workflow platform, CMCDocs – and has been enriched with flexible features to turn it to an end-to-end solution. The workflow is guided by a comprehensive workflow console which allows routing to different stations based on user roles and rights.
  • Legal Platform Services-CMC ITeS provides high quality and economical legal support services globally. CMC has a vast range of tested IT solutions backed by a competent team of legal professionals (SME) and compliance personnel through which Legal services are rolled out across the globe, including America and Asia Pacific. CMC’s legal services team comprises experienced and trained industry experts & SME’s who are supervised by senior solution consultants of international standing to provide guidance and direction in execution and implementation. In addition, CMC adheres to international standards of data privacy to ensure security of data shared by the customer.
  • BFSI Platform Services-CMC has evolved into an independent service provider with an unique end-to-end approach for BFSI. While our ability to provide Business Process Management solutions has expanded, it is still our deeply rooted experience that influences our methods, inspires our services and keeps us focused on the challenges of the future. Services include :
    • Insurance - Data Management, Approval Workflow, Channel Support, Customer Retention/ Cross and up-sell, Customer Enquiries, Underwriting Support, Verification / Validation, Delivery Requirements, New Business Rating, Document  Mgmt, IT Support , F&A Analytics, Collections, Remittance exceptions, Reconciliations, Refunds, Premium Mode Change, Customer Service
    • Compliance & Risk Management – IT Operational risk management, Regulatory Reporting integrated within the solution
  • Accounting Platform Services-CMC ITeS has hosted an agile Finance Management tool that can cope both efficiently and effectively with increasing regulations, expanding supply chains, cost pressures, competition, and customers demanding better service and focussed to global market and finance leaders. Built on years’ of experience and the power of Lean Six Sigma, CMC is well equipped to help Global Giant(s) turn these challenges into opportunities to create the “smarter” Financial organisation. We have applied our groundbreaking Six Sigma methodologies to Finance and Accounting processes, helping Finance drive value across the entire enterprise with standardized processes that are faster, more transparent, more compliant, more secure and that deliver actionable insights for better decision making.
  • Recruitment Processing Services-Examinations and Recruitments is an on-going activity across the Globe. Billions of dollars are spent for conduction of exams and result processing. Most of these are done in-house but we have noticed a recent trend that a large part of these services can be effectively handled by an organisation having expertise in this domain thereby reducing cost of operations for the organisations and institutions involved in the lifecycle of admissions
  • CS Services
    • Facilities Management Services- The facility management services include the managing of Data Centre, Disaster Site including end-to-end system administration , security management, end-to-end network administration, end-to-end management of Virtualized Environment, System installation ,Troubleshooting ,Performance enhancement ,Upgrades/Migrations and updates, Backup of Data Centre Systems/Storage and validation of the same, Restoration Drills and reporting, Data sync for all DR qualified Applications, DR drills and Business Sign off for the same, Batch jobs as per the applications requirement, Application License Management, Device Tracking etc and  .Customized Reporting at agreed frequency
    • Remote Infrastructure Monitoring Services (RIM) - CMC's RIM Services offer a reliable, high quality and cost effective Remote Management and Monitoring solution to its business partners. The offering includes the following services and it is delivered through ITIL framework and an integrated Service Desk, Datacenter Services (Server, Storage and Backup), Network Services, Database Services, Application Services (Messaging, IIS, Active Directory, Terminal Services, Custom Business application),End User Services, Security Services
Insurance Product Portfolio & Clients
 
Product in Use
Clients
GENISYS Configurator Non Life
  • ICICI Lombard General Insurance Company Limited
  • Universal Sompo General Insurance Company Limited
  • Cholamandalam MS General Insurance Company Limited
  • HDFC ERGO General Insurance Company Limited
  • The New India Assurance Company Limited Fiji Islands
  • United India Insurance Company Limited
  • Reliance General Insurance Company Limited
  • Magma HDI General Insurance Company Limited
  • Tata AIG General Insurance Company Limited
  • National Insurance Corporation of Tanzania
  • Liberty Videocon General Insurance Company Limited
GENISYS Configurator Life
  • National Insurance Corporation of Tanzania
GENISYS Re
  • Universal Sompo General Insurance Company Limited
  • Cholamandalam MS General Insurance Company Limited
  • HDFC ERGO General Insurance Company Limited
  • The New India Assurance Company Limited Fiji Islands
  • United India Insurance Company Limited
  • Reliance General Insurance Company Limited
  • Magma HDI General Insurance Company Limited
  • Tata AIG General Insurance Company Limited
  • National Insurance Corporation of Tanzania
  • Liberty Videocon General Insurance Company Limited
GENISYS  Broker
  • Tata Business Support Services Limited
GENISYS Portal
  • United India Insurance Company Limited
  • National Insurance Company Limited
  • Cholamandalam MS General Insurance Company Limited
  • Magma HDI General Insurance Company Limited
GENISYS Mobile
  • Cholamandalam MS General Insurance Company Limited
  • National Insurance Company Limited
GENISYS
  • National Insurance Company Limited
  • United India Insurance Company Limited
GENISYS Enterprise
  • The New India Assurance Company Limited
  • National Insurance Company Limited
  • United India Insurance Company Limited