- This contract comes as part of a master agreement between Indra and the insurance group, under which Indra will provide technology services for life insurance operations
- iONE supports activities throughout the insurance value chain, operating with an extensive range of products and improving time to market for the same
Zurich, one of the world's largest insurance groups, has chosen iONE, the core solution developed by Indra, to modernize and speed up management of the life insurance portfolio at its Brazilian subsidiary. The contract covers benchmark insurance products in Zurich's group life insurance segment, as well as IT support and maintenance services for five years.
The project comes as part of a master agreement between Indra and Zurich, under which the consulting and technology multinational will provide services related to iONE, a platform capable of supporting the full gamut of operations involved in the insurance sector value chain. The agreement initially covers Latin America.
Deployment in Brazil represents the first major milestone for this agreement, with 35% of Zurich's life insurance client base now managed using the system. The solution is due to be rolled out to 100% of clients by the end of 2015.
The project will help to improve process management and drive operational efficiency by establishing a common platform for all Zurich sales staff in the country, as well as speeding up product launches to cover emerging market demands. Zurich also becomes the first insurance firm to adopt iONE in Brazil. The solution has been translated into Portuguese and adapted to meet local legislative requirements, governed by the Private Insurance Superintendence (SUSEP).
iONE was developed as part of the evolution of Indra's insurance sector solutions. It stands out in operating and business terms thanks to its extensive product portfolio and the simplicity and speed with which it allows new products to be launched. It currently covers the individual and group policies business, operating with products in the areas of risk, actuarial and financial savings, income and pensions. It was specifically designed to represent a fully modular suite of products capable of covering the complete range of insurance operations in all areas. There are plans to complete the suite with modules for health, auto and general insurance.
Cutting time to market and boosting flexibility
As differentiating values in terms of business operations, iONE offers optimal simplicity for establishing and launching products, which ensures a highly competitive time to market for the insurance firm. The solution is also highly flexible, allowing the configuration of one of the most extensive product portfolios on the market. It is designed as a customer-centric solution, with all modules and branches being fully integrated, providing a global business overview and highly efficient operations.
In terms of technology, the solution is process orientated and coherent with Business Process Management (BPM) standards. The service-orientated architecture (SOA) gives users full control over the status of business processes, which can be evaluated at any time. The platform can also be easily integrated with any other systems or solutions available on the market, allowing for rapid evolution to quickly adapt to the changing competitive environment.
The solution has won a number of distinctions, such as the 2012 XCelent Technology award from Celent, the division of the prestigious consulting firm Oliver Wyman that helps financial institutions and industry providers to identify optimal technology and business strategies. The award recognized iONE as the most technologically advanced platform of 2012 for the life insurance business in Latin America.
Indra has over 20 years of experience operating in the insurance market. At present 9 of the 10 leading Spanish companies and more than 50 worldwide firms are clients of the technology multinational. Indra offers professional solutions and services to cover the entire business value chain, from consulting and design & implementation to the full outsourcing of business processes and technological management services.
Indra
Indra, chaired by Javier Monzón, is one of the world's largest consultancy and technology multinationals, a leader in Europe and Latin America and is expanding in other emerging economies. Innovation is the cornerstone of its business, which is highly focussed on the customer and on sustainability. The multinational is one of the leaders in its sector in Europe in terms of investment in R&D and innovation, having invested more than €570M in the last three years. With sales approaching €3,000 million, it employs 43,000 professional and has customers in 138 countries.
About Zurich
Zurich Insurance Group (Zurich) is a leading multichannel insurer that provides services to clients both locally and internationally. Via its more than 55,000 employees the company offers a wide range of general and life insurance products and services. Zurich's clients include private individuals; small, medium and large businesses and multinationals in more than 170 countries. The Group has its headquarters in Zurich (Switzerland), where it was founded in 1872. The holding company Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level 1 American Depositary Receipts program (ZURVY), which is listed on the OTCQX over the counter market. For more information about Zurich, go to www.zurich.com.
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