3i Infotech's Insurance Software Platform Selected By American Physicians Insurance Company.3i Infotech's PREMIA Premia is a comune (municipality) in the Province of Verbano-Cusio-Ossola in the Italian region Piedmont, located about 140 km northeast of Turin and about 40 km northwest of Verbania, on the border with Switzerland. [TM] software scales to the competitive needs of fast growing medical insurance firm EDISON, N.J. -- 3i Infotech, a global provider of IT solutions and services, today announced that American Physicians Insurance Company (API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ) has selected PREMIA[TM] as its new insurance administration management solution. 3i Infotech's PREMIA[TM] will support API's accounting, business development, claims, information technology, marketing, physician services, risk management and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. departments, as API adds services now and in the future. API has offered medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. coverage since 1976, to more than 4,700 policyholders and is known for its strong customer service, disciplined underwriting and flexible policy approach. A comprehensive insurance management solution that would support this reputation was vital. Marc Zimmermann, Senior Vice President and Chief Financial Officer of API states, "We continue to be faced with a competitive marketplace, where customer service and efficient business processing abilities are more important than ever. While our current system met our requirements, we looked ahead and saw that it couldn't scale easily to include the additional benefits and other sophisticated features we want to offer to our policyholders and business partners in the future." Cliff Phillips, Vice President of Information Technology, API added, "We knew replacing a highly customized legacy system was going to be difficult. For that reason, we went through a very extensive selection process to find not only the right software solution, but also a provider that best fits our commitment and attention to detail. We feel we have succeeded on both the fronts." An integrated system, PREMIA[TM] manages all aspects of policy administration and underwriting, rating, policy billing, claims, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. accounting. Built for the insurance industry, it's flexible, scalable and configurable to meet the unique needs of each individual client. "We designed PREMIA[TM] from the ground up based on our experience of serving the insurance industry for many years," said Vivek Sethia, Vice President - Insurance at 3i Infotech Inc. "At 3i Infotech, we are dedicated to client satisfaction, and know that what's important to our clients is also important to their customers, so we work very hard to not only meet, but also exceed our customers' expectations." About 3i Infotech 3i Infotech (www.3i-infotech.com) provides information technology solutions through its range of solutions for insurance, banking, finance, e-governance, retail & distribution and manufacturing. It is one of India's top 4 software product companies. The company is SEI-CMMI Level 5compliant for its Software Services and ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certified See certification. for its Infrastructure and Business Process Outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in Services. Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, system integration services, IT infrastructure and disaster recovery solutions. 3i Infotech serves customers in 50 countries and has a presence across 5 continents. Source: Dataquest July 31, 2007 |
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