Gartner Rates HCL As a 'Mature' Player in Life And P&C Insurance IT Outsourcing; Report Highlights Importance of Domain Experience in Insurance Outsourcing.NOIDA NOIDA New Okhla Industrial Development Authority (India) NOIDA Greater Noida Industrial Development Authority (India) , India -- HCL Technologies HCL Technologies is India’s 5th largest [2] and a leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. Ltd. ("HCL HCl hydrochloric acid. "), a leading global IT solutions provider in Information Technology, IT Infrastructure Services 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 , today announced that its Insurance Practice has been rated as "Mature" in its capability to support Life and Property & Casualty (P&C) Insurance IT Outsourcing (ITO Ito, city (1990 pop. 71,223), Shizuoka prefecture, central Honshu, Japan, on the Izu Peninsula and the Sagami Sea. It is an important fishing port and hot spring resort. See indium. ) projects by Gartner. HCL is also one of the top two companies, which are present across all insurance product segments and has been rated as "Emerging" in the BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra - Life and P&C Insurance Gartner predicts... --The number of strategic outsourcing projects will increase during the next two years --Only outsourcers with domain expertise and proven track record will win such projects. Commenting on the ratings Dan Morris, Corporate Vice President, HCL and Head of HCL's Insurance Practice said, "The ratings from Gartner reflect the results of our ongoing effort to build domain competency and deliver value to customers across key segments of the insurance industry. As Insurers leverage global sourcing for restructuring operations and technology, HCL is equipped to deliver superior value and innovation with the industry's broadest service offerings, domain depth and innovative engagement models." The report titled 'Domain Experience a Must for Insurance Outsourcing' by Kimberly Harris-Ferrante, Vice President and Research Director, Gartner Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , compares various outsourcing service providers on the basis of experience with Life and P&C Insurance. Thirty-seven companies were assessed on the level of experience in different product and functional areas including the support of distribution, rating, underwriting, policy administration, claims administration and 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. . Commenting on HCL's mature expertise in the insurance IT outsourcing, the report states that HCL has developed a deep and broad expertise in life insurance ITO, and has built competencies in ITO in the P&C industry for projects around distribution, commissions, rating, connectivity, underwriting, billing, policy and claims administration. HCL has been strengthening its focus on BPO and acquired some customers in these segments. To date, HCL supports product development, policy processing and servicing, claims processing, and billing for a life insurer in Europe and underwriting, product development, policy processing and servicing, and claims for a P&C insurer in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . HCL's Global Insurance Practice provides a broad range of insurance outsourcing services that range from Application Development and Maintenance Services, Remote IT Infrastructure Management, BPO and Consultancy Services. These services are delivered by a dedicated team of insurance practitioners knowledgeable in the industry and in technology. This business-centric team drives solutions that are relevant to industry issues and which are technologically driven. HCL's insurance focus is further augmented by one of the industry's most comprehensive insurance education and certification programs for HCL staff. In fact, HCL has recently won LOMA's 2005 Excellence in Education Award (for the second straight year) to recognize HCL's commitment to insurance education. About HCL Enterprise HCL Enterprise is a leading Global Technology and IT enterprise with annual revenues of US $2.5 billion (INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 11000 crores). IT Products and Services contribute to revenues of over $1.2 billion. The HCL Enterprise comprises two companies listed in India, HCL Technologies & HCL Infosystems. Founded in 1976, the 29-year-old enterprise is one of India's original IT garage start ups. Its range of offerings span Product Engineering, Technology and Application Services See ASP and Web services. , BPO, Infrastructure Services, IT Hardware, Systems Integration, and distribution of technology and telecom products. The HCL team comprises 30,000 professionals of diverse nationalities, who operate from 15 countries including 300 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including IT and Technology firms. For more information please visit www.hcl.in About HCL Technologies HCL Technologies is one of India's leading global IT Services Company, providing software-led IT solutions, BPO and Remote Infrastructure Management services. Making a foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the services domain in 1997-98, HCL Technologies focuses on technology and R&D outsourcing, working with clients in areas at the core of their business. The company leverages an extensive offshore infrastructure and its global network of 26 offices in 15 countries to deliver solutions across select verticals including Banking, Insurance, Retail & Consumer, Aerospace, Automotive, Semiconductors, Telecom and Life Sciences. For the twelve month period ended 30th June 2005, HCL Technologies along with its subsidiaries had revenues of $764 million and employed 24,000 professionals. For more information, please visit www.hcltech.com Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements in this release are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. , our ability to manage our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies/ entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. |
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