Sub: Selection of Implementation Agency (IA) for Business Analytics Project
Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the implementation of Business Analytics Project.
The objectives of the envisaged project are as follows:
a) Efficient management of data and information received by IRDA from Insurers, intermediaries (Brokers, Corporate Agents and Surveyors) and TPAs in the form of financial statements, investment schedule, actuarial reports & reports on re-insurance.
b) Designing and developing uniform & standard formats for submission of returns, statements and reports by the insurers/intermediaries/TPAs.
c) To introduce a system of on-line filing of returns, reports and statements by insurers/ intermediaries/TPAs.
d) To automatic the licensing process.
e) To enhance the efficiency of IRDA in the preparation of monthly, quarterly & annual and any other periodic Business Analytics Reports and their publications involving
- Automating extraction of information
- Content Management
f) To design and implement Business Analytics (BA) System for
- Effective supervision & regulation including compliance
- Monitoring trends of the insurance industry
- Risk based assessment of functioning of Insurers
- Providing Early Warning Signal
- Initiating corrective action
- Triggering on-site inspection
g) Establish a system for archival of old data, information & documents
h) Benchmarking the existing financial reporting framework with the international best practices.
The selected implementation agency will implement the entire project as a turn-key solution.The broad activities to be carried out by L&T Infotech as a part of the implementation of business Analytics Project are as follows:
- Development & implementation for the Business Analytics system as per the Functional Requirement Specifications document & TO-BE reports submitted by the consulting firm M/s. Deloitte
- Providing 1-year warranty support & maintenance for the developed application.
- Providing 4 years annual maintenance support for the developed system, database and systems maintenance activities.
- Supply of connected Hardwares, Softwares and their maintenance.
- Setting up of primary , near and disaster recovery sites for the project.
- Providing MPLS and Leased line connectivity.
- Providing help desk support (L1 support) for the portal / application users.
The project duration is for a period of 6 years and the total cost of the project is Rs.28.02Crores.
Executive Director ( Admin & IT)