IRDA selects Implementation Agency for Business Analytics Project


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.

Project Objectives

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
  • Collaboration
  • 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:

  1. 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
  2. Providing 1-year warranty support & maintenance for the developed application.
  3. Providing 4 years annual maintenance support for the developed system, database and systems maintenance activities.
  4. Supply of connected Hardwares, Softwares and their maintenance.
  5. Setting up of primary , near and disaster recovery sites for the project.
  6. Providing MPLS and Leased line connectivity.
  7. 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)


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About Shantanu


eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.

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