Author: Anonymous
Source: free-articles
Fast Forward launches digital landscape for Insurance
It is now possible for an Insurance company to create a virtual global business practice with all stakeholders seamlessly collaborating through F-Ins Digit, a digital corridor offering from Fast Forward Technologies. When Mr. P S Iyer, FFT’s regional director shared the excitement that the new technology offers amidst critical acclaim from the Insurance fraternity, the solution was simultaneously unveiled across the Asia Pacific simulcast in a live video conference. The launch was received enthusiastically at Thailand, Malaysia, Shanghai, Singapore and Japan.
Fast Forward Technologies, which focuses on authoring futuristic software frameworks for the Finance & Insurance sector has been working on the F-Ins software framework for 6 years. ???The framework, built around ???intelligent’ technologies instantly catapults an Insurance company into the digital arena, wiring up all touch points and stakeholders into a technology web. The customers, the shareholders, the intermediaries, the agents, the sales force, the financiers, and the employees, once ???tied in’ to the framework can experience underwriting services of digital quality.
The Insurance industry is in a state of flux. New channels of distribution are opening up ??” banks, the Internet etc ??” which are adding to the competitive pressure. Newer modes of transactions are evolving requiring a re-definition of the roles played by different entities in the Insurance business flow. Exposures are becoming increasingly complex and difficult to track. The work environment has become convincingly electronic and most of the traditional systems with their focus on automating specific portions of business are proving to be highly inadequate. Instead of requiring the Insurers to implement disparate and disjoint systems, F-Ins contains all the functionality required for sophisticated Insurance Operations and is designed as a ???one-stop’ Next Generation Collaborative digital corridor.
> Policies & Cover NoteUnderwriting
> Endorsements
> Claims
> Reinsurance
> Investments
> Financial Accounting
> Broker, Banks, Agents, Intermediaries
o Investors, Employees, Clients, banks
o Regulator, Government
F-Ins??? Life & F-Ins General???, facilitate interactive and robust conduct of general & life insurance business, supporting the complete requirements of Insurance. A highly analytical framework, they provides the full suite of functionality required to operate both the Front and back office functions of large Non-life and ife Insurance corporations.
F-Ins BrokerConnect???, is a sophisticated, state of art Insurance Intermediary software developed by Fast Forward Technologies. It helps brokers and intermediaries create a collaborative work environment where the front-office functions, back-office operations, Client servicing and communication with the insurers and other counter parties – all happen at new levels of sophistication and ease.
F-Ins Coliseum???, – . Fast Forward Technologies’ advanced Business intelligence template Coliseum is capable of agile and adaptive analysis of changes that also decodes complexity in information patterns into manageable information canisters and dynamically adapts business processes to those changes. Coliseum is housed in a very unique technology bed capable of withstanding a transaction torrent and for acquired intelligence.
F-Ins Q???, supports a complete range of functionality required for sophisticated Banc assurance operations
F-Ins mATRIX???, is a sizzling sales promoter that gets the Insurance sales team to stay ???always on’. The mATRIX system keeps continuing the sales process even when the sales consultant is watching a movie. It’s almost like a robot companion for the Insurance salesman. It is designed to help the salesman rapidly move into the ???super achiever’ class.
F-Ins Re supports various types of Re-insurance functions. These range from arranging for facultative re-insurance to creating highly automated Cessions based on Treaty Agreements.
C. 1. F-Ins provides advanced capabilities for risk reduction and supports the following types of re-insurance transactionso Facultative Re-Insuranceo Mandatory / automatic ceding to Statutory bodieso Surplus and Quota Share Treatieso Excess of Loss treatieso Maintenance of Risk Cards
A set of digital assets created to address specific insurance tasks will share the F-Ins neural hub, which will act as the Central switching facility & a feeder managing information flow, usage, bandwidth & module access, in real-time. The F-Ins corridor provides functionality required to power both front end and back office information delivery systems for the Life, Non-Life, and Re-insurance corporations.
Virtual branches With F-Ins designed to take advantage of ???logistical networking’; it will be possible to store and retrieve location specific data from remote servers across the world at will. Further, it would be possible to transfer location or business specific data to a designated server. If a US company wishes to set up business in Singapore, it would just need to call on the necessary digital assets and set up country specific products from ready to use product wizards, activate the tariff structures and regulator recommendations ??” and Lo ??” the virtual Singapore branch is set up. To the company’s clients it would seem like they are interacting with a full-fledged Singapore company. They can add further value by wiring up local agents and resident representatives in Singapore into the corridor. An outsourced server either in Singapore or a virtual one in US would run the business for the company, be it running marketing campaigns, recruiting agents, winning clients, writing Insurance contracts, or recording claims and settling them. Should the company wish, they could even move part of the Singapore processes to a different location, say India, possibly to take advantage of favourable manpower costs.
Global Facility for future directions research and to impart Insurance Skills ??” SKINS
To help in charting the future course of F-Ins and to aid in the rapid deployment of the F-Ins framework, and at the same time to help ramp up the customers’ and partners’ IT skills, Fast Forward has plans to set up a multi-tiered global Insurance research and training centre in India named SKINS. ??” An acronym for SKills in INSurance. Under the SKINS plan, a systematic component based training program will impart key skills built around F-Ins. The SKINS facility to be used by Fast Forward’s customers and strategic partners would afford opportunities for jointly exploring future trends in Insurance technology and provide opportunities of reducing the participant learning curve. SKINS will add a whole new dimension of value adds to both our valued customers and our business partners. Additionally, SKINS will encourage clients to access the ???future directions’ lab and participate in future designs.
SKINS will also have a support division delivering ???Always-on 24X7′ seamless support combining phone-in, Live-chat, web, email and onsite to the F-Ins clients.
What F-Ins would mean for Fast Forward and its partners
“With the F-Ins framework, Fast Forward looks set to address a new segment which is a $200 Billion global market set to grow to be $380 billion by the turn of the century. If every 10th person on the planet is going to have access to Internet soon, it makes for an amazing global marketplace for our Digital Insurance clients who can leverage F-Ins to deliver exponential revenue growth”
The world is going through a very exciting phase in IT and the Fast Forward group will participate in this experience through F-Ins. To realize the full potential of this futuristic framework Fast Forward is looking to collaborate with strategic technology and marketing partners.
???A novel product suite, a full fledged support lab, a training facility to train people and source skills from, the dedicated product Research & Development centre, a refined and tested delivery model and a customer who is already enjoying the digital experience of F-Ins ??” the winning story has just about begun and it is an exciting phase ahead. We are now looking to translate the potential.??