NIIT eyes 10 p.c. from insurance vertical

Pratima Harigunani

MUMBAI: A vertical that contributes to the tune of 27 per cent to an overall pie of financial services (that makes up 42 per cent of overall revenues), insurance is expected to step up in focus and revenues for NIIT Technologies ahead.

The company today rolled out new framework solutions that can build customizable solutions for life and non-life insurance businesses. Arvind Thakur, CEO of the company told reporters today that these solutions are SOA based and cover utility services interfaces and business services.

"Customisation is a challenge in this industry and we are trying to bring in the rapid development model with these components," he added.

While WinRisk is a framework for underwriting, the suite for non-life insurance is nased on the recent acquisition of ROOM Solutions and covers policy administration, risk aggregation, underwriting and reporting. Rajendra Pawar, chairman of the company told that these components are not restricted to insurance companies and can be used by Oil and other industries too where insurance and risk assessment are vital.

Domestic market constitutes 10 per cent of the company's revenues and government is the main business driver here. "We have a regional focus everywhere. Government business is strong in Asia. With GIS and other solutions, we have catered to CRPF, Ministry of Forest and some space agencies in India besides Singapore government in APAC. In the US, technology companies are main business areas," shared Thakur.

In terms of geographical spread, the company's main markets so far have been the US, Europe and Australia. Thakur told that the company would pursue expansion in Australia, it would consolidate its stronghold in North America and Europe. He added that acquisitions would be critical in fuelling company's expansions in various capabilities. Deal size or vertical would not be constraints or that, he said.

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