Insurance sector regulator Irdai has shortlisted Tata Consultancy Services (TCS), Wipro, Larsen and Toubro InfoTech (LTI), and EIT Service India (a DXC Technology company) to manage and operate the Business Analytics Project (BAP).
The four IT services companies had submitted their initial bids in response to an expression of interest floated by the Insurance Regulatory and Development Authority of India (Irdai) in August.
L&T InfoTech has been providing BAP services on a BOT (Build, Operate and Transfer) model to Irdai since 2011. The contract is expiring this month.
Irdai said BAP was implemented for automation of registration and other connected activities for insurers, brokers, surveyors and third party administrators, as well as automation of product approvals, branch office opening and advertisements, among others.
In addition to providing the BAP services, the selected company will also be responsible for enhancing the services/functionality of the platform, PTI reported.
While inviting the expression of interest, Irdai had said BAP 2.0 will be the next version of the project with additional business and administrative processes designed to provide a significantly enhanced experience to end-users through a major revamp of some of the current interfaces.
The regulator said the BAP system has been designed for effective supervision and regulation including compliance, monitoring trends of the insurance industry, risk based assessment of functioning of insurers, providing early warning signal and initiating corrective action.
As part of BAP, Irdai had introduced the concept of e-filing, doing away with manual filing and paper based records in its departments.
