Mahindra Satyam to develop Irda's IT project

Posted By: Religare
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Mahindra Satyam to develop Irda's IT project
Mahindra Satyam has bagged a contract from Insurance Regulatory Authority of India (Irda) for developing and implementing an IT system for monitoring surveyors. The selection process was stringent as it followed a detailed examination of all the commercial proposals that were submitted by leading IT firms and the bids were further evaluated.

The selection was done in two steps, wherein initially technical bids were invited. During the second phase, financial bids were invited from the previously selected companies and the contract was awarded to the suitable company. The shortlisted companies included the leading players in the IT industry such as Tata Consultancy Services, CMC, NSE IT, NIIT Technology, R Systems International and L&T Infotech.

In May 2011, IRDA had invited proposals from IT firms for developing and implementing Integrated Surveyor Licensing Management System (ISLMS). Prior this the regulatory body had selected L&T Infotech as an implementation agency for its IT project known as Business Analytics Project (BAP). ISLMS is an advanced solution for providing a web based database application and also assists in license generation, renewal and monitoring mechanism. The main aim of IRDA for developing the solution is to help the surveyor to register online and check the license issuance and renewal status.

Currently, IRDA maintains an excel sheet where details of trainees and licensed surveyors and loss assessors are recorded. They do not have any web-based integrated system that helps to examine the performance of surveyors, empanelled companies and claims handled by them. Consequently, the regulator wants to develop a repository system that will encapsulate all the matters related to licensed surveyors.

Story first published: Thursday, August 18, 2011, 13:44 [IST]
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