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Insurers today live in a highly competitive world with increased regulatory & compliance bounds with strict adherence mandates to various Industry Standards such as Solvency II, ACORD, GDV, & IRDA. Various factors driving costs and impacting bottom line for Insurers include Inefficient & Manual Processes, High Claims Leakage Cost, Lengthy Change Management & Implementation Cycles, Lack of Transparency, Very little or no Reuse, and Inability to roll out new products and services faster. This requires insurers to relook at their business processes & technology implementations. Most insurers are on a modernization drive.
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