Beneath-the-hood of 3i Infotech's Premia Insurance Suite implemented for FBN Insurance Nigeria

Its no longer news that Indian-based company, 3i Infotech, has successfully implemented their marquee product, Premia Insurance Suite at FBN Insurance on an end-to-end outlook. What is however instructive is the significance of the solution's usage in FBN Insurance.

Complete insurance system suites are Insurance Software sales, claims and administration platform, designed for Commercial and Personal Lines Insurance. Such Insurance Software are specifically designed to make it easier and more profitable for organisations to do business via the internet and add value to Insurance traditional channels.

The PREMIA insurance software solution from 3i Infotech is designed to covers various business classes including General, Commercial, Life and Healthcare insurance. It is a flexible end-to-end Insurance Administration system built on the latest Oracle technology. By embracing the principals of Service Orientated Architecture (SOA) to address current insurance issues including improved Speed To Market, outstanding Customer Service, strict Regulatory Compliance and rigorous Fraud Detection, PREMIA provides a single solution fully supporting multi-line businesses with unified distribution across multiple channels including Direct, Internet and Broker.

It is also a configurable solution containing a market leading Ratings Engine, Insurance Product Design Studio, Workflow Engine and an end-to-end Document Management Solution. PREMIA provides insurers with the opportunity to significantly improve their performance in today’s digital market while establishing consistent controls over all channels of distribution.

By partnering with Oracle to launch a Technology Centre of Excellence for Insurance, 3i Infotech's 'Centre of Excellence' now provides Insurance Executives with the opportunity to have first-hand experience of a comprehensive information solution incorporating leading best in class products, encompassing: business intelligence, CRM and PREMIA’s full function insurance business solution integrated with Oracle E-Business financials. The solution provides a ready to deploy suite unparalleled in domain depth and functionality.

The PREMIA insurance management solutions suite precently in use at FBN Insurance comprises General Insurance, Health, Life (covering Agency Management), General and PREMIA Collaborator.

It is also designed to proficiently perform all the functions of an insurance company such as underwriting / policy administration, claims management, reinsurance and accounting. The offerings in our insurance software solutions suite are used by some of the most recognized names in the global insurance industry.
With FBN Insurance Limited currently announcing a 62 percent rise in its profit before tax (PBT) for the year ended December 31, 2015, just as it has declared 19 kobo dividend for its shareholders, the impact of this solution which they deployed in early this year might be responsible for the success story.

The company, at its 5th annual general meeting held in Lagos, said its PBT rose from N1.3 billion in 2014 to N2.1 billion in 2015. Also, its year on year gross premium income grew by 44 per cent to stand at N12.1billion in the year under review. Similarly, total assets of the company closed at N22.4billion, showing an increase of 34percent from December 2014 value of N16.7billion.

FBN Insurance, jointly owned by FBN Holdings Plc and Sanlam Emerging Markets, is one of the leading Life and General Insurance companies in the country. “3i Infotech meets our expectations by consistently delivering system solutions customized for the Nigerian market whilst supporting our strategic objectives and exponential growth. Their ability to keep promises and deliver on time has turned them into our preferred IT partner,” said Johan Schalkwyk, Chief Operations Officer at FBN Insurance.