Insurance regulator seeks expert to streamline processes

Insurance sector regulator Irda is seeking an information technology consultant to help it to streamline processes and lower the cost of compliance.

The Insurance Regulatory and Development Authority (Irda) has been taking a number of technology initiatives to focus on streamlining the regulatory process and decrease the cost of regulatory compliance, it said in an advertisement on its website.

"The consultant should assist the Authority in implementation of such projects through various committees and identify new technology initiatives to derive greater efficiencies and economies that position regulators to be able to effectively and efficiently regulate insurance industry and implement the same," it said.

The consultant would be hired on a contract basis for an initial tenure of one year, which could be extended for another year, Irda said.

The consultant would need to work with IT and other regulatory departments to establish periodic technology needs and oversee IT strategy and governance.

The consultant would be required to assist Irda with periodical review and audit of both hardware and software applications including data systems, among other things, according to the advertisement.

The age limit for candidates is 62 years as of May 30, 2014, the last date for receiving applications.

Irda said the retainer fee for the post may range between Rs 70,000 and Rs 110,000 per month, depending on qualification and experience.

It will also offer Rs 10,000 as monthly allowance for local conveyance and additional payments as sitting fees for participation in committees.