Four IT companies, including Tata Consultancy Services and Wipro, are in the fray to manage and operate the Business Analytics Project (BAP) of insurance sector regulator Irdai.
Irdai said TCS, Larsen and Toubro InfoTech, Wipro and EIT Service India Private Ltd (a DXC Technology company) have been shortlisted for the next round of bidding.
The four 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.
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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.