Increasing market competition, heightened customer service expectations and the need to build competencies that stand out from the competition are some of the key challenges facing the insurance industry today. To succeed in this rapidly evolving business climate, insurers are compelled to investigate ways by which they can reduce policy administration costs, improve operational efficiency, accelerate speed to market, and manage risk.

With rising customer demands and consolidation in the Industry owing to Mergers and Acquisitions and regulatory changes, insurance companies today are looking forward to leveraging technology to help them stay ahead of the competition curve.  The intense competitive landscape has made it imperative for insurance carriers to get to market faster with newer products and services, embrace web as a sales channel and leverage complementary partnerships to package their offerings better. The need of the hour is to tighten delivery processes and examine infrastructure and application portfolios for redundancy.  Therefore there is an increasing demand for business agility and technology solutions that are both innovative and cost-effective.

Sonata has over a decade of experience in the insurance domain focusing predominantly on the Property & Casualty (P&C) / General Insurance market. We have the right mix of services and capabilities to offer significant business value to the General insurance industry.
 

 

 

 

Sonata’s excellent track record of having helped over 60 product companies, including some of the leaders in the P&C Insurance solutions space, makes us an ideal partner for the software product companies in this sector.

Sonata can also add value to your product development efforts through our knowledge of insurance industry technology, integration standards such as ACORD (XML) as well as our understanding of specific compliance needs for the insurance industry.

Insurance ISVs can leverage our technology alliances with leaders such as Microsoft, Oracle and IBM as well as our proactive competency building efforts on emerging paradigms such as SaaS and SOA to build new generation systems. We provide innovative product architectures that leverage existing platforms and components, thereby enabling you to get to market faster.

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The Internet has provided a relatively inexpensive medium of distributing data through thousands of smaller networks, enabling suppliers of products and services to reach out to millions of potential customers worldwide with just a click. The implication of having so many people gaining access to vast amounts of data through this medium cannot be underestimated, particularly for insurance, which is an information driven service industry. Through e-commerce, customers can be armed with information that was once held out of their reach, so as to make quick insurance purchase decisions. The pressure to provide real-time 24/7 interactive customer service is becoming intense. The imperative for the insurance industry is thus no longer to create an e-commerce strategy, but to implement that strategy, by redeploying appropriate resources so as to develop a holistic e-commerce customer relationship.The need to differentiate their services and enhance customer experience while driving down costs has propelled insurance carriers to embrace cutting-edge e-commerce platforms.

Sonata can help you in e-commerce adoption. We have partnered with insurance companies in architecting and building scalable e-commerce applications.

 

 

Our services for the Insurance industry are backed by our extensive experience in web development solutions, dedicated competency centers in common web development platforms such as Microsoft, JEE and Open Source, and a collaborative development process based on iterative / agile practices.

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