TCS to develop IT infrastructure for insurance pool.
Economic Times (New Delhi, India), March, 2007
Mar. 12--MUMBAI, India -- Tata Consultancy Services (TCS) has been awarded the contract for developing the IT infrastructure for creation of a third-party insurance pool. The pool was initially slated to start in January '07 but, has been delayed on account of some technical and tax issues. It is now scheduled to kick off in April.
The pool, as the name suggests, is a mechanism to consolidate all the premium mobilised and claims incurred by the industry, and distribute the underwriting outcome among various companies in the ratio of their gross premium. Since the pool pertained to the loss-making third-party insurance of commercial insurance, it was certain that the pool would end up with an underwriting loss, which would be shared among industry participants....
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