The current economic conditions, changing regulatory environment, competitive pressures, and customer needs are driving insurers to look at increased usage of technology. IT will help insurers improve their underwriting by ensuring correct pricing of policies as well as enable them to retain accounts for the entire length of the policy duration by focusing on customer retention strategies. This will increase the demand for packaged solutions with modern technology and innovative delivery models. The Hexaware and eBaoTech partnership is intended to address this need with a suite of offerings under one umbrella, bringing value in terms of faster implementation, greater stability, and reduced costs leading to greater ROI.

As partners, eBaoTech will offer SOA-based best-of-breed policy administration systems to insurers; while Hexaware will provide end-to-end system integration services such as implementation, testing, integration, and support for eBaoTech installations globally.

"With more than 14 years' experience in the insurance industry, Hexaware has a deep understanding of this domain and clearly shares our vision to create a new global standard for core policy administration systems using modern technologies and innovative business models," says Daniel Adamec, managing director of eBaoTech.

"We are excited about our collaboration with eBaoTech," says Amberin Memon, vice president and global head of insurance vertical for Hexaware. "Its insurance applications are fairly mature, highly configurable, and enable a quicker launch of products. Our partnership will help us offer a world-class solution and add more value to our existing and potential customers."