DUBAI, UAE, April 1, 2004 (PRIMEZONE) -- ICICI Infotech (MEA), a global leader in providing enterprise business management solutions, announced today that American Home Assurance Company, Cyprus, a member of the American International Group (AIG), has chosen PREMIA to streamline the company's general insurance business processes. The PREMIA solution, a total internet-enabled enterprise information solution for the insurance industry, will be implemented at American Home Assurance's Cyprus offices helping the company to gear up its General Insurance business to meet the new European Union regulatory obligations.
PREMIA is designed to take the risk out of insurance. It is flexible, easy to operate with powerful information entry and retrieval capabilities. Hence, post the implementation American Home Assurance management will experience considerable improvement in management control due to reliability and speed of access to critical information. American Home Assurance will also experience enhanced customer service and faster reconciliation capabilities due to online communication, advanced reporting processes and data mining capabilities.
"Two fundamental features that we look for in any integrated insurance processing system are its flexibility and agility to meet the current and future business and operational improvement needs of our organization. PREMIA has incorporated these characteristics throughout its architecture, report generating capability and its front-end web-enabled customer interface," said a senior representative of American Homes Assurance Company. "We are optimistic that this system migration effort will help the Cyprus operation of AIG to broaden its suite of products and services, expand its data mining capabilities and meet new European Union and local insurance regulatory obligations."
"American Home Assurance Company selected PREMIA for its General Insurance processes because it boasts advanced and scalable functionalities, capable of meeting their immediate and future business requirements," said Kalpesh Desai, Executive Vice President and Operating Head, ICICI Infotech Ltd. (Middle East & Africa). "We look forward to working closely with American Home Assurance and are delighted with getting this opportunity to take PREMIA -- a market leader in GCC -- into Cyprus and serving the growing needs of insurance company's in this market."
PREMIA allows insurance companies to possess the critical ability to handle more volumes of business at high speeds, and the tools to provide a higher level of service to the customer. The application boasts flexibility and scalability features that give an insurance company the vital edge over competition, as they grow. PREMIA caters to multiple classes of the business, namely general accident, fire, motor, engineering, marine, aviation, life, and medical categories.
About American Home Assurance Company
American Home Assurance Company is a member of American International Group, Inc. (AIG). It was incorporated and is based in New York, U.S.A. In 1960 American Home established a branch in Cyprus to write general insurance. Its local general agent is S. J. Zevlaris Management Co Ltd, which is also an AIG affiliate company.
AIG (American International Group) is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. AIG's global businesses also include financial services, retirement savings and asset management.