AEGON Religare Life Insurance Wins the 6th Annual
CIO100 Award ’2011
CIO100 Award ’2011
Mr Sankarnarayanan Raghavan, Director – Information Technology, felicitated in a ceremony at the Marriott, Pune
Mumbai, September 6, 2011: IDG India’s CIO magazine awarded the CIO100 Award to AEGON Religare Life Insurance (ARLI) at the 6th annual CIO100 awards in Pune on August 27th, 2011 at the Marriott, Pune. The annual awards program recognizes organizations that exemplify the highest level of operational and strategic excellence in information technology (IT). This year’s award theme was “The Creative 100,” which recognized a hundred IT leaders from leading Indian organizations for their creative use of enterprise technologies to meet their organizations’ business challenges. ARLI was awarded for its implementation of a successful and time-bound project in the area of automated underwriting.
The idea was to accelerate the sales process and provide faster turnaround times for customers using an automated underwriting product called AURA. The purpose was to;
· automate underwriting through a rule based system so as to improve turn-around-time, minimize human mistakes and enhance efficiencies
· significantly reduce implementation cost
· reduce recurring cost
Commenting on AURA Implementation, Mr K S Gopalakrishnan, Chief Financial Officer and Appointed Actuary, AEGON Religare Life Insurance said, “Life insurers in
are under tremendous pressure to bring down costs significantly. Whilst we recognize this, we would not like to cut costs and compromise on our core capabilities and our ability to serve customers. The ‘win-win’ solutions are those that deliver core capabilities smartly. Automation of underwriting, to the extent that the decisions are rules driven, is one such smart move by ARLI.” India
“We have found AURA to be a robust system right from day one with high accuracy in processing and consistent throughput. This has improved our end to end management of the issuance process and established a new benchmark in the area of underwriting,” said Mr
Srinivasan Iyengar, Chief Operating Officer, AEGON Religare Life Insurance.
“This was not just a change in technology for us, but a fundamental shift in our business approach,” says Mr Sankarnarayanan Raghavan, Director – Information Technology. “To be recognized by such a prestigious publication is a positive reflection on our focus, discipline and maturity of the entire organization”.
Mr Vijay Ramachandran, Editor-in-Chief, IDG Media added, “Our congratulations to the winners of 2011, for not shying away from experimenting with new technologies or finding unique IT solutions to meet their business challenges”
About AEGON Religare Life Insurance Company
AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & company, India’s largest media house, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This venture is dedicated to build a profitable customer-centric business with scale, providing a work environment that fosters excellence and innovation. This joint venture will balance a local approach with the power of an expanding global operation.
ARLI launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience through superior service.
As an international life insurance, pension and investment company, AEGON has businesses in over twenty markets in the
Americas, Europe and Asia. With headquarters in The Hague, the , AEGON companies employ approximately 27,000 people and serve some 40 million customers across the globe. The company’s common shares are listed on three stock exchanges: Netherlands Amsterdam, New York and . It manages EUR 409 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844. http://www.aegon.com London
About Religare Enterprises Limited
Religare Enterprises Limited (REL) is a global financial services group with a presence across Asia, Africa, Middle East, Europe and the
. In Americas , Religare’s largest market, the group offers a wide array of products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management. The group has also pioneered the concept of investments in alternative asset classes such as arts and films. With over 10,000 employees across multiple geographies, Religare serves over a million clients, including corporates and institutions, high net worth families and individuals, and retail investors. http://www.religare.in India
About CIO100 Awards
CIO magazine has a long and proud tradition of honoring leading companies for business and technology leadership and innovations through its premiere award program – CIO100. Now in its 24th year in the
, it is an acknowledged mark of enterprise IT excellence. It’s a celebration of 100 organizations (and the people within them) that are using information technology in innovative ways to deliver business value, whether by creating competitive advantage, optimizing business processes, enabling growth or improving relationships with customers. Hosted in countries such as USA Canada, Sweden, Australia, Singapore, Vietnam, Hungary and , the CIO 100 Awards is a truly global recognition. It is an acknowledged mark of excellence in enterprise IT. According to a survey by PR Week magazine, CEOs named CIO 100 among the top 10 most influential corporate scorecards anywhere, compiled by any publication or organization. India