Consortium will become main provider of insurance IT solutions
SSP Holdings has been awarded a contract by United India Insurance company.
A consortium of SSP and HP, supported by Microsoft, will provide core insurance IT solutions across UIIC’s entire Indian business.
The company says the agreement is ground-breaking in the Indian marketplace as UIIC is one of the four largest insurance companies in India. SSP’s solution will eventually support up to 18,300 employees that in turn service over 10 million clients.
The agreement, initially in place for seven years, will generate SSP approximately $2.4m in licence fees and substantial future services, support and maintenance revenues.
HP, which as the consortium leader has already contracted with UIIC, will be responsible for the entire solution delivery, which encompasses document management and general ledger components as well as the core SSP insurance application. Contractual arrangements between HP and SSP have now been finalised.
David Rasche, SSP executive chairman said: “We are very pleased to have been selected for this major contract, without doubt one of the most significant international agreements in the insurance marketplace in 2007. The Indian market is undergoing substantial change; to be at the forefront of this change in partnership with HP and Microsoft is a huge endorsement of the SSP product and strategy and represents a material extension of our geographic footprint.”
Raju Sharan, UIIC finance director, said: “UIIC has a desire to transform the way insurance business is transacted in India and has selected SSP to act as a catalyst for this exciting change. We look forward to working in partnership to achieve this ambition.”
