Whizible project enterprise management software offers product/ services/ technology innovation and process automation solution for Banking Financial Services and Insurance industry
Amongst the challenges that Banking and Financial Services (BFS)industry is facing, the challenge to stay ahead of their competition in terms of technology and customer service is very important and easily addressable. Traditional banks are trying to keep pace with the new age technologically advanced FinTech companies. Some of the private banks have introduced Bots and AI (Artificial Intelligence) to automate their repetitive jobs. They are also trying to expand their product folio by introducing new products like consumer financing and micro-financing.
Undertaking projects for revamping the way banking is done, implementing technology solutions across their branch network, designing new products and establishing an online presence for customer convenience has increased the need for hiring IT software developers or building in-house IT teams.
There are 3 key software modules useful for the BFSI industry –
1. Whizible Initiatives which is an Initiatives Management software tool can create a lot of value for these new age initiatives by Innovation driven private and public sector Indian banks.
2. When ‘Initiatives’ get approved into ‘Whizible Projects’ – the project enterprise management modules of Whizible Suite help planning and monitoring of these.
3. The online WHizible customer service Helpdesk software offered by Whizible as a part of this enterprise resource and project management product can address the customer query and issue resolution problems faced by the banks.
Challenges for insurance Industry with privatization and allowing foreign direct investment
The Indian insurance market was opened for private players in the year 2000. The last 14 years saw a lot of changes in the way the industry operates. The Government of India relaxed the FDI cap from 26% to 49% in 2014 in case of insurance companies, insurance brokers, third-party administrators, surveyors and loss assessors, with an objective of inviting private and foreign participation to increase insurance penetration in India. This resulted in investment coming to the Indian insurance sector and creating competition for grabbing the market share.
The entry of Indian private and foreign players brought in new technologies and innovative products in the market. This also created a pressing need for managing the new product development and their roll out across the branches and delivery networks.
Whizible Initiatives software tool has proven capabilities for managing such product innovation and monitoring of the IT software development projects.
With the latest news(First published on 31 May 2018 on moneycontrol.com) that GOI is likely to approve 100% FDI in insurance broking business, the Indian insurance sector is poised for significant growth over the next few years, since the brokers are the demand drivers and an important intermediary between the insurance company and the clients.
The new rule if approved, comes with some conditions like
- The core insurance activities such as underwriting and claims management cannot be outsourced
- Data collected from the Indian market will have to be stored in the country and global offshore centers of insurance companies within India can also be used for the purpose
This will generate more opportunities for the insurance industry and more need to use technology to facilitate their intermediaries’ network.
The objective behind all these GOI policies is to encourage the insurance industry to increase the penetration of insurance products in Tier I, Tier II, Tier III cities and the rural areas. This has created a need for an online technology-enabled helpdesk to create awareness and facilitate the inquiries, transactions, issues and claim management assistance.