Insurance Now More Reliable; Insurance Software to be Launched by SGI Philippines

A fully integrated software solution is going to be launched by SGI in the vision to enhance insurance solution.

In an even last week in Pasay, SGI Philippines General Insurance Co. Inc. President Farhat Hussain said, ” firm was eyeing the full rollout of the software by 2021. One or two modules will be launched this year, he said.“It is fully integrated software and solution wherein right from the quotation, underwriting, claim settlement, accounting, all together,” Hussain explained, noting that SGI Philippines was also set to introduce mobile application. “We already have this software in India. We want to replicate that sort of success story in the Philippines,” he added.The in-house software is seen to differentiate SGI Philippines from other local insurance firms, Hussain said.

Also, SGI Philippines chief says about how company hired numerous employees in the last six months to extract human resource.

“We want to reinforce our departments, including underwriting and lease,” he said.

Insurance Commission (IC) officials who attended the event were praising the capital infusion (P620) of SGI Philippines that brings the firm’s total paid-up capital to P1.33 billion as of end December 2019.

IC Deputy Commissioner Ferdinand Florendo, on behalf of Insurance Commissioner Dennis Funa, acknowledged that the firm is now one of the only 13 non-life insurance companies that have breached the P1.2-billion net worth in the country.

“The long history between our two countries also manifests itself in trust and confidence of Indian companies that invest in the Philippines. One of the significant examples of such is the establishment of SGI Philippines General Insurance,” Florendo said.

Mentioning about SGI Philippines, it’s a joint venture of Shriram Group including Piramal Group and Sanlam Group. Provides financial services, such as commercial vehicle financing, consumer and enterprise finance, retail stockbroking, and life insurance among others.

Source: Manila Times

Read Full Article here: https://www.manilatimes.net/2020/01/28/business/companies/sgi-philippines-to-launch-insurance-software/677851/

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