L&T Infotech selected for IRDA IT project

NEW DELHI: Insurance regulator IRDA today said it has selected L&T Infotech for implementation of a project aimed at providing data and information for analysing insurance companies and regulatory decision making.

"Based on the detailed scrutiny ... L & T Infotech has been formally selected as an Implementation Agency for the implementation of Business Analytics Project," IRDA said in a notification.

With the implementation of the project, there would be a centraliased data storage and sharing across various functional departments within the IRDA.

The objectives of the project would be to ensure efficient management of data and information received by IRDA from insurers, intermediaries and TPAs in the form of financial statements, investment schedule, actuarial reports & reports on re-insurance.

The duration of the project is six years, involving a total cost of Rs 28.02 crore.

Besides, the objective of the project would also be to put in on-line filing of returns, reports and statements by insurers/ intermediaries/TPAs, besides, designing formats for the same.

It would also seek to automatise the licensing process, and enhance the efficiency of IRDA in the preparation of reports.