i-Flex all set to enter insurance sector

CHENNAI: IT solutions provider, i-flex solutions is all set to foray into the insurance sector with the acquisition of a Canadian company.

"We have picked up 75 per cent of equity in the Canadian company, a small and effective one, providing solutions to the insurance industry. This will help us foray into the insurance sector," i-flex Chairman and Managing Director Rajesh Hukku told reporters on Friday.

i-flex had already implemented the technology provided by that company for a Japanese insurance company for its US operations. This would help the company diversify from its basic business of core banking solutions, he said.

The company also planned to enter mortgage solutions and credit card collection solutions, he said.

i-flex had recently decided to adopt "build, buy and align policy" for providing solutions.

With Citibank selling out its investments in i-flex by way of venture capital to IT major Oracle, i-flex would have strategic alliance with Oracle for developing and marketing new solutions globally, he said.

His company proposed to increase its headcount from the present 2,900 to 7,000 in two years, Hukku said.