BFSI

BFSI

Business Imperatives

Banks, insurance companies and financial institutions across the world are facing unique challenges in ensuring business growth and operational efficiency. They are increasingly challenged by very complex operating environment, compliance demands and security threats. Growth in technological trends such as Internet and mobile computing also mandates the need to provide more and more convenience to the consumer.

Some of the current set of challenges for financial institutions is listed as under:

  • Lowering credit growth
  • Compliance related pressures
  • Generating new growth opportunities through new products and services innovation
  • Meeting regulatory compliance around data sharing and privacy
  • Improving internal efficiencies and data security
  • Increasing performance and reducing risks
  • Allowing for enhanced reporting and capabilities

Given the above listed challenges, companies will have to be strategic and thoughtful about investing in technologies that reduce costs, improve efficiencies and also provide a better customer experience.

Damco Comprehensive Service Offerings for the BFSI Segments

BFSI industry can capitalize on our following specialty services to drive their business:

  • Application Development and Maintenance:
    • Agency & Client Management
    • Policy Administration
    • Rating Engines
    • Claims Management
    • CRM
    • Accounting
    • Management Information System
    • Document Management
    • Loan Management and Loan Approval Workflow
    • Premium Finance Applications
  • Real-time Integrations with:
    • Agency Management Systems
    • Comparative Raters
    • PAF Validations
    • MVR/UDR Validations
    • Claims Validations
    • Premium Finance
    • EFT
  • Real-time Rating with ACORD Interfaces
  • Production Support, Infrastructure Support, Managed Services and Nightly Batch Cycle Support

Besides, our other services for the BSFI segments include:

  • MIS Reporting and Dashboarding
  • Compliance Report Submissions
  • Data Porting, Migration and Mining
  • Backend Data Processing – Data Capture, Data Keying, Address Validation, Technical Helpdesk, Claims Handling