Polaris to Set Up CoE for Insurance

by CXOtoday Staff    Apr 14, 2009

Polaris Software Lab, a financial technology company, plans to invest $20 million in the Center of Excellence (CoE) to be located at SIPCOT, Chennai. The facility will house 2,500 employees and is expected to be completed in 18 months.

"Polaris had a singular focus on BFSI, building on most comprehensive range of banking solutions. Expanding into insurance space was the natural choice," said Arun Jain, CEO and chairman of Polaris software Lab.

The company serves six out of ten major insurance companies including AIG, New York Life, and ICICI Prudential, among others. It recently acquired SEEC, a US based exclusive insurance technology company.

"Besides serving the developed markets, with the acquisition of SEEC, we have propositions to develop radically simple SOA-based solutions for the growing Indian insurance companies," said S.R Ramaswamy, CEO, Intellect SEEC.

Polaris have established CoE for Investment Banking at Hyderabad, Retail Banking at Chennai and Corporate Banking at Mumbai.

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