Simson Software: Simplifying Insurance and Reinsurance Broking Management

CIOReview Team | Thursday, 24 November 2016, 06:16 IST

Assume that you need to take an insurance policy. As insurance companies are burgeoning and their competition is intensifying nowadays, how would you choose best-of-breed insurance policy which offers maximum coverage according to your budget? If someone with colossal amount of insurance market knowledge comes forward to aid, you would definitely reap benefits like choice, cost effectiveness, easiness and security in addition to a relief. Here begins the significant role of an insurance broker who provides consumers with right choice in the marketplace.

The insurance broking industry is more than a decade old industry in India. To boost up insurance business in our country, insurance brokers were introduced in the year 2003. As days go by, tasks and operations in every industry became easy, fast, accurate and time saving with the incredible innovation in technology. Additionally, as the number of customers who rely on insurance brokers is increasing, the need for apt insurance broking management software became essential to attain effective management of customers’ information.

In the present business scenario, insurance brokers require quick as well as consolidated information about all the aspects of insurance industry to flourish their business. Envisaging the scope of insurance broking management software during 2002, a year before insurance brokers were introduced in India, Simson Softwares Pvt. Limited stepped to the fore with its development services for insurance broking management software. In 2003, the company offered its flagship software product named SAIBA for insurance broking management. The company boasts of its foremost position as a software solution provider for insurance broking industry in India. “Undoubtedly, we are the leading insurance solution provider in India. Currently, we have software for the direct brokers, reinsurance brokers, health insurance providers, TPAs and agents,” asserts Davendra Singh, CEO & Director, Simson Softwares Pvt. Limited. The company is engaged in the services related to Design, Development, Management Consultancy and Analysis for the insurance intermediaries in India as well as abroad.

Apart from SAIBA, Simson Softwares delivers products portfolio for insurance and reinsurance broking ambience which comprises of software for Reinsurance Brokers (SARB), Third Party Administrators (SATA), Insurance Agents (BimaPro) and Web Aggregators (SWAP). The company has more than a decade of experience in the realm of ERP implementation, system design and software consultancy. Currently, it has completely restricted its focus on insurance and reinsurance broking sectors.

SAIBA – A Milestone in Insurance Broking
As insurance brokers endeavour to consolidate their entire activities, Simson Softwares comes to the picture with its SAIBA, an ERP (Enterprise Resource Planning) software in order to assist insurance brokers in their marketing as well as back office management. It is a comprehensive as well as customizable solution which caters from CRM to balance sheet.

“As we have overseas clients, whatever these brokers need to do in their business whether it is marketing, renewal or claims, all those aspects we have accompanied to comprise in our ERP system as cumulated modules for the insurance brokers,” adds Davendra Singh. SAIBA has integrated modules such as Customer Acquisition and Relationship Management System (CARM), Quotations Management System, Policy Management, Renewal Management and Claims Management etc. More than 200 clients including Direct Insurance Brokers and Agents are using SAIBA to meet back office management requirements and to attain marketing analysis in India, Tanzania, Bahrain, Qatar, Uganda and Hong Kong.

SWAP: Web Aggregator Portal for Insurance Brokers
With the advent of online technology, buying and selling practices of insurance policies have shifted from traditional way of a buyer visiting an insurer or insurance brokers and vice versa to online services. In the online technology era, web portals are developed to reinforce insurance businesses and nowadays, online insurance policy purchase trend is getting popularized.

Comprehending the advantages of online technology in insurance realm, Simson Softwares caters SWAP, a web aggregator portal to insurance brokers. This web portal provides premium calculator, product comparison and facility to buy insurance by paying online. Hence, it enhances insurance brokers to keep pace with the future of insurance industry. It has backend connectivity with SAIBA for CRM, leads and business management. “Our first state of the art portal for online Insurance is live at We are coming up with more before the end of this year” adds Davendra Singh.

Path-breaking ERP to aid Reinsurance Brokers
“Reinsurance is comprehensively a very complicated business realm and difficult to run business without a suitable software. In reinsurance broking industry, SARB is a monopoly product in India,” shares Davendra Singh. To enable reinsurance brokers in handling all their activities on a single platform, Simson Softwares offers its ERP software named SARB. It functions for the entire management of all reinsurance processes. The platform delivers integrated SMS, e-Mail and electronic document management to improve the efficiency of its clients in their daily business while facilitating secure as well as accurate operational activities.

Apart from both platforms for insurance and reinsurance brokers, Simson Softwares brings out SATA, an ERP solution, for third party administrators (TPA) for claims management, analysis and accounting. The solution provides complete reporting to TPA, Insurers, Hospital, Corporate, Individuals, Brokers and Agents. It is able to handle all policy details received from insurers while managing the preparation, tracking and dispatching of ID cards, endorsement of employees and import policy data from excel files. It is specially developed to manage all aspects of claims related to Scrutiny, Billing, Settlement, Preparation and Dispatch. While taking claim processing into account, SATA delivers comprehensive claims management starting from intimation of claims to the reimbursement of payments to the insured or hospitals. In addition, SATA health insurance software maintains the record of network hospitals which includes hospitals detail entry, tracking blacklist hospitals, record details of discount offered and claim analysis. It offers integrated SMS and e-Mail Management including sending e-Mails and SMS at various steps to the insured.

When it comes to BimaPro, this Insurance Agency Management Software offers comprehensive marketing tools and costing management of life insurance & non-life insurance. “Generally, insurance agents keep details in their diary like whom they are meeting, policies they are selling and commission to be received from the insurance company. It is difficult to maintain the diary and that facility BimaPro provides them. So they can manage all their policy records, update daily information and provide automatic SMS to their clients,” adds Davendra Singh. It works as an ideal application for an insurance agent from their CRM to final accounting.

Headquartered in Mohali, a satellite town near Chandigarh, Simson Softwares helps insurance industry to manage relationships, work-flows and business requirements. Not only in India, Simson Softwares has outspread its presence across 12 countries and assists more than 200 clients of various countries like Tanzania, Bahrain, Hong Kong, Uganda, Qatar, Oman, Papua New Guinea, Botswana, Jordan, Mauritius and UAE etc. As Simson Softwares is in the process of building a new corporate office cum development centre in Mohali, it envisages offering software for insurance companies while increasing its employee strength. “This is a very small industry. So people know each other and our credibility make difference here,” winds up Davendra Singh.