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December - 2016 - Special issue > Brand of the Year - Insurance Broker Software

Simson Softwares: A Complete Solution Provider for the Insurance Industry

si Team
Wednesday, January 25, 2017
si Team
The beginning of a new era in the insurance industry saw proliferation of new products and distribution channels which promoted rapid growth of the industry. This led to flooding of the market with variety of schemes that put the consumers in a dilemma of choosing the policy with minimum risks and maximum profits. Low financial literacy and poor access to financial services in India continues to pose a problem in adoption of the right kind of insurance product. However, consulting an Insurance broker in this case would solve a majority of problem as they can use their professional knowledge and experience by assessing consumers' insurance needs. This in turn increases the demand for good insurance broking softwares.

Simson Softwares, headquartered in Mohali, established in 2000 has grown from a proprietorship firm to a private limited company. While initially they were more into developing software for various industries; since 2006 they have restricted themselves to insurance. In the early stages, Simson had difficulty in finding customers but now they have a 60 percent market share in insurance and 80 percent market share in reinsurance. While elaborating on the challenges Davendra Singh, Owner, Simson Softwares, says, "We are weak on the marketing front and because of that we are unable to reach most of the customers. We aim to reach most of the people in limited time in the coming future."

Services Offered

Acknowledging the needs of an insurance broker, Simson Softwares has come up with Software for Insurance Brokers - SAIBA that is capable of consolidating all the activities of an Insurance Broker. SAIBA is an insurance broking management software which covers almost all the aspects of Insurance broking industry. It helps in retaining the existing business as well as getting a new business by providing handful information and various analysis supports. SAIBA aims to provide assistance to insurance brokers in marketing as well as back office management.

SAIBA has three variants as SAIBA Indian Edition for Indian insurance broking industry, SAIBA Global Edition for Insurance brokers around the world and SAIBA Corporate Edition for corporates to manage their in-house insurance portfolio. "SAIBA is our flagship product with over 200 installations in India, Tanzania, Hong Kong, Oman and UAE" informs Davendra Singh, CEO of Simson Softwares Pvt. Limited.

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