Simson Softwares: A Complete Solution Provider for the Insurance Industry

Date:   Wednesday , January 25, 2017

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.

SARB is a full ERP for managing reinsurance broking business. They have around 80 percent market share in reinsurance broking industry in India and significant presence in Bahrain, Hong Kong & UAE. They have successfully implemented SARB in London also, which is opening door for SARB to big European market.
\"First of its kind we have integrated MS-Word in our reinsurance broking management software SARB, which makes this undoubted leader in India and Middle East\" adds Davendra Singh.

Along with SAIBA and SARB, they also have other products for insurance and reinsurance brokering which comprises of SATA for health insurance TPAs, SARB for reinsurance brokers, BimaPro for insurance agents, SWAP for web aggregators.

Future Endeavors

Simson Softwares aim to make footprints in the insurance industry and launch products for insurance companies. Currently they are one of the top Insurance brokering software providers in the Indian Sub Continent. Their target customers include Insurance brokers, reinsurance brokers, and the corporates from around 12 countries namely Tanzania, Bahrain, Hong Kong, Jordan among others. They are looking forward to expand their reach around the world. \"I assure, you within the next 5 years, we\'ll be in the top 10 insurance service providers in the world. We\'ve already entered the UK and got our first two clients. We are entering into the Middle East, we are already there in the two prominent markets in Dubai and Oman\" expresses Davendra.

Simson Softwares constantly strives to maintain good relationship with its customers. They have a commitment to their customers to deliver at any cost. They consider the insurance industry to be their forte and want to survive and grow in this industry. \"Our bonding with customers and our endeavor to service them is the key to our business. There is no escape route, we have to service our customers, that is the only key which is making us successful\", concludes RB Singh.

Key Management:

Davendra Singh

He has over 25 years of experience in ERP implementation, system design and software consultancy. His vision and continuous efforts to upgrade to new ideas, new technologies and enabled Simson Softwares to become a leading software solution provider for insurance broking industry in India and expanding fast to Middle East and Africa region.

R.B. Singh

Serving as the Director, he has over 15 years of experience in Microsoft SQL Server Database Administration, Analysis and Design. He is a technocrat with Front-end expertise in ASP, ASP.NET, VB 6.0, JAVA, SAP Crystal Reports and XML Style Sheets

Rahul Dev

Serving as Vice President, Business Development & Implementation, he is an ex Banker, Graduate from Delhi University with CAIIB, very hardworking and humble person. Having over 21 years of experience in Insurance, Banking and business development, he has worked with Bank Of India, IDBI Bank &Almondz Insurance Brokers. Based in Delhi, he is a key catalyst behind growth of Simson in Middle East and Africa.

Omprakash M. Jangid

Serving since 2010, now working as Vice President, he is a bachelor of computer education from Indraprasth Shiksha Parishad, very hardworking and humble person.Having over 7 years of experience in business development of insurance software products in India, he is a key catalyst behind growth of Simson in south and western region of India. He has travelled to Singapore and Papua New Guinea to ensure growth of Simson.