Polaris to set up centre for insurance solutions

CHENNAI - City-based banking, financial services and insurance software company Polaris Software Lab Ltd will invest $20 million to set up a centre for excellence for insurance near Chennai, a top official said Tuesday.

‘The eight-storey centre will house 2,500 employees and will be completed in 18 months,’ Arun Jain, chairman and chief executive of Polaris, told reporters at the foundation stone laying ceremony.

Last October, Polaris acquired SEEC Inc, a US-based insurance technology company, and now the company provides services to global and Indian insurers like New York Life, ICICI Prudential, American International Group (AIG) and IDBI Fortis.

According to S.R. Ramaswami, chief executive of Intellect SEEC Inc, the company will develop simple service-oriented architecture (SOA)-based programmes for the Indian insurance sector.

Polaris has established centres of excellence for investment banking (Hyderabad), retail banking (Chennai) and corporate banking (Mumbai).