The Hindu Business Line : i-flex keen to buy insurance product

IN a bid to expand its product offerings, i-flex Solutions Ltd, an IT solutions provider for the global financial services industry, is looking at acquiring an insurance product.

The company has short-listed about three to four products and may conclude a deal in the next financial year, said Mr V. Shankar, Executive Vice-President and head of PrimeSourcing, i-flex's services business.

"Insurance is a focus area for acquisition," Mr Shankar said, adding that the company would look at acquiring a product specific to a particular geography. The insurance products are highly region-specific, and there is no single product that caters to the industry globally, he added.

"The products short-listed by i-flex are from multiple regions," he said, adding that the company would look for cross-selling opportunities. But he declined to comment on how much the company has earmarked for these acquisitions.

i-flex plans to focus on both life and non-life segments of insurance as it gears up to tap the industry aggressively, Mr Shankar said.

At present, it provides software services to few clients in the insurance domain. The insurance segment accounts for less than 5 per cent of the company's total revenues at present, he added.

The insurance industry is about 10-12 years behind in adopting technology compared to the banking sector.

"There are no pressing needs as far as replacement opportunities are concerned as there is hardly any legacy," he said.

The company, in a bid to emerge as a complete end-to-end solutions provider for the global financial services industry, is pursuing an aggressive inorganic growth strategy.

It recently acquired Equinox Corporation, a specialised service provider to the mortgage industry, to strengthen its position in the market place.

i-flex also acquired a 33-per cent stake in the French treasury software specialist firm Login SA.

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