Business Daily from THE HINDU group of publications
Monday, Sep 17, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Sep 17, 2007 ePaper |
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Money & Banking
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General Insurance Incenta, Digital Illusion join hands for health insurance venture Archana Venkat Chennai, Sept. 16 Incenta, a US-based developer of cost-effective health insurance programmes for corporates, has signed a letter of intent with the Chennai-based software development firm Digital Illusion to set up a joint venture company, likely to be called Incenta India. Incenta and Digital Illusion will hold 49 per cent and 51 per cent stake, respectively, in the joint venture; details regarding funding are under discussion, said Mr Dennis F. Kelly, Managing Member, Incenta. Incenta has systems and mechanisms to help corporates reduce their costs on employee healthcare insurance. The proposed company, to be based in Chennai, will develop software to make these systems available through various delivery mechanisms such as Web, e-mail and others. The systems will include business intelligence modules based on data mining and mathematical modelling techniques, Mr Kelly told Business Line. Hire analysts“We will initially hire about 10 analysts in India to develop programmes for the US healthcare market,” he said. They would also provide relationship support services between corporates, insurance companies and hospitals in the US. Incenta India also plans to float a health insurance division in India, catering to the domestic market. “Only three per cent of Indians have health insurance and we would like to see this grow to 20 per cent,” Mr Kelly said. The company is currently in talks with the Government and regulatory agencies in India to sort out protocol related issues in this venture, he said. Incenta has relationships with US-based insurance companies such as ING and Principal, who have operations in India. It would seek their expertise before commencing operations in India. The company intends to offer low premium insurance schemes to companies in India. It has devised insurance schemes in the US where employees pay $15 (about Rs 600) a month as premium on health insurance. It also plans to offer consulting services to Indian companies on cost cutting and innovative group insurance schemes. More Stories on : General Insurance | Alliances & Joint Ventures
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