PHOTO - (From left) Tan Kok Guan, CEO of Lonpac Insurance; Tee Choon Yeow, Group CEO of LPI Capital; Ryoji Fukuya, CEO of NTT Data Asia Pacific; Woon Shung-Toon, CEO of Cornerstone Asia.
KUALA LUMPUR, 20 MAY 2011 - Malaysian finance institution Lonpac Insurance [Lonpac] is to upgrade its business intelligence [BI] systems with an investment worth RM5 million [US$1.65 million] under an agreement with BI firm Cornerstone Asia.
"In today's fast evolving business environment, it is vital that organisations have strong analytical infrastructures and the resources to help them exceed the needs of clients and drive superior results from a data rich environment," said Lonpac Insurance Berhad Group chief executive officer, Tee Choon Yeow.
"Lonpac has been seeing a track record of profitable operation and good performance so far and we needed a stronger and more robust BI solution to cater for the growing demands of our business," said Tee. "Lonpac will upgrade its current BI systems to Cornerstone to help us achieve faster time to intelligence and more informed decision-making with prompt and accurate insights into their business. Lonpac will be investing about RM5 million [US$1.65 million] over a period of five years for the solution, which will be rolled out in two phases."
"Cornerstone was selected for its domain knowledge in the insurance sector, industry-specific customer references globally and more importantly for its proven and robust BI and data warehousing project methodology for general insurance companies," said Lonpac chief executive officer, Tan Kok Guan, who added that Cornerstone's BI solution would be used to help Lonpac meet its new reporting and analytics requirements, quicken the report generation process and improve business performance management, compliance and systems performance.
"In addition, an enterprise -wide scorecard with general insurance-specific key performance indicators (KPIs) would provide Lonpac with a single, strategic view of the organisation to help drive their strategies forward," said Tan.
Lonpac Insurance (Lonpac) is a wholly owned subsidiary of LPI Capital, a public-listed company at Bursa Malaysia.
BI solutions provider Cornerstone Asia is a company under the NTT Data Asia Pacific Group and has more than 80 enterprise customers around the world.
Insurance sector BI projects
"Our insurance analytic applications are designed with pre-built data warehouse models, metadata, KPIs and analytics templates specifically for the general insurance industry," said Cornerstone chief executive officer, Woon Shung-Toon. "These analytic applications are further extended based on our collective experience, technology know-how and industry best practices gained from diverse insurance sector BI projects around the world.
"The insurance industry has experienced profound transformation in their business environments with intense competition, technology advances and globalisation," said Woon. "It is vital that insurers are able to respond to these changes with timely and agile business decision-making."
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