Finance & Insurance

With over two decades of experience of enabling insurers globally and a full portfolio of service offerings, Miracle is the transformation and innovation partner of choice, supporting the entire insurance value chain. Whether it is migrating from legacy systems or monitoring regulatory compliance, Miracle is redefining the way insurance companies benefit from global services.

Financial services are the economic services provided by the finance industry, which encompass a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, investment funds and some government sponsored enterprises.

We ensure transformational success through our integrated offering of service lines, which encompass consulting, package implementation, outsourcing, technology, infrastructure and process management. Success in this new environment calls for insurance carriers to bring new thinking and new technologies into their existing landscape, and go fortified into the next generation of business.

To build loyalty and drive profitability, banking industry needs to offer a non-stop interactive banking environment. To achieve this, banks need to increase their business agility by anticipating customer needs and offer an engaging user experience. To cater to this fast paced environment, Miracle Software Systems, Inc. works with banking industries across the globe to usher in transformational changes through modernization of their products, services and processes.

Effective risk management is the singular most important challenge that banks face in the race ahead. Foreign players with huge capital resources, cutting edge technology, international best practices and skilled personnel are expected to be at force in the banking market.

Banks have to be prepared with mature and efficient risk management systems if it has to successfully compete with their competitors. Identifying appropriate solutions including innovative software tools, training and upgrading of human resources and building up of a data base is thus a paramount importance. Robust credit rating frameworks and building of data warehouses for computing probability are very essential.

Top Insurance Industry challenges challenges are to effectively manage the operations, manage risk, and grow issues which includes Industry consolidation, New regulations, Standardization, Competition based on product innovation,Increased channel diversity, Upcoming technologies have increased pressure on Enterprises in the insurance industry.

Miracle Banking solution models deliver complicated, integrated, products while effectively managing internal and regulatory risk. These solutions that can help transform your existing core banking operations. We provide the expertise and assets to help integrate and transform your systems, whether you are refreshing your legacy systems, or replacing individual modules or the entire core banking system. Deliver targeted products and services quickly by dynamically responding to internal or external changes.

Straight Through Processing (STP) enables the entire trade process for capital markets and payment transactions to be conducted electronically without the need for re-keying or manual intervention, subject to legal and regulatory restrictions. Straight Through processing encompasses both enterprise application integration (EAI) and business-to-business application integration (B2Bi).

Miracle’s insurance industry solutions have increased our client’s performance and flexibility. Miracle has helped its clients in re-engineer their business processes to achieve higher operational efficiency and better leverage their IT investments and increase their business flexibility through the adoption of a services-oriented architecture. Our solutions span a range of insurance lines of business including Life, Annuities, Health, Property and Casualty and Reinsurance and the entire SOA stack. We have worked with clients in all core areas of insurance such as:

  • Underwriting
  • Policy Administration
  • Claims Management
  • Agent Management