NIIT Technologies announced the launch of +ADVANTAGEsuite, the next generation commercial insurance platform designed to drive underwriting profitability.

+ADVANTAGE suite's highly configurable business user led platform readily adapts to the needs of specific classes of business, allowing new lines to be brought to market quickly. Precise risk visualisation and impact assessment at the point of underwriting, further helped by analytics and reports, enables Insurers to make better decisions and write more profitable business.

+ADVANTAGEsuite offers full lifecycle processing of a policy with unique product management capabilities that allows new products to be configured swiftly without the need for significant IT involvement. Its workflow feature allows Insurers to streamline or automate complex business rules.

+ADVANTAGEsuite provides enterprise wide exposure management that enables Insurers to quickly visualise and manage risk exposure across all lines of business. It offers underwriters risk impact awareness at the point of risk submission.

Led by analytics, the +ADVANTAGEsuite capitalises on the wealth of structured and unstructured data that is available to Insurers to provide better decision support. +ADVANTAGEsuite Acumen analytics packs offer contextual analytics at the point of decision making.

''In today's competitive and rapidly evolving commercial insurance landscape, companies that can quickly add new lines of business or rapidly enter new markets will gain significant competitive advantage. +ADVANTAGEsuite is designed as a decision support system that enables profitable underwriting which is a significant leap over traditional policy administration systems that are mainly systems of record,'' commented Sudhir Chaturvedi, global chief operating Officer, NIIT Technologies.

Shares of the company declined Rs 13.3, or 3.23%, to settle at Rs 398. The total volume of shares traded was 6,286 at the BSE (Tuesday).