While accepting the package to be deployed soon at its branch and divisional offices, New India Assurance chairman and managing director D Sengupta said his company on behalf of the industry evaluated the software by Price Waterhouse. Genisys was found highly satisfactory.

The company has budgeted Rs 150 crore for the completion of the project and if needed, more fund will be deployed, Sengupta said. Calling the software a step in preparation for the future, he said the overall cost efficiency, a good rate of return oninvestment will be crucial in a highly competitive scenario.

``The new software would meet about 95 per cent of our total requirements,'' he said. Sengupta, who has recently taken over General Insurance Corporation chairman, said the company would go for datawarehousing for improve services and include more personal services in New India Assurance's repertoire.

Following New India Assurance, a subsidiary of GIC, other subsidiaries will also deploy the facility at their offices.

The software is developed taking into consideration the industry's peculiarities and needs, said Jhunjhunuwala. He said Genisys is one of the completely integrated packages catering to the industry needs. On further technological scopes, he said there are enough ports left in the software to absorb any kind of specific changes required by companies.

The software is developed after thorough studies of various insurance firms and covers nearly 100 products and services. It also has a graphical interface.

CMC will monitor andmaintain operations at branches. It has set up a software development centre at Calcutta to develop further insurance industry-specific products.