20% upper circuit: 3i Infotech partners with InsureMO to provide PaaS solutions to enterprises

In Tuesday morning deals, both the Sensex and Nifty showcased strong gains, with increases of 0.18% and 0.20%, respectively.

In this optimistic market sentiment, the shares of 3i Infotech Limited dazzled with an impressive surge of more than 20%, the stock touched the upper circuit at Rs 40.02 apiece on BSE. Furthermore, the scrip witnessed a massive spurt in volume by more than 17.51 times. The company’s current market capitalisation is Rs 674.88 crore.

Founded in 1993 as a back-office processing company by ICICI Limited, 3i Infotech has evolved into a prominent global Information Technology Company. Its business operations are categorized into two segments: IT Solutions and transactions.

Today, the company has joined forces with InsureMO, a leading Insurance Middleware Platform. InsureMO specialises in driving transformative changes for the insurance industry across various sectors. This partnership enables 3i Infotech to offer implementation capabilities for the InsureMO platform, allowing insurance providers to modernize and enhance their offerings without altering their core solutions.

The InsureMO platform functions as a digital insurance middle office platform, serving insurers, brokers, agents, insurtechs, and startups. It empowers them to facilitate various product and channel use cases, enabling insurance carriers to modernize their systems and improve distribution strategies.

With a strong presence in the IT industry, 3i Infotech caters to a diverse clientele. This collaboration aims to expedite the transformation journey by leveraging the strengths of both companies. Customers can anticipate reduced underwriting operational costs, faster insurance product launches, and an efficient DevOps cycle for microservices and web applications development.

Speaking on the strategic partnership, Rishi Agrawal, Chief Technology Officer of 3i Infotech remarked, “As 3i Infotech embarks on a promising phase of growth, finding partners who resonate with our vision is paramount. With InsureMO, we believe we have found the ideal collaborator. Leveraging their advanced platform and our expertise, our goal is to introduce a pioneering and transformative digital PaaS solution tailored for enterprises.”

The stock has witnessed significant buying activity surging more than 964% in the last 3 years.

Keep a close eye on this trending stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.