In the late 1990s, Y2K was the most feared event in the IT industry. Many were predicting a worldwide chaos and business disruption from the failures of computer Systems. Anticipating this, many companies invested much time and effort to ensure that their Systems will not fail. Likewise, a project team was formed in 1998 to develop a new Life Core System for a large insurance company in Malaysia to replace a COBOL based legacy System. Time passed quickly and soon, when the last stroke for 31st December 1999 struck, the System worked perfectly to everyone’s delight.
This success became an immediate inspiration for the team to embark on future projects. Comprising of Subject Matter Experts in Insurance, Business Analysts, Systems Analysts and Analyst/Programmers, they were all IT Professionals with a good knowledge of insurance & Takaful; they collaborated to identify pain points of insurance & Takaful companies in the insurance & Takaful industry. They found that insurance/ Takaful companies used several mainframe or super-mini computer applications which were not agile, and had to spend millions of dollars to integrate their legacy IT applications to respond to market changes.
Recognising this, it prompted the team to conceive an enterprise insurance software solution that is customer centric, channel centric, process-oriented, handles all lines of insurance business, self reliant in configuring new insurance products for roll out, built with granular modules for easy customisation, user-friendly, grows with the business and is client server based instead of ‘green screen’ technology. With this aspiration the team architected and designed an integrated insurance solution, and named it, ‘ISF’ (Insurance Solution Framework), and TSF’ (Takaful Solution Framework), formed of a new company known as Pentasoft Malaysia to market and support it.
With ISF as the base solution framework, we began to develop technology solutions for both Insurance (Life, General and Investment-Linked) and Takaful (Family and General) industries. With one implementation after another, and enriched with ideas from the multiple regions, our solutions began to evolve and in time became more advanced and functionally-rich.
The time is now.
With our world so heavily centred on the ever accelerating progress of technology, we never remain stagnant. To reach ahead, we are taking a momentous step to meet the new challenges of the industry.
Effective March 2011, Pentasoft has been renamed, ‘AETINS’, an acronym for Assured ETernal INsurance Solutions.
Why the new name? Because it is history in the making! AETINS will employ brand new sophisticated approach in developing its technological capabilities such that it will empower the delivery of future-proof solutions, thereby ensuring “eternity” for the solutions. It is with great anticipation, that we await the release of AETINS’ ground-breaking technology, scheduled to be ready by year 2011.
In line with the above re-branding, we also recognise the need for Takaful business specialisation. Considering their own unique needs and operating models, Takaful companies cannot be generalised with other Insurance companies. Therefore, AETINS coupled with the growing global need for Shariah-compliant IT solutions, AETINS provide list of Takaful solutions to cater specifically to Takaful companies.
We believe that only through respective specialisation in Insurance and Takaful, that we can achieve greater depth in our focus to be global industry and domain experts and live up to our vision of ‘Helping to Insure The World’.