INNORULES, a business rule management system (BRMS) company, is accelerating its efforts to target the global market. In the global BRMS market, fierce competition with foreign products is expected.
INNORULES (CEO Gil-gon Kim) announced that it plans to aggressively target the BRMS market in Japan, China, Singapore, and Vietnam this year based on its competitiveness in the domestic market.
BRMS refers to a solution that can easily create business rules such as policies, regulations, workflows, and procedures that serve as business standards and apply them to the IT system.
INNORULES has been developing BRMS since 2001, winning competitions with multinational companies and becoming the No. 1 BRMS company in Korea. It has carried out projects for Korea's leading companies in various fields such as Dongbu Insurance, Meritz Fire & Marine Insurance, ING Life Insurance, Nonghyup Life Insurance, Allianz Life Insurance, Samsung Electronics, and Samsung Life Insurance, Samsung Card, Samsung Hospital, and Asan Hospital.
In 2016, it passed a rigorous quality test and successfully supplied its solutions to Japan's largest insurance company.
Business rules frequently change according to government policies or corporate strategies, and the company system's program source must be modified to apply these changes to the IT system. However, it is difficult for the person in charge to see the program source and determine whether it has been appropriately applied. It is difficult because the IT person must interpret the system's source code and find a place to add it when changing business rules. As for the Insurance companies, BRMS can be applied to various tasks such as new contract underwriting review, premium calculation, change review, payment review, insurance details management, insurance money calculation, and limit withdrawal.
INNORULES BRMS can create business rules quickly and easily and apply them to the company's IT system. The person in charge manages the business rules using the integrated rule management tool.
There are many advantages to adopting BRMS. △ Integrated policy management △ Easy direct computer reflection in business language △ Separation of business rules from the program can improve work efficiency.
In the financial industry, the use of BRMS is recognized as essential. It has recently been used in various industries such as communication, manufacturing, distribution, healthcare, and the public sector. INNORULES achieved 80% of the BRMS market share for the next-generation project in the financial industry. INNORULES has invested heavily in R&D, as the 40% of its workforce comprises R&D personnel.
After establishing the Japanese branch office, the company achieved a total of 6.5 billion KRW in overseas sales over the past three years. INNORULES established a local Japanese partnership with Hitachi Manufacturing and NTT Comware. It targets global markets such as China, Singapore, and Vietnam based on successful entry into Japan.
Park Ji-Yong, head of INNORULES’ Sales Division, said, "BRMS has been widely used in the financial sector, but it is a solution that is not widely known in non-financial sectors such as manufacturing and distribution. We are currently in the process of discussing the introduction of BRMS."