Insurance regulator Irda has shortlisted four IT firms, including Infosys Technologies and Mahindra Satyam, for implementation of a project aimed at meeting its data needs and regulatory decision making.

Towards achieving its goal of effective supervision, Irda had invited IT firms for its Business Analytics Project (BAP) aimed at providing necessary data and information for analysing the insurance companies and regulatory decision making.

The other two IT firms that have been shortlisted for the Phase-III of BAP tendering process -- the financial bidding -- are, L&T Infotech and Keane India.

The Technical Committee concerned is of the opinion that the proposals submitted by the four firms are complete in all respects and they will be able to meet the objectives of the project, a communique of the Insurance Regulatory and Development Authority (Irda) said.

"The Committee also observed that Mahindra Satyam, Infosys, Keane and L&T Infotech have agreed to all the terms and conditions and therefore these bidders are to be considered for the financial bid evaluation," it added.

The date for opening of financial bids of the shortlisted IT firms will be informed separately to them, Irda said.

The four firms were shortlisted after detailed scrutiny of the technical proposals submitted by the various IT firms, subsequent clarifications and evaluation of the presentations made by them.

With implementation of the project, there would be a centraliased data storage and sharing across various functional departments within the Irda.

Besides, these four firms, the other IT companies which had reached in the Phase-II of the tendering process were, CMC, Cognizant Technology Solutions, CSC (Computer Science Corporations), IBM India, Mastek and TCS.