In order to manage through the downturn, insurers need to bring new products to market quickly, retain customers and enter new markets all while carefully controlling their costs.
New York, NY (Vocus) April 30, 2009 -
Tara Winters, product manager of SunGard's insurance business, advises insurance companies: "In order to manage through the downturn, insurers need to bring new products to market quickly, retain customers and enter new markets all while carefully controlling their costs." Click here to view Tara's video.
SunGard is helping insurance companies adapt and streamline their existing technology infrastructures to create a seamless and agile operation that will help them turn the economic downturn into an opportunity.
SunGard recommends that insurance companies: 1. grow through international expansion and rapid addition of new products and services; 2. focus on astute risk management; and 3. improve the client and agent experience.
- Corporate governance and increased regulatory scrutiny are putting greater emphasis on enterprise-wide risk management
- Business growth is tough in mature markets: insurers are looking to expand in emerging economies
- Profitability and operational pressures are increasing due to rising inefficiencies, fraud and compliance and administrative costs
- More savvy consumers are demanding enhanced products, services and risk management information
Andre du Plessis, chief operating officer at Liberty Life, said, "SunGard provides the flexibility to rapidly introduce new products, move existing blocks of business and help improve the efficiency of our core business processes."
Matthew Josefowicz, director at Novarica, an insurance technology strategy research firm, said, "In the current economic crisis, many insurers are looking to information technology to help them become more adaptable, efficient and effective. Unlike the 2001-2002 downturn, this time insurers are viewing their IT capabilities as part of the solution to the crisis, with a focus on streamlining their operations, reducing fixed costs and creating a competitive advantage. In this difficult time, insurers are looking for vendors who can come to the table as real strategic partners."
About SunGard's iWorks
SunGard iWorks is a business-driven IT product suite for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWorks offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs.
SunGard is one of the world's leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world's 25 largest financial services companies.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented five times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com