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Today banks are faced with new market challenges. Banking is about managing risk and developing products and services that will attract new customers. However, most growth is not new but customers simply moving from one bank to another. Established banks face growing competition from Internet-only banks, retailers and other nontraditional players including, insurance companies. Insurance companies are undertaking the overhaul of core operational systems, including policy administration, claims processing and commissions. Capital markets firms are also operating amidst massive change in the market as a result of the commoditization of investment products and specialization of investment services. How will financial services firms transform their organizations and operations in the coming years to address these trends and challenges as well how will IT play a part in developing and leveraging new products?
Industry Challenges
Some of the challenges that are faced every day by all financial institutions include:- The Internet is impacting established sales channels.
- Document and Records Management and the approach to legacy documents
- Process quality, performance and evolution
- Extended time-to-market for new products
- Customer Service, Call Centre quality and performance
- Compliance
- Investment performance
- Risk Management
Insurance Companies Must - Stay abreast of industry trends and new competitors
- Be innovative for market leadership
- Stay informed on regulatory requirements and solutions
- Manage Change effectively
- Use IT solutions to automate and improve business processes
- Utilize best practices to improve IT Systems Management performance
Discovery Support NegenIT provides services that identify the issues, causes and effects that lead to creating new opportunities for insurance companies. - Business and IT Alignment
- Business Continuity Planning
- Solution Selection and Management
- IT Strategy, Planning and Organization Development
- Disaster Recovery Planning (DRP)
- IT Project Management
- Solutions Support
Negenit “action” services. These services are for the management and implementation of solutions to problems and plans to exploit opportunities. - Business Continuity Planning
- IT Disaster Recovery Planning
- Call Centre Automation
- Consortium Coordination
- Document and Records Management
- Project Management, Project Rescue
- Interim Management
- Business Management
These services, available from NegenIT can address problems and realize opportunities that have a component in the business operation. - Management Consulting
- Business Process Engineering
- Business Case Development
- Team Building
- Team Repair
- IT Support
These services, available from NegenIT can address problems and realize opportunities that have a component in information technology and its management. - Systems Service and Delivery Management – ITIL Process Implementation
- Project Management
- IT Staffing
- Education and Training
- Executive Development and Training
Negenit Does
NegenIT is a leading partner to bankers seeking to capitalize on market consolidation and specialization. Combined with deep business and technical expertise with financial -specific solutions, NegenIT helps financial companies use IT to help them to increase their efficiency, reactiveness and competitiveness. NegenIT provides a communication link that helps bridge the technical jargon and the language of business.
We help our customers focus on those functions that achieve market differentiation, by ensuring IT is aligned with the business units. In addition NegenIT delivers processes for change management to help deliver structured platforms that transform such functions as underwriting, policy administration, premium accounting and claims.
Ask How Negenit…
Negenit is well positioned to provide next generation IT service to understand underlining issues and problems and turn these issues into an opportunity. Negenit’s innovative approach give our customers control at all points of the program.
To Learn More email Negenit: solutions@negenit.com or call 416-421-2017.
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