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Current Market Situation
The insurance industry has undergone considerable consolidation over the past decade. To extend their competitive reach, insurers are adopting strategies to either become the “consolidator” or to shift their focus to specialized markets.
Customer are getting more sophisticated in their product knowledge, purchasing, service requirements and cost consciousness. Regulatory influences are introducing changes that squeeze the bottom line.
Regardless of strategy, all insurers are constantly evolving their operations to better address the needs of their customers and agents/brokers. They are also retooling core processes and systems to increase efficiency and flexibility, reduce costs and better manage risk.
IT is an ideal tool to meet these diverse requirements and yet improve financial performance and Customer Service. The challenge is to improve the reactivity and performance of IT without losing control of IT costs.
Industry Challenges
Some of the challenges that are faced every day by all financial institutions include:- Sales over the Internet are impacting established sales channels.
- Document and Records Management and the approach to legacy documents
- Process quality, performance and evolution (exception handling)
- 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
- 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 Corp. 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 Corp. 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 insurers seeking to capitalize on market consolidation and specialization. Combined with deep business and technical expertise with insurance-specific solutions, NegenIT helps insurance 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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