SunGard Identifies Ten Trends for 2010 in Insurance
SunGard Identifies Ten Trends for 2010 in Insurance
New York, NY (Vocus) June 29, 2010
Tara Winters, senior vice president of SunGard’s insurance business said, “Insurers are thinking about key initiatives in 2010 that will help them comply with regulatory changes and grow their businesses. Regulatory compliance has evolved from simple regulatory reporting to the ability to demonstrate transparency through robust enterprise risk management processes and systems. To promote growth, insurers must increase the efficiency of the distribution organization and view it as more than just an operational function. This requires improved access to accurate and timely data, the ability to turn this data into actionable information, as well as improved policyholder and producer services.”
SunGard’s ten trends shaping Insurance in 2010 are:
1. Enterprise Risk Management (ERM) - Governance adherence, transparency in risk reporting and proof-of-compliance are required disciplines to meet upcoming regulations such as Solvency II and IFRS.
2. Distribution Management - Increasing competition requires expansion of distribution networks to new markets and product differentiation.
3. Business Growth – Accelerated product development and introduction of new sales channels are important factors in premium growth.
4. Client Service – Agent networks require integration and collaboration tools to meet client demands for better, faster information available through the Internet and on mobile devices.
5. Business Intelligence/Analytics - Data analysis provides a deeper understanding of agent performance and financial solvency for greater transparency and informed decision making.
6. Consulting Services - Leading insurance carriers look for specialists outside their organizations to provide support for strategic planning and regulatory compliance.
7. Business Process Management (BPM) – Increased automation in routine decision-making functions and electronic document workflows help improve efficiency and auditability.
8. Cloud Computing - New technology architectures such as Software-as-a-Service (SaaS)* help increase operational efficiency, reduce total cost of ownership, and accelerate time-to-market.
9. Portfolio Management – New requirements for portfolio balancing are being introduced to help regain losses and take advantage of advances while maintaining a conservative posture.
10. Reinsurance Management – More complex reinsurance contracts increase the need for efficiency through automation and better management tools.
*SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating software-as-a-service (SaaS)-based solutions. Infinity uses a service-oriented architecture (SOA) development framework, offers a business process management platform (Infinity Process Platform) and a virtualized, on-demand delivery infrastructure.
About SunGard’s iWorks:
SunGard’s 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.
About SunGard:
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. 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 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information visit http://www. sungard. com.
Trademark Information: SunGard, the SunGard logo and iWorks are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U. S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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