What Happens Next in Insurance? SunGard Recommends Insurers Focus on Three Goals to Manage Through the Downturn

New York, NY - 30 April 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.”

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.

Key Challenges
• 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."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development