Improving Core Systems, Best Practice, and Customer Centricity is the focus for UK Insurers in 2011-12

According to survey conducted among top executives at The Future of General Insurance event, Improving Core Systems, Best Practice, and Customer Centricity is the focus for UK Insurers in 2011-12. End Quote

(1888PressRelease) November 16, 2010 - Challenges and change was very much the core theme running through presentations and discussions at The Future of General Insurance conference in London recently. A survey of leading insurance delegates carried out by JMR Consulting UK and IDIT Technologies at the conference found that 50% of those surveyed are looking to improve existing systems, and 66% are looking at replacing components of functionality. Moreover, 25% of those answering the questions, marked 'customer centricity' as high on many boardroom agendas. Insurers are focusing on multiple priorities and initiatives with increased spending on IT, while Solvency II industry spend is predicted to cost over £200 million with 35% of this on IT alone.

Kali Bagary, Managing Director of JMR Consulting UK Ltd says "For the last decade insurers have talked about the need to put the customer first but many companies see legacy systems as a real inhibitor to achieving this as a goal. Yet new technology is here and companies now need to embrace it. New entrants to the market using more modern systems and new technology will steal a march on insurers slow to adopt". Customer centricity appears to be a key goal for all, as too is product innovation with 56% seeing this as a priority. However, there is also a definite need to improve relations between carriers and brokers, and collectively 85% of insurers agreed the need to focus on claims leakage and dealing with fraudulent claims was predicted to grow due to the current economic climate.

Delegates at the conference heard that companies in the industry are facing increased competition to retain or increase market share with insurance aggregators expected to grow stronger in the coming years. "Mobile and online channels are also growing, and aggregators will get stronger as generation Y demand faster, better, customer service. One session I chaired focused on mobile technology and responses to our survey clearly indicated that companies see this as a key mechanism for engaging with the next generation," says Bagary.

Mobility was rated high in the survey with 81% of respondents recognizing the importance that mobile devices will play in the future, but also considering SMS, better utilization of GPS and telephone integration.

Other issues are presently set to take precedent and although Solvency II is a short-term initiative it is bringing with it wide-ranging changes. It is also anticipated that the IT spend alone will be 35% of an estimated £200 million total cost to companies in the UK. Many of those surveyed at the event have chosen to use the regulations to introduce wider changes across their business.

JMR Consulting UK Ltd (JMR UK) launched IDIT Software Suite, a new breed of general insurance solution, which is set to provide UK insurers with greater choice and rich implementation capabilities, at a time when IT budgets are under even more pressure. Already deployed with insurers around the world, IDIT Software Suite is a mature and comprehensive solution, dealing with everything from quotes through to claims.

A truly comprehensive general insurance suite delivering core components of functionality, IDIT is receiving outstanding reviews from customers around the world, but also by UK analysts and according to CELENT, European Policy Administration Report, 2009, "IDIT is an excellent option for insurers wanting to adopt proven modern technologies." With decades of collective experience working with and for insurance companies in the UK, analysts are also recognizing that the JMR Consulting UK team have extensive experience of delivering insurance solutions.

For further information about IDIT please contact us at info ( @ ) jmruk dot com or contact John Bancroft on 01494 546087 or email john dot bancroft ( @ ) jmruk dot com, who will be happy to help you dot

About JMR Consulting UK

JMR Consulting UK Ltd was established in 2007 and is based in Amersham, near London. JMR UK is a leading provider of IT services and solutions that helps organizations to significantly reduce their costs, whilst improving performance and delivering maximum return on investment. We offer a range of services, across the full systems development and implementation lifecycle - scoping, project management, analysis, design, development, testing and implementation. . Our service delivery and operating models, combined with our IT expertise and range of solutions, enable us to deliver high quality results on time, every time.

JMR has a 15-year proven track record of delivering successful solutions, on a fixed-time and fixed-price basis, across diverse technologies in the financial services sector. JMR UK has extensive expertise and experience in delivering successful large scale IT projects in the insurance sector on a global scale.

For more information visit us at: http://www.jmruk.com

JMR Consulting UK Ltd
European Office
11a Chenies Parade, Chalfont Station Road, Amersham,
Buckinghamshire HP7 9PH, United Kingdom
Phone: +44 (0) 845 052 0900 Email: info ( @ ) jmruk dot com

About IDIT
IDIT I.D.I. Technologies Ltd. (www.idit-technologies.com) is a global provider of enterprise software solutions for the insurance & financial markets. Our solutions are based on IDIT™ Software Suite - an enterprise software product which integrates the business capabilities essential for any insurance provider.

Founded in 1998, IDIT I.D.I. Technologies is a member of the Formula Vision group (TASE: FVT) and employs over 165 insurance and IT experts across Europe, APAC and Israel. Its clients include Groupama, Eureko, Interamerican, MMA, Whittington Direct Asia, PolisDirect, IAK, Vanbreda, RAC Insurance and Direct Insurance Financial Services among others. The company also has a number of strategic partnerships with leading systems integrators and consulting firms such as IBM, HP, PwC, JMR Consulting UK Ltd, BSB, Ibexi and others.

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