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S&T expands business with insurers in Central and Eastern Europe
Strategic Partnership with FirstApex Group launched
Even as the insurance markets of Western Europe stagnate, and despite the credit crunch, strong growth in the sector in Central and Eastern Europe continues unabated. Previously low insurance penetration rates continue to rise as increasing prosperity and an intensification of savings activity fuel a growing demand for insurance products. To cope, insurance providers have a growing need for country-specific IT solutions. “Insurance companies in Western Europe have long since implemented large SAP solutions – many of them are our customers. However, the majority of insurers in Central and Eastern Europe prefer solutions that are easier to maintain an overview of when it comes to implementation, operation and costs. They also want solutions that can be introduced fast yet cover all business processes. This is the reason that, in addition to SAP, we have now added FirstApex solutions to complete our portfolio of services,” explains Christian Rosner, CEO of S&T. S&T is one of the leading IT partners for banks and insurers in Western and Eastern Europe. In 2007 the company generated more than 20% of its revenue from Financial Services customers. “S&T is one of the leading IT companies in Central and Eastern Europe. Allying with a company of such caliber helps FirstApex establish a solid presence in this fast growing and developing market, while simultaneously reinforcing our global presence. Together with S&T we are providing local access to world-class industry-leading solutions and helping meet the IT needs of the insurance and reinsurance industries in the region”, explains S Sivakumaran, CEO of FirstApex Group.
More than 25 years of experience
FirstApex, a SEI CMM Level 4 certified company, is one of the world’s leading providers of core insurance and reinsurance IT solutions. The company is headquartered in Singapore with operations in Europe, India, Japan, China, Korea, and the Middle East. In 28 successful years, FirstApex has implemented more than 130 projects for renowned customers such as Allianz, AIG, Marsh, AON, AXA, Mitsui Sumitomo, Tokio Marine, Mitsui Sumitomo Re-Insurance, Equatorial Reinsurance, Royal Sun Alliance, Generali, etc.
Solutions for the entire insurance value chain
S&T now offers the entire portfolio of FirstApex products as a part of its consulting and services portfolio. This enables it to offer integrated and comprehensive solutions for property and casualty insurers, reinsurers, life insurers and group life insurers, as well as pension and health insurers. Rosner: “We see a particular need for FirstApex solutions at companies that want to introduce a new solution of this type and companies that may be running SAP for ERP, but are looking for specialized software for their core business.”
IT expenditure also on the rise at Western European insurers
Meanwhile, at the same time as Central and Eastern European insurers are upgrading and enhancing their IT systems to keep up with rapid growth, Western European insurers are concentrating on the industrialization of their processes and customer relations as they seek to establish long term competitive advantages. In this context, IT is expected to realize cost benefits and make a positive contribution to the bottom line by supporting innovative operating systems. “Our insurance customers in Western Europe are not concentrating on core applications – they are investing in process optimization, simplification and operational controlling systems. A higher IT spend in the battle for new customers is seen as contributing to profitability”, explains Rosner. “Naturally we support our insurance customers in Western Europe with their IT requirements. Our consultants and technology experts draw on deep knowledge of the branch, and provide the professional and technical expertise required to ensure comprehensive support for both local and international projects.”
* Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Macedonia, Moldavia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine.
About FirstApex – www.firstapex.com
FirstApex is a specialist Insurance IT solutions provider focused on the insurance value chain. The company has over two decades of proven track record of successful implementations across multiple countries and regions. FirstApex has been instrumental in enhancing business agility and efficiency of insurance companies with flexible and contemporary technology solutions. FirstApex has an array of solutions and services that range from Insurance components that address specific needs to complete policy administration systems, from system integration services to offshore development.
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