In Finance and Insurance we have two complementary industries that encompass every single commercial and non-commercial undertaking that we could conceive of. If finance industry finds itself operating in more diverse and unpredictable market than ever, it is the safe and secure cover afforded by the insurance industry that makes the navigation on uncharted waters easier. Through mergers, acquisitions, partnerships, and internal growth, financial institutions are racing to gain a competitive edge by entering new business areas and delivering more products and services.The insurance industry is coping up with the advancement made in every aspect of human endeavor by structuring policies and coverages to provide cushioning effect in the event of an unanticipated catastrophe.
Since they permeate all economic activity, it is but natural that their operations are highly regulated at the state and federal level. The multitude of statutes, regulations and rules that they have to comply for each transaction makes for a highly complicated environment. It is no surprise that the finance and insurance industry rely on Information Technology to successfully steer through the tangle of regulations and yet achieve profitability. The emerging mass retail markets where more people become detached from their area branches and bank managers underscores the need for adoption of technologies that will enable banks to provide personalized services to each and every customer.
To survive the onslaught of competition and thrive in business, every financial institution will have to practice aggressive cost-savings at every level through use of new technology to increase efficiency inside each institution.
It can be confidently stated that the most successful institutions will be those that combine visionary technology and very competitive pricing with strong relationships and brands built on trust and in-depth experience of the client business.
The complementary insurance industry, on the other hand, strives to identify all possible cataclysms and sound the warning bells. The industry is constantly on the lookout for low probability, high impact events that are likely to unsettle the whole fabric of the economy.
In both these crucial components of the economy, mainframe seems to be mainstay of their information technology systems. Even with rapid advances made in many facets of information technology many factors such as volume of data, number of transactions, stability and scalability seem to convince both these industries to continue to rely on mainframe systems. Although adoption of newer technology is underway, they are used as add-ons to the mainframe systems.
Lodestar Systems has an excellent track record in helping financial and insurance industry clients to better utilize of existing technologies and to leap frog on new technologies. We have expertise and experience in working with a host of technologies spanning legacy, client/server and ERP systems. Our seasoned consultants have delivered quality and timely services to numerous financial and insurance corporations.
We will be more than happy to showcase any of our past projects to prove our credentials.We are only a telephone call away to set-up a time convenient to you to discuss how we can help you achieve your overall objectives in a cost and time effective manner.
