Meeting Insurers’ IT Requirements

A Turkish Success Story
by Nicolas Michellod, June 30, 2011
Case Studies
EMEA

Abstract

For an IT vendor, meeting insurers’ expectations requires a high level of business understanding and a clear commitment to execute an implementation project within the timeframe and budget allocated.

In a new report, Meeting Insurers’ IT Requirements: A Turkish Success Story, Celent looks at the Turkish insurance market through the eyes of insurance companies executives and SFS, a local IT vendor. Three Turkish insurers agreed to share their experiences working with SFS: Aviva Sigorta A.S., Sompo Japan Sigorta A.S., and two entities of Cardif, Cardif Sigorta A.S., and Cardif Hayat Sigorta A.S.

"There is no better way to evaluate the value generated from IT projects than by asking insurers directly," says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report. "Even though benefits derived from IT investments are sometimes difficult to assess, an in-person interview with an insurance executive who has made the decision to implement new technologies is always the best indicator of satisfaction."

This report profiles explains how insurers interviewed have identified problems that needed to be addressed, what types of actions they have decided to implement, and what have been the benefits derived from these investments in new technologies. Beyond the case studies, this report demonstrates that the optimal use of technology and the ability of SFS to service not only insurers but also various actors in the Turkish insurance market have generated value.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

4

A Glance at the Turkish Insurance Market

5

About SFS

8

Background to the Case Studies

12

Identifying Problems

14

Implementing Actions

18

Evaluating Benefits

22

Final Thoughts

26

Leveraging Celent’s Expertise

28

 

Support for Financial Institutions

28

 

Support for Vendors

28

About Celent

29

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