The main project task is to develop a new insurance system which includes ten years of experience in the area of insurance and which serves as a logical extension of its existing products. The objective of the new system is execution speed and flexibility while operating at high capacities and mobile application support.

EUREKA is more than an organisation, it is an ambition: to become the leading platform for R&D-performing entrepreneurs in Europe and beyond. EUREKA R&D is industry-led, applied, close-to-market — with tangible results and visible benefits. Founded in 1985, to challenge the increasing migration of R&D and industrial innovation to Asian and North-American countries, EUREKA now unites 39 member countries and also counts the European Union as its 40th member. Together, they promote international, market-oriented research and innovation through the support they offer to small and medium-sized enterprises, large industry, universities and research institutes. Through EUREKA, organisations are introducing new products, processes and services to market, helping make Europe economically strong and socially sound.

Eurostars Programme is a European Joint Programme dedicated to the R&D performing SMEs, and co-funded by the European Communities and 33 EUREKA member countries.

Eurostars aims to stimulate these SMEs to lead international collaborative research and innovation projects by easing access to support and funding. It is fine-tuned to focus on the needs of SMEs, and specifically targets the development of new products, processes and services and the access to transnational and international markets.

For more information please contact:

Didzis Klavins
Nexum IT, Business Development Manager in Scandinavia
email: didzis.klavins@nexum-it.com

The business workshop focused on key issues and challenges in managing Internet distribution channel to set up a successful model to profit maximization. The main emphasis of the meeting was on the Internet distribution channel for insurance companies in Norway and the case studies of other countries.

This seminar was attended by several largest insurance companies in Norway and the Baltic States such as Gjensidige, Terra-Gruppen AS, Jernbanepersonalets Bank og Forsikring, KLP Skadeforsikring, Storebrand, Saga Forsikring AS, E-Direct SAAS, as well as Finansportalen and UK Trade & Investment – British Embassy. After a welcome address by Ms. Dina Grube, Head of LIAA in Norway, three key speakers highlighted the role of Internet: “Distribution through the Internet and the growing need for multi-channel interaction” by Mr. Erlend Weiby, Internet Manager at Gjensidige, Norway; „Insurance over the Internet: beyond the obvious” by Mr. Tomas Sinicki, Managing Director at Nexum IT Lithuania; “What is my fair price” by Mr. Jon Erland Madsen, Senior Adviser, Web Coordinator Insurances at Finansportalen, Norway.

During the seminar participants addressed the proliferation of technology-based systems, especially those related to the Internet, which are leading to profound changes in how insurance companies interact with customers. Nowadays, as discussed in the seminar, companies are rushing to become more customer oriented. A key component of many successful initiatives is the right model of the distribution channels. In Norway, for instance, more and more insurers are using Internet distribution channel as they continue to balance the needs of different groups of consumers against the cost of distributing their products and services.

For more information please contact:

Didzis Klavins
Nexum IT, Business Development Manager in Scandinavia
email: didzis.klavins@nexum-it.com

On 14 April, Nexum Insurance Technologies together with the Embassy of Latvia in Sweden, Latvian Investment and Development Agency and Blue Bridge Technologies organized a business meeting for insurance companies in Sweden: “How modern technology can help to improve the efficiency of insurance business? Opportunities and case studies”. The seminar was held at the Embassy of Latvia in Stockholm.

The business meeting addressed the main issues and challenges in managing the Internet distribution channel, product and risk management, claim processing to set up a successful model for profit maximization. The main focus of the meeting was on the modern Internet based technologies available to insurance companies in Sweden and the case studies of successful applications in other countries.

After the welcome address by H.E. Ms. Maija Manika, Ambassador Extraordinary and Plenipotentiary and presentation from Ms. Austra Kreslina (Head of LIAA), several keynote speakers addressed the aforementioned issues:

• Mr. Markus Norling, Proposition Manager, Personal lines Sweden, Trygg-Hansa
  How Internet sales in insurance has the potential to transform a whole industry with price aggregators as an example. What are the general trends and challenges in Internet sales of insurance?

• Mr. Mikael Johansson, Chief of Webstrategy and Sales at Moderna Försäkringar
  Online marketing ties together creative and technical aspects of the Internet, including design, development, advertising, and sale. This is many times a key success factor in order to become a big player on the Internet. Many insurance companies still have online Marketing divided into different business areas with present and future negative consequence as results. How shall one think in order to be successful on the Internet?

• Mr. Tomas Sinicki, Nexum Insurance Technologies
  In Sweden, for instance, more and more insurers are using Internet distribution channel as they continue to balance the needs of different groups of consumers against the cost of distributing their products and services. The main question is whether insurance companies reach their customers in the most profitable and cost effective way. Moreover, what are the main opportunities and challenges in dealing with Internet distribution channel?

• Mr. Andrejs Strods, CEO at Blue Bridge Technologies
  Business Benefits of Electronic Claim Processing in Private Health Insurance. Topics: How switching to electronic claim processing is helping insurance companies save costs and improve relationships with clients and business partners. How technology enabled insurance products are helping to grow the business without growing costs. How modern lightweight technologies and flexible business models make adoption of new solutions easy and affordable as never before.

• Mr. Christer A. Holm, Partner and Lawyer, Advokatfirman NorelidHolm KB
  What are the latest issues in Swedish insurance industry and technology innovations from a legal viewpoint? An overview of the Swedish/Scandinavian insurance-market from a risk-perspective and how it has been affected by the financial crisis such as D&O-claims and related risks (e.g. class-action – claims).

• Mr. Jacob Kramer, Market Specialist, Property and Casualty, Länsförsäkringar AB
  What is the best role of Internet in your distribution strategy and how do you evaluate the efficiency of Internet as a distribution channel? Challenges and opportunities – a case study of Länsförsäkringar.

• Mr. Carl-Magnus Löfström, Digital Strategist, AFA Försäkring
  How to facilitate claims over the Internet when the customers do not know that they already are insured. The main emphasis of the presentation will be on working with social media to drive traffic for collectively bargained insurances.

The business seminar was attended by several largest insurance companies and organizations in Sweden such as Länsförsäkringar AB, If, Moderna Försäkringar, Euro Accident, SalusAnsvar, Tre Kronor Försäkring, Folksam, Swedbank, Trygg-Hansa, AFA Försäkring, SI Consulting, Hannover Life Re Sweden and IDG Sverige.

For more information please contact:

Didzis Klavins
Nexum IT, Business Development Manager in Scandinavia
email: didzis.klavins@nexum-it.com

This survey, the first of its kind, was designed to reveal the ways in which global organizations select, implement and manage their risk technologies, or risk management information systems (RMIS), as well as the benefits they achieve from those technologies.

This survey report highlights the top ten benefits that respondents identified.

The survey of 435 risk professionals from 45 countries representing a broad range of industry sectors found that the number one benefit and driving force behind the use of risk technology is achieving accuracy and reliability of data.

Global Risk Technology Survey – European Top Five Benefits of Technology:

1. Accuracy and reliability of data

2. Management reporting improvements

3. Data consolidation/management

4. Control and transparency

5. Automation of processes

Further findings include:

* 77% of European companies think that regulation and compliance is impacting the future use of risk technologies

* 76% of European companies think that the insurance market demanding better data is impacting the future use of risk technologies

* 46% of European companies use risk technologies more than once a day

By comparison, the study found that North America has a more mature RMIS market – mostly due to amplified workers’ compensation claims and the associated data consolidation needs.

* North Americans use their RMIS for litigation management and safety, while usage of RMIS for captive management is more prevalent in Europe

* 64% of North American respondents report using RMIS for more than five years compared with just 37% of European respondents.

The conductors of the survey conclude: “The results show that nearly two thirds of companies have experienced savings from using technology. This stems from having quality information that indicates where to focus risk management tactics to reduce claims and provides insurers with data to demonstrate a robust approach. Indeed, in the future we see greater use of technology to accurately capture a company’s risk profile as management, insurers and regulators increasingly demand more than a simple spreadsheet.”

Request your copy of the report

____

Nexum ORM is an Operational Risk Management software for banks and insurance companies to perform data collection and reporting for the needs of Solvency II and Basel II.

“Despite these difficult times, I know that we have also the companies and business ideas, to be proud about. And it is a myth that the Latvian industry is ruined. There are many entrepreneurs in Latvia which have proved that they “can” – can create excellent products, can generate original ideas and can implement them both in Latvia and abroad. There has been a lot of talk that we need to find our “Nokia” or our “Skype”. But the truth is that we do not have a shortage of our own “Nokia”s already at present – even if they are very small in the world context. I often ask both to the parliament members and to the people, do you know about one or another business, which successfully operates? Did you know that such a giant as “Microsoft” has chosen Latvian commercial equipment manufacturer “Vitrum” as supplier for its trade stands in Europe? That ship propeller blades for Rolls – Royce engines are manufactured in Latvia? That the same “Microsoft” has chosen Latvian company’s “Nexum Insurance Technologies” products as a partner solution for its software in Eastern European financial industry? And so we could continue over and over again. There are not so few of those small, efficient businesses in Latvia.”

Conference in institution of higher education “Turība” was organized by the Ministry of Economic Affairs, August 26, 2009.

Full text (in Latvian):

http://www.president.lv/pk/content/?cat_id=1686&art_id=14268