“Nexum IT”, together with companies from Norway, Sweden and Poland, was invited to participate in the competition for development of IT solution for the government of Norway. The new system will provide consumers with the opportunity to compare the products and services of different insurance companies online.

“This project will allow us to secure our position in the Scandinavian market and better stand the competition with other European companies operating in the market of business process consulting and IT solutions for financial sector. During this project we will have an opportunity to meet and work with Norwegian insurance companies, which will in turn facilitate closer partnerships and increased amount of orders from Norway,” informs Uldis Apsītis, the chairman of “Nexum IT” board.

For several years already “Nexum IT” has been actively operating in the Scandinavian market and working with the leading companies, such as Länsförsäkringar, Swedbank and IF. „Nexum IT” is one of the few IT companies in the Baltic States which have lately been growing in terms of competence and employees. “Nexum IT” is increasingly providing their services outside the Baltic States as well.

For more information:

Uldis Apsītis

Nexum IT, Chairman of the board

email: uldis.apsitis@nexum-it.com

www.nexum-it.com

www.finansportalen.no

Details on registration and agenda will follow.
Insurance and bank personal (finance sector) are welcome.
There will be activities for non golfer as well.

Sincerely yours, Nexum consulting

Smart and intelligent process design and a new technology have made it possible to put the quality of operational risk management up to the next level and make an important step towards applying the Advanced Measurement Approach under Basel II.

have been pointed out as the key practical benefits of the new approach applied.

Aizkraukles Banka Operational Risk Management Case Study

Download PDF

http://www.ab.lv

PROGRAMME:
8:00 – 8:30 Registration, coffee, light breakfast
8:30 – 8:40 Opening remarks by H.E. Ambassador of Republic of Latvia Mrs. Elita Kuzma
8:40 – 9:00 Executive director of Latvian IS cluster Mrs. Lilita Sparane – Latvian IT business capacities and success stories in Scandinavia
9:00 – 9:20 Swedish perspective on doing business with Latvian suppliers – speaker to be announced
9:20 – 9:40 Business development manager for Nordics of Nexum Insurance Technologies Gundars Kulups – Advantages of specialization in outsourcing
9:40 – 10:00 Q&A session
10:00 -10:30 Coffee, mingle

This is a semi-annual review of recent corporate developments in the sector of information technology, telecommunications and Internet access in the Baltic States. Prime’s TOP-20 is the proprietary ranking of the leading Baltic IT service companies by their revenues from in-house developed IT services and does not include any sales of hardware, distribution of software other than developed in-house, office equipment or other products. The ranking has been compiled since 2002.

According to the information provided in the Prime Investment report, in the first half of 2009 Baltic IT companies experienced a 19,1% drop in total revenues. However, performance varied among the companies as some managed to increase sales while others experienced a decline of up to 32% in IT services revenues. IT services market leaders (in terms of sales) on average underperformed smaller rivals. Top performer in terms of growth is Nexum IT, a Latvian specialized software provider for insurance and banking industry, which successfully expanded in Scandinavian and Russian markets and enjoyed 24,9% sales growth.

As a result of this considerable growth, Nexum IT has moved from the place 21st in the list of Baltic leading IT service companies to the place 18th.

Head of IF’s Claims management department Oskars Hartmanis says that with the decrease in policy sales volume, insurers need to reduce administrative costs and reassess functions. For this reason, IF has made an investment in information technologies and introduced broader claims submission opportunities via Internet.

It has been possible to submit motor hull (casco) claims via Internet already for two years and by now 30% of IF’s motor hull claims are submitted in this way. IF receives positive references about convenient claims submission system from both clients and partners. IF’s experience shows that by submitting motor hull claim via Internet, time until car repair is started decreases by 33%. In the future, it will be possible for IF clients to submit also property, TPL, travel, accident and health care claims on the Internet. After registering receipt for receiving health care services, time until receiving compensation for those services decreases by 85%.

During three weeks time the new system is operating already 50% of the claims have been submitted just using Internet, on IF Portal. After submitting the claim, customer receives e-mail with number assigned to the case and can follow the status of the case on IF Portal. Submitting claim on the Internet is not only convenient but also fast, it takes on average only 10 minutes. In a case of motor hull (casco), customer can start repairs directly afterwards.

About If in short: If is the leading property and casualty insurance company in the Nordic region with approximately 3.6 million customers. Gross premium income was 39 billion Swedish crowns in 2008. The company has approximately 6 900 employees. If is owned by Finnish Sampo Group. In the Baltic States If serves more than 300 000 clients and occupy 13,7% of the Baltic insurance market.

Information from BNS and http://www.if.lv/.

“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