FirstApex announces launch of J2EE solutions

By siliconindia   |   Tuesday, 25 September 2007, 19:30 IST
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Bangalore: Bangalore based FirstApex Software Technologies, a provider of specialized IT Solutions for the insurance sector, announced its plans to address the significant challenges faced by the insurance industry in the current business environment with the launch of its 100 percent J2EE solutions. FirstApex announced the launch of two new IT solutions - FirstGen Neo 5j, a Property and Causality Insurance Policy Management System and FirstRe Neo 5j, a fully integrated Reinsurance System. While both these Products are new Products developed from scratch using the New J2EE Technology, FirstApex has developed these products using its valuable expertise and experience built up over the last two decades. During this period FirstApex has implemented these solutions in over 100 sites spread across Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Japan, India, China and Korea. Announcing the launch, Suresh Prabhu, Chairman, FirstApex said, “In the current business environment the Insurance Industry in the region is facing extremely difficult and varied challenges among which are the need to handle high growth rates, mind-boggling challenges in Distribution, increased competition in a tariff-free environment and increased governance and regulatory pressures. Unfortunately many Insurers are still using older IT solutions developed using older Technology which was suitable for the business needs of a decade or two ago while the critical need is for new Technology to handle new business pressures!! With these two new Products FirstApex will be among the very few IT Companies worldwide offering Non-Life and Reinsurance solutions entirely developed in the new J2EE Technology. Prabhu added, ”The new Products will specially address current business needs of Insurers and by making use of the new Technology offers innovative solutions to help handle areas like distribution challenges such as in China and India, scalability issues in high growth markets, time to market pressures, flexibility and governance and regulatory challenges. FirstGen Neo 5j is a MULTI–LINE web-based policy administration system, which covers the full cycle of insurance operations from Point of Sale right through to the General Ledger. It is a client centric, flexible and scaleable solution and can be deployed in a short span of time. FirstGen Neo 5j is designed for quick implementation to avoid long timeframes. FirstGen Neo 5j supports all classes of P&C insurance covering personal, commercial and industrial lines: Motor, Fire, Marine, Liability, PA, Miscellaneous among others. It is capable of handling multi-line package products, multi-currency and can be implemented in different languages in different countries. It is a fully integrated application supporting the core business processes and data entered in the source component of UW is available on a real time basis for Reinsurance, Claims and Accounts for further processing.

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