FirstApex Group and EPAM Systems partner in Russia and CIS to cater to a demanding Insurance Industry in the region
Singapore - 21 January, 2010 - Singapore based FirstApex Group, a leading provider of advanced IT solutions and services to the Insurance and Reinsurance sectors, announced today that it has entered into a partnership with EPAM Systems, the top software engineering and IT Outsourcing (ITO) provider in Central and Eastern Europe (CEE) and Russia.
Strengthening the company's presence in Russia and CIS, FirstApex has partnered with EPAM to further reinforce its focus of addressing and meeting the current and future challenges and needs of insurers, reinsurers and (re)insurance intermediaries in the emerging markets of Russia, Ukraine, Kazakhstan, Belarus, and Armenia. Bringing rich Insurance domain expertise and experience of three decades, FirstApex contributes to the newly formed alliance by providing the latest technology solutions for the Insurance Industry, whereas EPAM leverages on its extensive software development experience in the Insurance vertical in Russia and CIS. By joining forces, both companies strive to create a superior proposition for insurers and reinsurers in the region, offering them affordable world-class IT products and services, enabling greater business optimization, sales revenue boost, and efficient risk management.
Announcing the launch of the partnership, Mr. S Sivakumaran, CEO of FirstApex Group said "EPAM is one of the leading software developers and IT services providers in Russia and CIS. Teaming up with a company of such size and with such reputation on the local market helps us underpin our presence in the region and emphasize our focus on this fast developing and challenging market. What is unique about this partnership is that it provides Russian and CIS Insurance market players access to established, modern and affordable IT solutions that specifically address their current business needs, and by making use of the latest in technology offer the flexibility to be easily adapted to any future changes in the Insurance business landscape in this dynamic region."
The Global economic downturn has adversely impacted the Insurance Industry in Russia and CIS, impeding growth of a previously booming sector. The pre-crisis period of late 2007 and early 2008 marked the beginning of market consolidation, launch of new distribution channels, and gradual alignment of the region's Insurance Industry with international insurance practices and models. Looking into the future of this challenging market, such tendencies as further market consolidation and concentration, increasing role of obligatory and state insurance, greater focus on corporate segment in insurance and reinsurance can be expected. FirstApex and EPAM foresee that the economic recovery and post-crisis periods in Russia and CIS will bring upon further rapid changes in the Insurance Industry landscape, new business challenges and requirements for even faster response to external market fluctuations. Many Insurance and Reinsurance companies in the region will encounter significant problems adapting to such rapidly changing environment, as they are using older IT solutions developed on outdated and inflexible technology. While these systems might have been suitable for the business needs of insurers a decade or two ago, the critical need at present is for new flexible technology to handle and meet the ever increasing and rapidly changing business requirements and needs of today and tomorrow.
EPAM Systems, Sales Director, Mr. Yuri Ovcharenko, said "Today insurance companies are looking for software solutions that will help them keep and increase their market share, expand client base and boost profits. Such solutions should offer rich functionality, based on world's best practices, while being customizable to support local business specifics. Finally, these solutions should be affordable even under poor market conditions. Together with FirstApex, we created our offering that absolutely fulfills all criteria listed above. Moreover, solutions that automate various business processes related to insurance products development, promotion and support, allow our customers to optimize their current activities and ensure a solid base for future business expansion without massive IT investments".
FirstApex end-to-end enterprise-wide IT solutions support all major classes and lines of the Insurance business, providing seamless integration across the entire Insurance value chain. These products are assembled from a suite of business components developed 100% on Java EE. The modular nature of FirstApex products allows for serving front office needs with modern JEE technology and back office needs with either Oracle or SAP based tools. The applications offered by FirstApex are multi-lingual, multi-currency and multi-geography enabled and are deployable on a variety of platforms.
About FirstApex Group - www.firstapex.com
FirstApex is a leading SEI CMM Level 4 certified provider of enterprise-wide IT solutions and services dedicated solely to the Insurance Industry. FirstApex IT solutions and services are spread across the entire Insurance value chain that includes personal and commercial lines in Property & Casualty, Professional Reinsurance, Takaful, Life and Health Insurance businesses. FirstApex is a Singapore based Multinational Corporation with operational headquarters in Bangalore, India and operations in Japan, Europe, Southeast Asia, China, Hong Kong, South Korea, Australia, Middle East and Africa. With over 120 successfully completed projects across the globe in the last three decades, FirstApex aims at providing innovative and distinctive IT solutions that help insurers derive benefits by meeting their current and future needs.
About EPAM Systems - www.epam-group.ru , www.epam.com
Established in 1993, EPAM Systems, Inc. is the leading global software engineering and IT Outsourcing (ITO) provider with delivery centers throughout Central and Eastern Europe (CEE). Headquartered in the United States, EPAM provides services to clients worldwide utilizing a global delivery model through its client facing operations in North America, UK, Germany, and Sweden, together with 4,000+ professionals deployed across delivery centers in Russia, Belarus, Hungary, Kazakhstan, and Ukraine. EPAM's core competencies include complex software product engineering for leading global software and technology vendors, as well as development, testing, maintenance, and support of mission critical business applications and vertically oriented IT consulting services for global Fortune 2000 corporations.