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msg systems introduces a new application for the product evolution of insurance companies and financial service providers
Munich, 23rd October 2008. With the msg.ProductCockpit, msg systems ag has developed an innovative application, with which insurance companies and financial service providers can organise the product evolution more flexibly and efficiently and thus bring marketable products to the customer faster. msg.ProductCockpit integrates all phases of the evolution of insurance and financial products on a single platform and thus saves time and resources. With msg.PM, the IT consulting and system integration company already offers a modern product management system which provides comprehensive support for both product design and the insurance business. “Thanks to our many years of experience and comprehensive competence as an IT service provider for insurance companies, we are very familiar with the processes and methods of the industry”, says Frank Plechinger, Products & Development Division Manager for the insurance industry at msg systems ag. “On this basis, together with msg global solutions ag, we have conceived our new msg.ProductCockpit as an internationally usable solution, which supplements msg.PM with the additional components profit test and product monitoring and integrates the different phases of the product evolution on one platform.” Unprofitable products can now be identified and adjustments initiated. Product evolution in a uniform system The advantage: because the msg.ProductCockpit is not designed as a solitary application but is based on the central product server of msg.PM, an insurance or financial product can pass through the complete product evolution on a uniform platform – from product development, the profit test, right through to operation and monitoring. The product know-how must no longer be passed on from system to system. The product evolution is now presented in a uniform system. A renewed presentation in the respectively responsible, technical systems is not necessary, since in each case the product knowledge is reused within the msg.PM landscape. With msg.PM and the msg.ProductCockpit, insurance companies and financial service providers now profit from a universal process for design, assessment and operation of their products. The linking of msg.PM and the msg.ProductCockpit offers the user maximum flexibility, in order to individually design all products but also product-related test and method models. As calculation engine and “repository”, msg.PM.Runtime with its many years of proof in practice runs in the background, providing a high degree of stability. Another advantage of the msg.ProductCockpit is the intuitively operable and clearly structured surface, which particularly makes it easy to use for specialist departments. Competitive advantages through integrated product management The msg.ProductCockpit is used both within the context of the profit test – for example, with projection calculations or cash-flow considerations – as well as in embedded value calculations for the assessment of an insurance stock and for asset liability management. In addition, the msg.ProductCockpit also offers the possibility of conducting sensitivity analyses, for example in order to examine the consequences of shares or interest shocks. All analysis results and evaluations can be recorded and archived. At the same time, the optimal product configuration can be transferred automatically to the product design environment or directly to the production environment. “With this integrated product management, the various stages of product evolution form a closed circuit. The product know-how does not have to be shown again and again. In this way redundancies and sources of errors are minimized. This saves time and resources, so that the product evolution runs faster and more flexibly and the time-to-market is reduced – a decisive advantage in the intensive competition of the insurance business”, concludes Maryan Karpyk, Manager Product Consulting at msg global solutions ag, summing up the advantages of the new application. msg systems ag msg systems ag is one of the 10 largest IT consulting and system integration companies in Germany, with over 25 years experience in the development and implementation of integrated application solutions. With over 2,000 employees, msg systems ag not only develops complex individual application systems based on customer-specific demands, but standard software as well. As a consulting and development partner of SAP AG, msg systems supports their customers in the implementation of SAP products and develops software solutions for the SAP environment. With numerous branch offices throughout Austria, Germany, Switzerland, Singapore and the USA, msg systems ag ensures that their customers are provided the best on-site service available. Competence centers in the fields of automotive, financial services, health care and insurances guarantee up-to-date business and industry skills. msg systems has followed a quality management certified by DIN EN ISO 9001 since 1996. msg global solutions ag msg global solutions ag, founded in March 2008, specializes in the provision of consulting services on an international level. It advises insurance companies on the implementation of their business strategies, the optimization of their business processes and supports them in the integration of software products. For further information, please do not hesitate dot contact us at any time: msg systems ag, Angela Knipp, Robert-Bürkle-Straße 1, 85737 Ismaning/Munich Tel. +49 89 961 01 1678, Fax +49 89/ 961 01 1113, E-Mail: angela.knipp@msg-systems.com rheinfaktor – agentur für kommunikation gmbh, Kai Danneberg, Hornstrasse 92-94, 50823 Cologne Tel. +49 221/88 0 46 - 210, Fax +49 221/88 0 46 -200, E-Mail: danneberg@rheinfaktor.de Visual material and additional press releases are available at www.msg-systems.com and www.rheinfaktor.de in the press section under "msg" Reproductions are free of charge. Copies are requested
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