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Windows in Financial Services is the industry’s central source for information covering the most important developments in financial services IT.  Issue by issue, we describe the latest trends, products and applications of technology solutions delivered by Microsoft and its expanding alliance of partners.

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MICROSOFT LEADERS FORUM - Insurers: Taking on the Cutting Edge and Adding Value
The insurance industry has often been criticized for being too legacy burdened to take advantage of new technology, but this is proving far from true....
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Articles from April 2005

Data Fervor

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Death, Taxes, and Cyber-attacks

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Saving Interface

As president of Schematic, a Los Angeles-based company considered the expert in the area of user interfaces on computers, phones or advanced consumer electronics devices, Richard Titus counts Microsoft among his clients, and touts the value of Yahoo Finance. He was the founder and managing director of Razorfish, one of the top dot.com consulting firms before the digital crash. Once a sound engineer for The Beach Boys, he was listed as among the 50 most influential people in Hollywood by Digital Coast Reporter. Razorfish did the early design and development of Schwab.com, and more recently his firm developed the Web sites for ABC, Comcast and Turner. He is not particularly impressed by the way financial firms, other than Schwab, are using the Internet.
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Insurance Goes Global

The Insurance Industry is Looking to Technology to Help IT Conquer New Markets, and Control Overhead. The insurance industry’s global expansion continues. Carriers are seeking new business opportunities in Asia, some companies are consolidating the positions they took in US and European mergers and acquisitions over the last decade, and companies around the world are continuing to refine their reinsurance positions.
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For Microsoft, Insurance is Already a Global Business

Microsoft supports the insurance industry through an international team and with local insurance industry experts in key countries around the world, said Dennis Maroney, managing director, insurance, for Microsoft’s worldwide financial services group.
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One Globe, One Platform, and Many, Many Regulators

North American carriers are taking a variety of approaches to supporting new initiatives in Asia. Some are partnering with local financial firms and some are processing the business in North America to avoid building new data facilities.
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Editor's Note: Geritol or the Junk Heap?

Technology, the way we do business and the world around us have all changed but for some firms, they’re still dealing with 20-year old systems running on COBOL maintained by a “graying” resource pool of technicians.
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About the Mainframe Migration Alliance

The Mainframe Migration Alliance (MMA) is a group of companies working together to help customers migrate workloads off of the mainframe and onto the Microsoft platform. The Alliance represents a group of companies that have their interests aligned in making Mainframe Migrations easier and more efficient for customers. Alliance members include...
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Fujitsu Consulting: Putting 30 Years’ IT Experience to Work Solving Today’s Legacy Modernization Opportunities

As the management- and technology-consulting arm of the US $45-billion Fujitsu group, Fujitsu Consulting integrates the core expertise of Fujitsu companies and its partners to deliver complete solutions to businesses and government in the solution areas of information management, legacy modernization and managed services.
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HP: Helping FSOs Unlock the Value of Their Assets

Through their Application Modernization Services, Hewlett-Packard offers large organizations leading, industry-standard technology solutions that deliver greater simplicity, agility and business value through a complete set of analysis, implementation and post-implementation services, technologies and partnerships to modernize complex, costly, yet valuable legacy technologies. To learn more, we talked to Rick Slade, their Consulting & Integration Enterprise Application Services solutions practice lead.
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Mainframe Migration: An Excellent Way to Reduce Costs, Improve Agility and Attain Higher Performance

spring2005_spyros.jpgFinancial services firms are finding a surprising way to improve their business agility at little or no cost. They can move their COBOL legacy applications to Microsoft Windows servers, and they can do it without rewriting the applications. Suddenly they have a choice of vendors rather than purchasing everything from a single supplier.
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Fujitsu Software: Delivering Agile IT to Leverage Your Legacy Assets across the Financial Enterprise

Fujitsu Software recognized the value of Microsoft’s .NET Framework early on, demonstrating an early prototype of .NET support at Microsoft’s Professional Developers Conference 2000 when .NET was first announced. They were the only COBOL vendor to release a compiler producing native .NET MSIL code when .NET was released.
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CSC and Micro Focus: Unlocking the Value of Legacy through Rich Sources of Proven Migration Expertise

Founded in 1959 and now headquartered in El Segundo, California, Computer Sciences Corporation is a leading global IT services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
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Cognizant Technology Solutions: Redeploying Legacy Applications with Proven Methodologies and Tools for Modernization Based on the .NET Framework

As a financial services IT solutions provider, Cognizant combines deep domain expertise, proprietary intellectual property and the onsite/offshore delivery model to solve critical insurance industry problems. To help pinpoint their approach and experience in mainframe migration, we talked with Sanjiv Gossain, their vice president of technology for Europe. With over 15 years of IT consulting and systems development experience in the US and Europe, he’s author of “Object Modeling and Design Strategies: Tips and Techniques” (Cambridge University Press, 1998) plus over 40 articles on technology and architecture.
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NetManage: Extending the Life and Value of Your Legacy Apps

NetManage, the Cupertino, CA-based global software company that provides solutions for integrating, Web enabling and accessing enterprise information systems, feels strongly about the issue of legacy modernization and extending the value of insurance firms’ mainframe systems. We discussed these issues with Peter Havart-Simkin, senior vice president, strategic development, who joined NetManage in 1998 as senior vice president, worldwide marketing.
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SBS: Migrating Legacy Apps through Automated Conversion

Sophisticated Business Systems, Inc. (SBS) provides fully automated conversion solutions to migrate older applications and databases to up-to-date languages and database management systems. Known for their patent-pending technology called DB-Shuttle™ to manage and automate the conversion process from end to end, SBS conversions support the market’s needs for improving data access, integrating data and applications and reducing IT license costs.
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Credit Default Swaps Processing Made Simple

Building on Microsoft’s InfoPath, Ira Fuchs has designed a way to automate one of the more challenging derivatives instruments – over-the-counter Credit Default Swaps.
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With New System Manulife Tracks Sales and Pays Sales Team Faster

In many industries sales commissions are relatively simple. A sales person is paid a percentage of the sale, perhaps with incentives when they reach particular thresholds such as hotel weekends, golf trips, or new laptop computers.
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Complying With New Parent's Procedures Meant New Software

After US Financial Life was bought by MONY a few years ago, the new corporate parent requested a direct feed of sales by MONY agents, so it could pay commissions and reward points for internal sales incentive programs. MONY further dictated that the data must be in the ACORD XMLife standard format.
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Philadelphia Insurance Makes One System Fit All Niches

The Philadelphia Insurance Companies has developed a profitable business one niche at a time. Writing coverage in all 50 states, the carrier seeks out narrow product targets, such as professional liability and commercial-package policies, and niches like non-profit human services. This specialized expertise enables it to create unique or customized coverage that helps generate consistent underwriting profits.
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Western United Life Upgrade Slashes Development Time and Cost

When Digital Equipment Corporation announced in 2000 that it would discontinue support for their VAX systems by 2007, George Hanrahan figured it was time for Western United Life Assurance (WULA) to look for a new policy administration system.
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Legacy Modernization: When Reliable Just Isn’t Enough

Few industries have spent as much on computing technology over the last 40 to 50 years as the financial services industry. Automating fundamentally manual functions in the 1960s on mainframes was the most common type of application.
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Making Standards Universally Standard

As companies expand their operations internationally they are increasingly seeking the benefits derived from standardizing their operations and data to assess their exposures and return on capital.
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Microsoft and HP’s New Mobility Initiatives in Insurance

From sales to appraisals to damage assessment, insurance requires many of its professionals to work away from the office. The new mobility offering for insurance agents and claims adjusters announced by Microsoft and HP is already generating buzz within industry associations.
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Coupling Mobility with CRM and Sales Force Automation

Dr. Lakshman Watawala, CTO of Mobitor, a Microsoft mobility partner which develops applications for multiple industries, said that mobile computing can help insurance companies cut their sales costs and improve the ratio of sales to appointments. The ratio of sold life insurance policies to customer meetings has declined from 1 in 10 to 1 in 15 from 1990 to 2000, while the sales expense ratios have increased significantly over the last 5 years, he said. For many insurers, the ratio is up from 3 percent to 6 percent.
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Software Arrival Prompts Paper Departure at Global Aerospace

From satellites to hot air balloons, if it is related to aviation anywhere in the world, Global Aerospace will insure it.
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Seattle’s FHLB Shuns Clusters For Fault-Tolerant Servers

As Seattle’s Federal Home Loan Bank piled more and more work on its relational database, Tim Jenné started looking for something more robust to support the load than a single Windows server platform. Jenné, then the bank’s assistant vice president of technical services, believed that since clusters can be difficult to administer, a fault-tolerant Windows server from Stratus would be a better choice. Once the IT staff had proven the reliability of Stratus, the bank had an easy time choosing new applications that run on Windows, said Jenné.
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The Secret Ingredient of Transamerica Re’s Underwriting System: Customization

Transamerica Reinsurance’s private label term business was running into technological obstacles in 2003. A major reinsurance supplier of private label term life solutions, Transamerica Reinsurance counts some of the industry's most recognized companies among its clients. However, its cumbersome underwriting system meant that the company’s underwriters had to navigate through multiple systems for the information they needed.
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