Quaterly_4-2012_eng_Art3. Home :: Climate-KIC. Financial Services. Oasis Loss Modelling Framework :: Home. Speeding up adoption of open source in Financial Services. - Programming (Python, Ruby, Java, SpringSource, Subversion) - Databases (Apache Hadoop, Apache Cassandra, MongoDB, MySQL) - Middleware (JBoss) - Operating systems (Linux), etc. And open source projects are rapidly moving up the stack and are now available for: - Customer Relationship Management (SugarCRM) - Business Intelligence (Jaspersoft) - Content Management (Wordpress, Plone, Joomla, Drupal) - Ecommerce (Magento, Spree) - Accounting (FrontAccounting) - Enterprise Resource Planning(OpenERP, Openbravo) - Business Process Management(Bonita Open Solution) - HR Management (OrangeHRM) Despite the massive IT investment in financial services, it is questionable if there has been the same level of innovation, either at the retail or institutional level.The global financial services industry has an annual IT spend of more than $460billion (representing more than 17% of global IT spend in all industries).Banks IT costs equal 7.3% of their revenues, compared to 3.7% across all other industries.
InfoAxon - develops open source solutions for Insurance. Insurance Challenges and the IT response Insurance as a business is undergoing significant changes driven by tough economic environment and cut-throat competition. In an extremely competitive environment insurers have to differentiate almost similar products, chase the same set of customers and distribute insurance products through similar types of distribution channels. This competitive environment creates unique challenges for insurance organizations in terms of employee productivity, organizational responsiveness, regulatory pressures, talent management and cost control. Going forward the ability to differentiate in terms of knowledge, deliver insights along with a inherent capability to innovate and ability to attract and retain best talent will decide the winner.
Using standard technology solutions insurers have responded very well to automate standardized processes. Leveraging Open Source for Insurance How our vertical focused open solutions help? Instasure. CO-OP health insurance plans in the US. An open service model for car insurance.