The recent nationalization of Fannie Mae and Freddie Mac sent shockwaves through the credit default swap market. The subsequent collapse of Lehman Brothers and the nationalization of AIG have caused further turmoil within the industry. The sheer size of the market means that any credit risk failings have the potential to dwarf the sub-prime crisis, with dramatic consequences for all markets.
The insurance sector is set to become a forerunner in the adoption of service-oriented architecture (SOA). Insurers increasingly recognize that their neglect of back-office transformation and focus on 'quick-fix' projects in the front-office is cost-ineffective in the long-term, and fails to address their long-term challenges in distribution.
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