News – Banking724

News of Banking724

Insurance724™ was founded in 1998 based on the philosophy that successful initiatives in insurance IT are a result of a business process approach and good project management. The whole purpose of IT is to improve business processes, and therefore any dollar spent on IT is wasted unless it improves a business process to a greater degree than the IT investment. A company can achieve process excellence and better profitability by applying a structured approach, by keeping the end result in mind, and through the discipline of project management. Since its inception, Insurance724 has grown from its first employee to its current team of business professionals, and has served clients throughout the United States. We are committed to first providing superior quality and client service, while ensuring profitable growth of our company, as well as the individual growth of our employees. Our vision for the future includes availability of our services around the clock and around the globe – hence the “7” and “24” in our company name.

2013	3rd Quarter	Insurance724 redefines its solution provider communication model.
	2nd Quarter	A leading Eastern US specialty underwriter of personal lines insurance products and services leveraged Insurance724’s innovative approach to transform its customer relationships.
	1st Quarter	Celebrated our 15th year of doing business!
2012	4th Quarter	Surpassed 150 successful projects!
	3rd Quarter	I724 repackages its large scale enterprise alignment services for middle market carriers.
	2nd Quarter	Finalized a new release of Insurance724’s Customer Experience Model.
	1st Quarter	Insurance724 fully integrates its mobile platform best practice model into the firm’s main methodology.
2009	4th Quarter	The world’s largest professional association for advancing innovation and technological excellence selects our article on the topic of IT Transformation. The article is by Peter Kraynak and appears in the strategic planning issue of “IT Professional” magazine.
	3rd Quarter	Insurance724 has completed more than 100 projects, and develops a stronger platform to leverage the value for clients going-forward.
	2nd Quarter	By invitation of the Treasurer, our Managing Director Peter Kraynak spoke at the Department of Treasury in the Commonwealth of Pennsylvania on the topic of organizational and IT readiness… “Problems and Opportunities in the Midst of Change.”
	1st Quarter	Moved to our new location in Plymouth Meeting, to improve the operating platform and to be positioned more central to the Mid-Atlantic region providing better access for resource candidates and prospective clients.

2008	4th Quarter	Our Managing Director wrote an article entitled ‘Finding Your True IT Transformation’ in response to an invitation by an international IT Strategy magazine to be published near the end of 2009.
	3rd Quarter	Celebrated our 10th year of doing business, along with an enjoyable “city tour” night in Philadelphia with fine dining and interesting conversation.
	2nd Quarter	The first internship program is implemented from within the non-profit organization called “Insurance Youth” and the first three students are placed into participating companies, with a successful win-win for both parties.
	1st Quarter	Our Founder and Managing Director, Peter Kraynak, launched a non-profit organization to create a platform for you to obtain internships in the insurance industry along with a value-add career support service.

2007	4th Quarter	Insurance724 developed a formula which enhances its clients’ marketing and sales functions by helping to drive leads on the Internet for small and mid-sized insurance companies
	3rd Quarter	The universal formula for improving a company’s “Ease of Doing Business” was born, providing a very affordable approach for an enterprise to take its customer, agency, or partner interaction to a new level.
	2nd Quarter	Insurance724 successfully completed several workflow process improvement projects in the insurance industry, with Insurance724 successfully completed several workflow process improvement projects in the insurance industry, with an emphasis on Data Analytics. There were also successes in Customer Care improvement projects for several subsidiaries of large insurance companies.
	1st Quarter	We completed the content for a fully-populated knowledge base of Best Practices, ready to leverage for clients into their process and technology projects. The knowledge base also contains a catalog of universal workflow steps for primary operations in each of three industries as well as a first-draft of business requirements which can be tailored for a client’s needs.

2006	4th Quarter	Attended a series of executive conferences by the invitation of several significant Insurance industry system vendors.
	3rd Quarter	Expanded Insurance724’s proprietary framework for process improvement in the primary functions of marketing, sales, distribution, and customer service in our nation’s insurance industry.
	2nd Quarter	Delivered our presentation on Business and Technology Strategy at a national conference for CIOs, arming executives in the Insurance industry to make better million-dollar technology decisions based on our formula for Cost-Benefit modeling.
	1st Quarter	Developed a forum for Process Excellence sharing and discussion of lessons-learned amongst CEOs and CIOs of middle market insurance companies.

2005	4th Quarter	Contributed towards the successful reorganization of an international special programs insurer.
	3rd Quarter	Contributed a chapter on process excellence to the nationally published book “CIO Wisdom II” on Best Practices.
	2nd Quarter	Insurance724’s Founder and Managing Director Peter Kraynak receives the “40 under 40” Business Leader Award in the Philadelphia region.
	1st Quarter	Published an article for newsletter syndication on expense ratio reduction – “What controls your expense ratio?”

2004	4th Quarter	Implemented an innovative speaking program for the insurance industry on the topic of product distribution, marketing, and sales – Carriers are from Mars, Agents are from Venus.
	3rd Quarter	Participated in Wharton’s forum for mergers and acquisitions, specifically providing commentary on the topic of M&A Challenges in Operational Integration and Technology.
	2nd Quarter	Developed a systematic way for enterprises to reduce expenses utilizing best practices and a Six Sigma approach, resulting in stronger profitability for the Insurance industry.
	1st Quarter	As an independent and objective source of industry intelligence, completed the creation of a full knowledge base of virtually all software packages in the insurance marketplace.

2003	4th Quarter	Developed and delivered an executive level workshop for the purposes of shifting the governance paradigm – Chumps, Challenges, Champions.
	3rd Quarter	Augmented staff with additional insurance domain knowledge, including expertise in underwriting, claims, and actuarial areas.
	2nd Quarter	Developed a program for quality and client delivery management, and integrated the process for oversight on all project work.
	1st Quarter	Celebrated our 5th Year Anniversary!

2002	4th Quarter	Began the implementation of Insurance724’s Technology Management Partnership Program which includes an alliance with the Eastern Technology Council.
	3rd Quarter	Implemented a new operations process to improve efficiencies and establish a capacity for growth in the insurance industry.
	2nd Quarter	Info724 invited to join a team led by the Governor of Pennsylvania to Central Europe to assess international market opportunities.
	1st Quarter	Expanded the physical facilities for client delivery through a move to the Safeguard Scientific campus in Wayne, PA.

2001	4th Quarter	Doubled the strength of company marketing and public relations ability.
	3rd Quarter	Established Insurance724’s Community Contribution Program to benefit community not-for-profits in support of the arts and youth sports.
	2nd Quarter	Developed and implemented a full-time operations department.
	1st Quarter	Opened up a new sales and recruiting office in Malvern, PA.

2000	4th Quarter	The 10th employee was hired to provide additional international experience and to expand the organizational breadth, providing a wider range of functional knowledge including customer care and call center management.
	3rd Quarter	Developed and delivered Insurance724’s “PM Competence” seminar to client personnel.
	2nd Quarter	Developed first set of internal systems and controls to administer the consulting model with faster response.
	1st Quarter	Completed the development of an offering for value-add market intelligent services and revenues reached $1 million.

1999	4th Quarter	Developed and implemented our approach to an enterprise-wide insurance process assessment/improvement initiative.
	3rd Quarter	Developed a proprietary project management process maturity model and integrated five key functional business process services.
	2nd Quarter	Expanded the geographic footprint for client delivery to include New Jersey and Delaware, and created a standard set of RFP methods to save clients money.
	1st Quarter	Enriched the methodology to include business analysis techniques for both package integration and object oriented technology projects.

1998	4th Quarter	Expanded our line of services to include functional strength in customer-touch processes such as marketing, sales and customer service.
	3rd Quarter	Expanded the methodology to include the essential archetypes of Strategist, Analyst, Integrator, and Technologist. Also developed a data model which has universal value for the sales channels in the insurance industry.
	2nd Quarter	Developed an initial marketing plan and completed first set of client projects in Pennsylvania.
	1st Quarter	Insurance724 was born based on its initial business process and project management methodology, including a comprehensive set of proprietary templates