Ness Technologies (News - Alert) just signed a 10-year agreement with Israel’s Ministry of Finance to help develop, implement, and manage a new National Long Terms Savings and Insurance Exchange. 

“Winning this significant contract is a great achievement for Ness and another example of the many large scale systems that we develop for the financial services sector, leveraging Ness’ extensive experience worldwide,” said Effi Kotek, president of Ness Israel.

Ness Technologies has customers in over 20 countries and currently employees around 7,000 people. The goal is to provide the proper IT solutions and services to allow for enterprises to achieve their personal benchmarks. Ness has worked in a multitude of industries including high-tech and ISV’s, financial services, telecommunications, utilities, and defense.

Some of Ness’ products consist of an engineering lab that is designed to help companies and organizations “build or rely on commercial level software to generate core revenues”, an enterprise application and business service to help increase performance, and its software distribution, which enables companies to extend their business “beyond their core markets.”

According to the contract, Ness will be in charge of not only developing the National Exhange, but also creating a service and support center.

“The new exchange will streamline work processes, facilitate consulting and marketing, and provide the public with access to information about retirement savings and insurance plans including life insurance plans, pension funds, provident funds and disability insurance plans.”

Kotek said this deal with Israel will do major things for Ness. “The contract further positions Ness as the key players in conducting strategic, large-scale national projects for the benefit of citizens and government agencies alike,” said Kotek.

Ness plans to begin implementing its system in phases. The company said its first phase will start in the second quarter of 2013 and will focus on transferring funds between insurance brokers and banks. The company plans to add the ability for more interaction between the exchange and employees in later phases.

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