Unisys delivers a revolutionary solution for insurance/reinsurance practices
London, UK, July 26, 2001 – Unisys Corporation
today announced that it has established an Internet-based Risk Trading Exchange for the
global insurance/reinsurance marketplace. Enabling all market players to access and
transact numerous types and classes of insurance/reinsurance business, the exchange
handles binding authorities, facultative reinsurance and treaty reinsurance for brokers,
underwriters and agents. The new Unisys e-@ction Risk Trading Exchange is already being
used by an insurance client, Price Forbes Limited, a London-based wholesale broker
specializing in U.S. business.
Recent trends in the commercial insurance markets have
indicated the need for careful monitoring and control of insurance business practices.
Therefore the timely availability of management information and regulatory compliance by
all parties is extremely important. All insurance sectors are under pressure to modify and
streamline their procedures and reduce expenses. As a result, all insurance markets need
to deliver and service products quickly, accurately and competitively.
The trading exchange, available on the Web at
www.UniRisX.com, provides the ability for all parties in a transaction to control the flow
of information relevant to that transaction without re-keying, which saves time and
eliminates chances for errors. The system delivers full aggregate monitoring, compliance
information, key business reporting, flexible work environment, and full audit trails, as
well as fast product set-up and distribution. This offers greatly enhanced business
processes and the ability for self-branding. This is a major innovation in this industry
and aims to positively impact the profitability of trading.
Working in close co-operation with Price Forbes Limited,
Unisys has developed a solution to provide a flexible interactive business process
appropriate to the market. It is supported by a worldwide help desk that will provide 24×7
customer assistance and will run on Unisys ES7000 servers – the world’s first Intel ‘mainframe.’
Alastair Taylor, Unisys vice president, Worldwide Financial
Services Industry, says, “The fact that Unisys will be running the exchange as a
neutral independent in the marketplace is a strong factor in the launch of the Risk
Trading Exchange. This neutrality means that we can offer insurers/re-insures a real
differential. We have an industry-proven track record. In addition, we offer high levels
of security inherent in the exchange and the ability to deal with any type of risk. At
launch we have a client already up and running, and we are talking to several other
leading companies in the global marketplace.”
The Risk Trading Exchange is fully funded by Unisys and has
generic software at its core. The platform is Internet based and offers minimal
implementation costs. The exchange is available on a transactional charge basis or annual
charge as a hosted service or available as a dedicated private facility for organizations.
Unisys is an e-business solutions company whose 37,000
employees help customers in 100 countries apply information technology to seize
opportunities and overcome challenges of the Internet economy. Unisys people integrate and
deliver the solutions, services, platforms and network infrastructure required by business
and government to transform their organizations for success in this new era. The company
offers a rich portfolio of Unisys e-@ction Solutions for e-business based on its expertise in vertical industry
solutions, network services, outsourcing, systems integration and multivendor support,
coupled with enterprise-class server and related technologies. The primary vertical
markets Unisys serves worldwide include financial services, transportation,
communications, publishing and commercial sectors, as well as the public sector, including
federal government customers. Unisys is headquartered in Blue Bell, Pennsylvania, in the
Greater Philadelphia area. For more information on the company, access the Unisys home
page on the World Wide Web at www.unisys.com.
Investor information can be found at
|Karin Rutter, Unisys, 01189 285239 (UK)
|Kristina Fitzsimmons, Cohn & Wolfe, 020 7331 5300 (UK)
Unisys is a registered trademark and e-@ction is
a trademark of Unisys Corporation. All other brands and products referenced herein are
acknowledged to be trademarks or registered trademarks of their respective holders.