February 11, 2002 – Sherwood International, the global insurance solutions specialist,
today announces a new contract with Alamance Services Incorporated, the IT Services arm of
IFG Companies, based in Burlington, North Carolina, USA. The contract, worth almost
$400,000, will see the implementation of Sherwood’s leading software product ProCede
across all of IFG’s insurance operations.
The implementation of ProCede’s reinsurance processing
technology will enable Alamance to automate the calculation of IFG’s ceded
reinsurance and the process of billing and calculation of recoverables and payables.
As well as the automation of previously manual processes
IFG will benefit from increased cash flow through quicker billing and collection from its
customer base. ProCede’s advanced management reports will also enable better
collation and management of data.
The implementation process will begin in February 2002 and
is due to finish by the end of this year. Sherwood won the new contract against industry
rivals UniSure (owned by the UK’s Benfield Greig) and Freedom.
Mike Dropkin, executive VP North America Sales Operations
for Sherwood comments, “In an increasingly competitive environment insurance
companies have to operate at maximum efficiency. ProCede enables this by streamlining key
business processes with its workflow tracking and data management functionalities. We look
forward to working with Alamance and IFG Companies as the group continues to grow.”
Phil Dressler, Chief Information Officer from Alamance
Services comments, “IFG Companies is a growing organization, so we needed a
technology platform that was flexible enough to expand with us. Sherwood International was
able to provide that platform as well as the skills base to train our team to extract the
full benefits from the product.”
Sherwood International, founded in 1970, is a provider of software and solutions to the
global insurance and UK government sectors, and is quoted on the London Stock Exchange.