TORONTO, Feb. 19 – Sherwood International (LSE: SHC.L), a
leading supplier of information technology solutions to the global insurance market
announces a major contract win with Co-operators General Insurance Company Limited
(Barbados). Under the contract Sherwood will supply FrontTier, it’s business processing
and workflow management application for the P & C market. This implementation will
further strengthen Sherwood’s position in the North American and Caribbean markets.
Co-operators will initially use Sherwood’s FrontTier
solution to provide policy and quote management, document fulfilment and claim
administration functionality for their personal home and auto lines of business. In
addition to this, Sherwood will be providing its advanced Workflow and Document Management
capabilities that will support Co-operators goals of increased efficiency and reduced distribution costs.
Sherwood will also provide its ceded reinsurance solution
ProCede that is interfaced to the FrontTier Claims and Policy Administration systems. The
culmination of FrontTier and ProCede provides Co-operators with the advantage of a
complete front-to-back P & C solution that is unmatched in the industry.
Commenting on the contract, Mike Dropkin, Executive Vice
President, North American Operations Sherwood International PLC, says, “We are
delighted to be working along side Co-operators Barbados. This is a significant contract
for us as it places Sherwood in a position of strength in the Caribbean market. The
contract also significantly increases Sherwood’s position as a leader in the provisions of
software solutions globally.”
Goulbourne Alleyne, General Manager of Co-operators
(Barbados), says, “Sherwood was able to offer us the best fit solution to support our
requirements for future growth. FrontTier is a flexible product that automates lines of
business and processes therefore improving our profitability and efficiency over the next
5 years. We look forward to working with Sherwood to support other areas of our business in the future.”
Sherwood’s CEO Mike Shinya noted, “We are delighted
that Co-operators have chosen to fuse FrontTier and ProCede into a comprehensive Personal
Lines solution, in order to address their specific business needs. This contract
reinforces our commitment to deliver ‘best in class’ solutions, which mirror precisely the
business requirements of new customers in existing geographies.”
Sherwood International:
Sherwood International is a leading supplier of Information Technology and offers
solutions for the Property & Casualty, Life, and General Insurance markets with
FrontTier, Amarta Life, Amarta Lines. Amarta Risk, SENATOR and ProCede, state of the art
assumed and ceded systems, serve the reinsurance markets.
FrontTier is a suite of insurance processing components and
tools that provide premier workflow management and comprehensive business processing
systems for Property & Casualty companies. Utilizing newest proven technologies and
component reuse methodologies; FrontTier allows insurers to significantly reduce IT and
insurance processing costs.
ProCede is a tightly integrated reinsurance management
system that supports all the functions of any reinsurance program and in particular,
automates management of recoveries. It places premiums with the correct reinsurers, tracks
receivables and payables, handles accounting and cash management as well as creating
executive and regulatory reports. More than just calculating cessions to reinsurers, the
system helps in the workflow of transaction management.
Visit Sherwood International’s Web site at
www.sherwoodinternational.com
for additional information.
Co-Operators General:
Co-Operators General was established in 1993 out of a desire within the credit union
movement of Barbados to cater to the general insurance needs of its people. The company is
owned by the credit union movement and their services also extend to non-credit union
members. Co-Operators offer all classes of general insurance for Private and Commercial
purposes. Visit Co-Operator’s Web site for more information at
www.coopgeneral.com.
