Joint Solution Enables Life Insurers To Comply With Anti-Money Laundering Regulatory Requirements
TORONTO, Dec. 9, 2003 – Information Builders, the leader in enterprise business intelligence (BI) and real-time Web reporting, and SOLCORP, a leading provider of software solutions to the life insurance and financial industries, today announced the signing of a strategic marketing agreement. The partnership will enable SOLCORP clients to leverage Information Builders’ industry-standard business intelligence and reporting solutions to address a range of critical business issues, including compliance with anti-money laundering legislation.
“Our clients need robust enterprise business intelligence and reporting capabilities that work seamlessly with their back-office INGENIUM policy administration system,” said Blair Goulet, senior vice president of Global Sales and Marketing for SOLCORP. “We’re pleased to be working with Information Builders to help customers meet these needs, and to address urgent compliance issues with respect to anti-money laundering reporting.”
This joint solution offers an unmatched enterprise business intelligence platform coupled with a comprehensive back-office administration tool for insurance and wealth management applications. WebFOCUS is used to run against a data mart or transaction data to produce suspicious activity reports to alert compliance officers of potentially illicit activities. Coupled with the INGENIUM policy-administration application, WebFOCUS flexibly delivers reports via the Web and enables 24/7 access to all business information spanning protection, investments, risks, and distribution management.
Although Information Builders’ BI products and SOLCORP’s back-office solutions can be applied to a range of enterprise reporting requirements, one target area has come to the forefront – anti-money laundering (AML) compliance. The Information Builders/SOLCORP solution provides a cost-effective and accurate means of extracting and reporting on suspicious financial transactions to meet anti-money laundering regulatory requirements.
“The need for robust AML compliance applications is global,” says Gerald Cohen, founder and CEO of Information Builders. “It increased dramatically with the introduction of the US Patriot Act, compliancy requirements from the UK and Switzerland, and terrorism threats which put a heavy burden on financial and insurance organizations. Both SOLCORP and Information Builders understand the needs of these organizations because we’ve been working with them for over 28 years.”
SOLCORP is an acknowledged leader in providing software solutions and consulting services worldwide for the life insurance and bancassurance industries. Many of the largest life insurance and financial groups have benefited from SOLCORP’s advanced systems, such as SOLCORP/INGENIUM, and SOLCORP/ProductXpress, which have been developed in close cooperation with the customers themselves. Customers range across the United States, Canada, the United Kingdom and Europe, South America, and Asia Pacific.
About Information Builders Canada
Information Builders (Canada) Inc. is a wholly owned subsidiary of Information Builders located in New York, N.Y. Information Builders is the leader in enterprise business intelligence and real-time Web reporting. The company’s WebFOCUS product – the industry’s most secure and flexible – meets all the reporting needs of the extended enterprise, ranging from analysts to power users to the widest deployments for hundreds of thousands of users. WebFOCUS’ empowerment of organizations seeking to leverage all their data by accessing it all – from legacy to data warehouse – is unmatched.
Information Builders’ award-winning technology has successfully provided quality software and superior services for 28 years to more than 11,000 customers, including most of the Fortune 100 and U.S. federal government agencies. With 90 offices worldwide, the company employs 1,750 people, has over 350 business partners, and generated revenues exceeding $300 million in 2002.
Headquartered in Toronto, Information Builders Canada is responsible for direct sales, consulting services, marketing, education and primary support of all Information Builders products in Canada. The company has offices in Toronto, Montreal, Ottawa, Victoria, Calgary and Vancouver, and employs over 70 people. For more information, visit www.informationbuilders.com.