SOLCORP / ProductXpress™ enables customer service improvements as part of Skandia�s system architecture transformation
October 14, 2004 – TORONTO, ON – SOLCORP, a leading provider of software solutions to the life insurance and financial industries and a subsidiary of EDS, announced today the successful implementation of SOLCORP / ProductXpress™ at Skandia. The project has led to the replacement of a legacy business quotation system, helping to deliver internal efficiency gains and further improvement in customer service. This initial project has also resulted in the creation of calculation components that are already being reused in other projects, thereby accelerating Skandia’s systems transformation programme and supporting Skandia’s strategic goals to condense the product development cycle, respond to legislative change faster, and reduce time-to-market.
SOLCORP / ProductXpress is a scalable, enterprise-ready calculation platform that allows product implementation professionals to model, test, implement and reuse calculations across multiple applications, reducing the time, costs and complexity associated with financial product implementation. After providing initial training, SOLCORP worked with Skandia to develop their first calculation product. Subsequently, Skandia was sufficiently confident to quickly construct and deploy the rest of the calculations with minimal assistance.
“One of the key benefits of ProductXpress for Skandia is its ability to create reusable components,” said Jon Blissett, Systems Design Manager at Skandia. “Reusable calculation components allow us to leverage the huge success of the first project into future projects, ensuring faster development and accelerated time-to-market with a greater assurance of success. Furthermore, the software’s flexibility will allow us to quickly adapt to future changes.”
The SOLCORP solution serves as the cornerstone in Skandia’s IT infrastructure, designed to enable the unlocking of calculation logic from current business systems and reuse of calculations across the full range of Skandia’s traditional and non-traditional product portfolio. ProductXpress provides comprehensive lifecycle support, from initial illustrations through policy administration to post-sales policy modifications.
Todd Haney, Vice President and Product Technology Strategist at SOLCORP, comments: “Insurers increasingly need the ability to respond to changes in the marketplace quickly. Calculations developed with ProductXpress provide that ability through their flexibility and reusability. We’re thrilled to see customers like Skandia leverage these characteristics to increase their business agility.”
SOLCORP, a wholly owned subsidiary of EDS, is a global leader in software solutions and services for the life insurance and wealth management industries. SOLCORP solutions help customers reduce their total cost of administration, accelerate the introduction of new products to the market, and streamline infrastructure through the migration and consolidation of existing products. SOLCORP / INGENIUM® is a high-performance, web services-enabled policy administration system that scales to high-volume environments, providing full-function processing for an extensive range of life and investment products. SOLCORP / ProductXpress™ is a scalable enterprise platform that allows IT to develop and implement reusable calculations across multiple applications.
EDS provides a broad portfolio of business and technology solutions to help its clients worldwide improve their business performance. EDS’ core portfolio comprises information-technology, applications and business process services, as well as information-technology transformation services. EDS’ A.T. Kearney subsidiary is one of the world’s leading high-value management consultancies. With more than $20 billion in annual revenue, EDS is ranked 87th on the Fortune 500 . The company’s stock is traded on the New York (NYSE: EDS) and London stock exchanges. Learn more at www.eds.com.