SOLCORP to host and market Winsoft�s application service solutions for insurers, mutual fund companies, banks, and their key distribution channels; Agreement signals SOLCORP’s move into end-to-end solutions for the financial industry
Feb 17, 2005 � TORONTO, ON � SOLCORP, a leading provider of software solutions to the life insurance and financial industries and a subsidiary of EDS, announced today the signing of an exclusive rights and option agreement with Winsoft Software. Winsoft develops the WealthServ � IDEX electronic data exchange service for insurance carriers and their distribution channels, and the WealthServ � RepVisor wealth management system.
Under a multi-year renewable agreement, SOLCORP will host and fully service both the WealthServ insurance and WealthServ � RepVisor application suites through its parent company EDS. In return, Winsoft will grant exclusive global reseller rights to SOLCORP for the complete WealthServ software suite, and will also provide SOLCORP with development capabilities to help build strategic new integrated components for SOLCORP�s suite of solution offerings.
�Winsoft�s innovative applications will enable SOLCORP’s clients to implement new, innovative solutions for working with their distribution channels and customers,� said Mark Cline, senior vice president, general manager, North America at SOLCORP. �Furthermore, the ability to leverage Winsoft�s development capabilities will enable SOLCORP to more rapidly bring to market additional new solutions for carriers in the insurance, mutual fund, and wealth management industries.�
WealthServ Insurance components facilitate complete broker and managing general agent (MGA) back office operations, as well as client service and secure electronic interaction between insurers and their distribution networks, and between insurance brokers and their clients. This interaction simplifies routine broker client care tasks through centralized business processing, tracking and reporting. WealthServ � RepVisor is a modern wealth management system supporting back office and retail functionality for mutual fund, investment and deposit products. Both the insurance and wealth solutions are able to consolidate reporting of all financial instruments, and facilitate unified financial planning for investment advisors and their customers.
�We are delighted to work with SOLCORP and EDS to host and develop strategic distribution channel solutions for the insurance and financial industry,� said Mehmet Baltacioglu, president and CEO of Winsoft. �Together, SOLCORP, EDS, and the WealthServ suite of software products enable a unique combination of functionality, technology, support and service to help meet the growing demand for end-to-end processing in the industry.�
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 2003 revenue of $21.5 billion, 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.
Winsoft is a privately owned Canadian company established in 1986 to develop and bring to market innovative technology solutions across a broad range of industries including engineering, medical and financial markets with notable success developing the Winfund mutual fund dealer system in the mid 90’s. In October 2002 Winsoft introduced its revolutionary life insurance business exchange to the Canadian market through its subsidiary WealthServ. The following year Winsoft launched the state-of-the art broker-dealer wealth management system through its subsidiary RepVisor.