Leading back office administration solution provides clients with new choices for their preferred platform
March 17, 2005 � TORONTO, ON � SOLCORP, a leading provider of software solutions to the financial industries, and a subsidiary of EDS, today announced the availability of its INGENIUM policy administration system built on the Microsoft .NET framework.
SOLCORP / INGENIUM is a high-performance, Web services-enabled policy administration system that scales to high-volume environments, providing robust, full-function processing for an extensive range of life and investment products. Operating INGENIUM on the Microsoft .NET framework helps clients of all sizes significantly lower operational expenses. INGENIUM for .NET is available immediately.
“There is a growing interest in .NET among US insurers,” commented Matthew Josefowicz, manager of the insurance group at IT strategy research firm Celent Communications, LLC. “In our recent survey of insurance CIOs, respondents gave .NET high marks for its ease of use and its ability to serve as a foundation for a Web services architecture. And nearly half the companies with more than $1 billion in premium reported that they have standardized on .NET for new development.”
SOLCORP has worked closely with Microsoft to ensure that the INGENIUM for .NET solution meets all the rigorous performance and operations requirements for mission critical applications. Additionally, support for Web services will enable SOLCORP to become a key participant within the Microsoft Insurance Value Chain where it can integrate more fully with other Insurance Value Chain members like VerticalPoint, Inc. and DSPA Software.
�Insurers are constantly looking to reduce the complexity of their IT operations while unlocking the business benefit of these investments,� said Dennis Maroney, managing director for insurance in Microsoft�s Worldwide Financial Services Group. �Through SOLCORP�s offering, insurers will be able to readily move their mission critical systems to .NET, which establishes the foundation for adding new products and services effectively. INGENIUM on .NET will enable connections on an industry-standards basis to customers, suppliers, and agents and will provide the opportunity for insurers to create their own innovative solutions as well as take advantage of the many new solutions that are being offered from Microsoft�s partners.�
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.
EDS in Insurance
Leveraging EDS� decades of experience in outsourcing solutions and SOLCORP�s expertise in the insurance industry, SOLCORP and EDS work with insurers to determine the right processes, technologies and service levels to meet their business objectives. Whether companies are trying to maximize the profitability of existing books of business, or enter new markets faster with lower costs and less risk, an EDS-SOLCORP solution is a cost-effective means to generate a competitive advantage.
About Microsoft Canada
Established in 1985, Microsoft Canada Co. is the Canadian subsidiary of Microsoft Corporation (Nasdaq “MSFT”) the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft Canada provides nationwide sales, marketing, consulting and local support services in both French and English. Headquartered in Mississauga, Microsoft Canada has 10 regional offices across the country dedicated to empowering people through great software – any time, any place and on any device. Visit Microsoft Canada’s web site at www.microsoft.ca.
Microsoft in Financial Services
Microsoft is a leading provider of software products and technology to the financial services industry. Its customers operate in every area of banking, insurance and financial markets. Microsoft focuses on helping provide the flexibility, security, scalability and reliability required by financial organizations. Through Microsoft .NET connection software and XML Web services, Microsoft helps customers act on information virtually any time, and virtually any place.
Working with leading software vendors and systems integrators in financial services, Microsoft supports financial institutions in re-engineering core business operations, achieving straight-through processing (STP), better managing all aspects of risk and capital adequacy, increasing efficiency in branch banking operations, and establishing a new generation of telephone and Internet-based financial services channels.