Leading Insurance Industry Solution Provider Enables Life Insurance Companies to Consolidate Data and Business Processes Across Multiple Administration Systems
TORONTO, May 10, 2005 — EDS-SOLCORP, a leading provider of software solutions to financial industries, and a subsidiary of EDS (NYSE: EDS), today announced the launch of the Radience: Consolidation administration solution that enables life insurance companies to access and manipulate data and execute common business processes across a variety of administration systems.
Radience: Consolidation centralizes and standardizes replicated business processes and data across a variety of administration systems, including EDS-SOLCORP INGENIUM and Caps-I-L systems, other third-party administration systems and in-house systems developed by IT departments. The Radience: Consolidation initiative is a direct response to industry analyst forecasts and customer demand for solutions that improve customer service delivery and facilitate communication with distribution channels.
“In an evolving technology and merger and acquisition environment, insurance industry administration systems often do not communicate with each other or are not adequate for improving customer service, introducing new products in a timely manner or facilitating communications with distribution channels,” said Eduardo Alzamora, vice president, Product Strategy & Management with EDS-SOLCORP. “For the life insurance industry to increase productivity and hold IT costs in check, a radical shift in thinking and technology must occur.”
The state of the life insurance industry, as it relates to the need for a consolidation layer, is detailed in a new white paper from EDS-SOLCORP: Streamlining Administration System Operations Through Consolidation Layer Implementation. (Available online in PDF format at http://www.solcorp.com/whitepaper )
“Insurers are constantly looking to reduce the complexity of IT operations while unlocking the business benefit of their investments. Through Radience: Consolidation, insurers will be able to leverage existing administration infrastructure, improve productivity and customer service and integrate distribution channels,” Alzamora added.
The Radience: Consolidation solution comes complete with near-out-of-the-box adapters to EDS-SOLCORP administration systems and well-constructed frameworks for third-party applications and in-house systems. It offers a back-office system consolidation approach with minimal or no code invasion. In addition, Radience: Consolidation adheres to standards-based models and schemas (XML for Life) to facilitate front-office, distribution and self-service capabilities. The XML-based architecture also makes it future-ready, ensuring solution longevity and readiness for a smooth transition to the Radience Administration Platform.
EDS-SOLCORP, a division of EDS, is a global leader in software solutions and services for the life insurance and wealth management industries. EDS-SOLCORP solutions help customers reduce their total cost of administration, accelerate time-to-market for new products, and streamline their infrastructure. SOLCORP / INGENIUM(R) is a high-performance, web services-enabled policy administration system that provides full-function processing for an extensive range of life and investment products. SOLCORP / ProductXpress(TM) is a scalable enterprise platform that allows IT to develop and implement reusable calculations across multiple applications. Radience: Consolidation(TM) enables insurers to access consolidated, customer-centric data and execute common business processes across a variety of policy administration systems. http://www.solcorp.com
EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 40 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. With $20.7 billion in 2004 revenue, EDS is ranked 95th on the Fortune 500. Learn more at http://www.eds.com.
EDS in Insurance
Leveraging EDS’ decades of experience in outsourcing solutions and EDS-SOLCORP’s expertise in the insurance industry, EDS-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.