Innovative Product Development Platform Helps Insurers Significantly Reduce the Time and Costs Associated With Financial Product Implementation
TORONTO, May 20, 2005 — EDS-SOLCORP, a leading provider of software solutions to financial industries, today announced the immediate availability of version 2.4 of the SOLCORP / ProductXpress product implementation platform. This latest release brings key new enhancements, including the ability for insurers to cost-effectively provide their distribution channels with more flexible calculation capabilities.
ProductXpress is a highly scalable enterprise platform that allows information technology (IT) and product implementation professionals to iteratively design, test and implement reusable calculations across multiple applications. With ProductXpress, IT departments can centralize product calculations, eliminating redundant customization work across diverse systems, and minimizing maintenance costs. Additionally, ProductXpress is a multi-user environment that supports team-based design while maintaining security and complete change history for product calculation-a key governance issue today.
Enhancements in ProductXpress 2.4 include:
Ability to embed the runtime Calculator within point-of-sale systems, such as illustration or needs analysis tools, allowing insurers to provide distributors with systems that can adapt to new or changed products quickly and easily
The Calculator Management Console, enabling IT operations groups to
see real-time operational status and performance metrics
Performance enhancements improving overall Calculator throughput by over 30 percent, enabling insurers to manage large calculation workloads on inexpensive Intel or Unix servers
New data integration and external data access capabilities that enable calculation deployment within a broad range of systems and standards, including the ability to map the Calculator interface to standards such as ACORD or Origo
“ProductXpress enables the rapid development of reusable financial or insurance product calculations,” said Todd Haney, vice president and product manager at EDS-SOLCORP. “With version 2.4, ProductXpress takes this capability to the desktops of distributors and their agents, allowing insurers to provide their channels with powerful sales tools.”
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 (NYSE: 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://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.