Delivers enhancements to help insurers meet tax and regulatory requirements
TORONTO, Ontario – EDS SOLCORP today announced the general availability of INGENIUM� v7.0, the latest release of its high performance, web services enabled policy life cycle administration system for the life insurance industry.
INGENIUM scales to high-volume environments, providing robust, full-function processing for an extensive range of life and investment offerings. Through its PathFinder browser interface, INGENIUM enables dynamic business activity monitoring, providing real opportunities for business process improvement and rapid return on investment. With this latest release, insurers now have enhanced support and tools for managing complex tax and regulatory requirements.
�Insurers are challenged by changes in taxation and regulatory legislation on both sides of the border,� said Roger Paehr, Product Manager, Policy Administration Systems, EDS SOLCORP. �By componentizing the tax-specific logic, INGENIUM now makes it easier than ever for insurers to make any modifications to the system necessitated by changing requirements.�
In addition to over 150 enhancements changes and modifications to the system, INGENIUM 7.0 also features:
Enhancements to the existing exempt status management functionality to allow insurers to configure, through SOLCORP / ProductXpress®, the strategies required to keep a policy categorized as a life insurance contract
Modifications to more accurately reflect current industry norms and processing for earnings on IRA excess contributions and off-anniversary changes to life contracts
Addition of a new option to allow an anniversary interest rate lock-in model for fixed and variable annuity products
�EDS SOLCORP continues to blend traditional programming practices with state-of-the-art modeling tools to enable insurers to effectively manage and grow their businesses,� said Roger Paehr. �EDS SOLCORP remains committed to providing the most advanced and robust solutions to the market and INGENIUM is an important part of that commitment.�
About EDS SOLCORP
EDS SOLCORP, a global business unit within EDS, is a leader in software solutions and services for the life insurance and wealth management industries. For 25 years, EDS SOLCORP solutions have helped customers reduce their total cost of administration, accelerate time-to-market for new products, and streamline their infrastructure. Visit us at 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. Learn more at http://www.eds.com.