Miami, FL – Nov 16, 2007 – SunGard (http://www.sungard.com) today announced that Discovery, a leading South African financial services group, has gone live with SunGard�s iWORKS COMPASS, a group and individual insurance, pension and investment product administration system (http://www.sungard.com/iworks).
Discovery selected SunGard�s iWORKS COMPASS as its single, strategic platform to help administer and support a set of investment products being launched under a new company within the group, Discovery Invest. Discovery Invest was created to leverage the success of Discovery Health, its health insurance arm, and its life assurer, Discovery Life, by extending its offerings to include retail investment and annuity products. SunGard�s iWORKS COMPASS will help support Discovery�s initiatives to enhance quality of client service, to improve time-to-market for new product and service offerings and to reduce operational costs.
Lee Izikowitz, general manager of Discovery Invest�s Systems division, said, �After successfully working with SunGard and the SunGard iWORKS COMPASS system for many years on a separate project, I personally experienced SunGard�s proven track record of success upon which it has built its credibility in the insurance industry. SunGard iWORKS COMPASS facilitates the rapid introduction of new products and helps improve the efficiency of our core business processes. Because of SunGard�s reputation, flexible application and knowledgeable services organization, we are confident the SunGard team will help us to achieve our service goals and growth strategy.�
Greg Webber, president of SunGard�s insurance business, said, �We are pleased to support Discovery in its efforts to introduce new products and leverage industry leading best practices within the SunGard iWORKS COMPASS solution. We look forward to enhancing this relationship as we move forward in tailoring SunGard�s iWORKS COMPASS to help further strategic growth initiatives in South Africa.�
Discovery is a leading financial services company, based in South Africa, which specialises in the areas of healthcare cover, life assurance and lifestyle and wellbeing benefits. In South Africa, the group�s subsidiaries include Discovery Health � South Africa�s largest funder of private healthcare � and Discovery Life � the country�s fastest growing major risk assurer. Internationally, Discovery together with the UK�s Prudential offers life and health insurance in the UK market, while Destiny Health offers health insurance in the US. Vitality, a science-based wellness program, forms the foundation of all Discovery�s businesses in South Africa and abroad. Discovery Holdings Ltd is listed on the Johannesburg Stock Exchange in 1999, and holds no other listings on local or international debt or equity exchanges.
SunGard iWORKS is a business-driven IT product family for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWORKS offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs.
With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world�s 50 largest financial services companies. Visit SunGard at www.sungard.com.