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PlanetSoft's
Policy ProcessorTM Selected by Sun Life Financial for Life Insurance
New Business Processing and Underwriting
Las Vegas,
(May 24, 2004) PlanetSoft has announced that Sun Life Assurance Company
of Canada, a member of the Sun Life Financial group of companies,
in Wellesley Hills, Massachusetts, has licensed its Policy ProcessorTM
to develop a new business administration and underwriting system
to streamline the processing of life insurance applications
"We believe that each customer has unique processing requirements,"
said Sudhir Bajaj, CEO PlanetSoft. "The insurance industry has long
struggled with the build versus buy options. Our framework provides
a compelling alternative that combines the benefits of both these
traditional approaches. The adoption of Policy ProcessorTM by Sun
Life Financial establishes us as the leading platform for straight
through life insurance processing."
Main functionalities of Policy ProcessorTM being utilized
to provide the solution include:
- Front-end electronic forms to capture application data
- Rules-based requirements determination
- Electronic requirements fulfillment
- Case management
- Rules based underwriting assessment
- Support policy issue, settle, and close functions
- Cash management and reconciliation
- Interfaces through an integration hub with internal legacy
systems including agency, policy administration, and imaging
"PlanetSoft's unique framework approach gives us the opportunity to
fulfill all our business requirements," said Mark DeTora, Vice President,
Individual Insurance for Sun Life Financial. "The initiative underscores
our commitment to serving our producers and customers."
About Sun Life Financial
Sun Life Financial is a leading international financial services organization
providing a diverse range of wealth accumulation and protection products
and services to individuals and corporate customers. Tracing its roots
back to 1865, Sun Life Financial and its partners today have operations
in key markets worldwide, including Canada, the United States, the
United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India,
China and Bermuda. As of March 31, 2004, the Sun Life Financial group
of companies has assets under management of US$282.1 billion.
Sun
Life Financial Inc. trades on the New York (NYSE), Toronto (TSX) and
Philippine (PSE) stock exchanges under ticker symbol SLF.
Visit www.sunlife-usa.com
for more information.
About PlanetSoft
PlanetSoft specializes in process optimization for the financial services
industry, focused on electronic applications, processing and decision
management. "Planet InteractTM", a web services platform for straight
through processing delivers configured solutions to streamline customer
specific business processes. Vertical solutions include "The Policy
ProcessorTM" an end-to-end application for new business processing
and underwriting of life insurance. PlanetSoft supplements its technology
solutions with high-quality offshore processing and development capabilities
to offer turnkey solutions to its customers.
Visit www.planetsoft.com for
more information.
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