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Articles from
January 2006
KOM Networks strengthens its position in the Japanese market
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KOM Networks, a global leader of storage management software solutions providing Compliance, Archiving and Information Lifecycle Management (ILM) and WiT, a top storage distributor and system integrator in Japan jointly announced a distribution agreement that will help address the growing demand for data archiving and compliance solutions in the Japanese IT market.
"KOM Networks is committed to supporting our customers in Japan by helping them with their data archiving and compliance needs. Working with WiT will enable us to be closer to our customers and gain a better understanding of their unique needs," said Dr. Taher Shaath, Chief Executive Officer of KOM Networks. "KOM's agreement with WiT is in line with our global expansion strategy. We looked at several companies and chose WiT due to their excellent reputation with their customer base and their deep knowledge and understanding of archiving and compliance solutions."
WiT will market, sell and service KOM Networks storage management software solutions that help a wide range of organizations archive, access and protect their digital assets across multiple storage devices. KOMworx adaptive design will enable customers to combine various storage technologies, including hard disk, SAN and NAS, into a single global namespace for easy manageability. KOMworx capabilities include Hard Disk Fixed Content Storage (e-WORM), e-WORM++ (combining WORM permanence with high performance disk storage), ILM, NAS aggregation, obsolescence protection and dynamic capacity management.
"We are excited here at WiT about getting into this distribution relationship with KOM Networks and providing a truly scalable and secure storage solution to our customers," said Masanao Ishikawa, president of WiT Japan Co Ltd. "We conducted considerable research and tested some of the best data archiving and compliance products from around the world and identified KOMworx as better than its competition in terms of benefits, functionality and scalability. KOM Networks is a pioneer in developing archiving, compliance and ILM solutions and their established presence in the market place played a major role in our decision," he added.
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Two Community Credit Unions Select Corillian to Expand Online Banking, Payments and Security Capabilities
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Corillian Corp. (NASDAQ: CORI), the top provider of online banking, online payments and anti-fraud solutions to the financial services industry, announced that Oregon Community Credit Union and Utah Community Credit Union (UCCU) selected Corillian as their partner to deliver next-generation online banking services and provide stronger online authentication to comply with the new FFIEC guidelines. Both credit unions will leverage Corillian Consumer Banking and Corillian's Intelligent AuthenticationT to provide enhanced online banking and security services to their members.
Oregon Community CU, a $700 million credit union headquartered in Eugene, Ore., wanted to provide new and innovative online banking and security services to its more than 90,000 members, while still maintaining the ability to seamlessly integrate to its existing systems and leverage its internal staff to customize the solution to fit its members' needs. Corillian Consumer Banking incorporates hundreds of online banking best practices from Corillian's years of online banking expertise, as well as from industry-leading research firms, to provide Oregon Community members with the best online services in an easy-to-use online experience.
"Corillian's solutions are superior in that they will allow us to customize our member's online experience according to their needs, preferences and personality," said Laura Illig, director of marketing for Oregon Community Credit Union. "We are excited about the opportunity to provide our members with a tailored online banking service that will help them manage their financial lives."
Utah Community Credit Union (UCCU), a $450 million credit union headquartered in Provo, Utah was looking for a partner to help take its online banking services to the next level to more effectively and securely serve its more than 85,000 members via the online channel. In addition to the online banking and security best practices in Corillian Consumer Banking and Intelligent Authentication, UCCU will leverage Corillian Payments to drive efficiencies in its bill payment operations and provide its members with an enhanced online payment experience.
"With Corillian as a partner, we can assure our members that we have the best online banking system available and our security capabilities are at the forefront of the industry addressing both current and future issues," said Ken Gibby, chief information officer for Utah Community Credit Union. "Corillian has demonstrated its ability to be the innovative industry leader for credit unions and we are excited to work with Corillian to expand our online offering, continuing our commitment to deliver industry-leading online financial services to our growing member base."
The signing of Oregon Community Credit Union and UCCU as new customers reinforces the strong adoption of Corillian's online banking and security solutions within the credit union market. Corillian has experienced tremendous growth in its credit union customer base and expertise over the past 18 months. In 2005, Corillian acquired qbt Systems, adding 15 new credit union customers, including three of the top 10, to Corillian's already strong list of top credit unions, as well as key integration expertise and customer relationships with many of the leading core processors. Also, many credit unions have seen the value of the best practices available in Corillian's online banking and security solutions and have chosen to partner with Corillian to deliver next-generation online services to their members. All of this success has lead to more than two million credit union members now banking online with Corillian software and Corillian has grown its credit union customer base to more than 40 percent of its total business.
"Our new partnerships with Oregon Community Credit Union and Utah Community Credit Union further demonstrate our commitment to providing leading online financial services to credit unions of all sizes," said Alex Hart, president and CEO of Corillian Corporation. "The Corillian applications that Oregon Community Credit Union and Utah Community Credit Union selected will allow them to substantially improve their online offerings by delivering innovative and secure online solutions that can be tailored to meet the growing needs of their member base."
About Oregon Community Credit Union
Oregon Community Credit Union serves more than 90,000 members and currently has an asset size of $700 million. There are currently seven branch locations in the Eugene-Springfield area, two in Salem, and two in Portland. Membership is available to anyone who lives or works in Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill counties. Additional information about Oregon Community Credit Union and its products and services can be found at www.OregonCommunityCU.org.
About Utah Community Credit Union
Utah Community Credit Union is the largest financial cooperative based in Utah County and third largest in the state of Utah with more than $400 million in assets and more than 85,000 members. The credit union now serves anyone who lives, works, worships, or attends school in Utah, Wasatch, Juab, or Sanpete Counties. As a full-service credit union, Utah Community Credit Union offers all the consumer financial products and latest delivery innovations you'd expect from a large financial institution. For more information, visit www.uccu.com.
About Corillian Corporation
Corillian is the market leader of online banking, bill payment and fraud prevention applications to the financial services industry. With 28 of the top 100 U.S. banks and 20 of the top 100 U.S. credit unions as customers, Corillian serves over 25 percent of the online banking community. Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business, integrating best-practice functionality developed for some of the most innovative financial institutions in the world. Corillian features integrated applications across Consumer Banking, Small Business Banking, Wealth Management, Credit Card Management, and Corporate Cash Management, as well as enterprise wide solutions, including Fraud Detection, Payments Warehouse, Alerts, eStatements, and OFX. Corillian's fraud prevention solutions use Preemptive ForensicsT to protect web sites from phishers, hackers, and fraudsters. Corillian's strong authentication solution provides a low-cost solution for multi-factor authentication while maintaining high user satisfaction. Empowered by Corillian solutions, some of the world's most visionary financial institutions provide their customers with the tools to manage their finances more effectively and securely. For more information about Corillian Corporation, visit the company's Web site at www.corillian.com.
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Codie Awards Judges Choose Three EDGAR(R) Online(R) Products as Finalists
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EDGAR(R) Online(R), Inc. (Nasdaq: EDGR), a leading provider of value-added global business and financial information, announced that the Software and Information Industry Association (SIIA) has named three of its products as 2006 Codie Awards finalists. According to the SIIA, the Codie Awards judges selected EDGAR Online's products from a field of more then 1,000 nominations.
The Codie Awards judges named I-Metrix(TM) Professional one of six finalists in two categories: "Best Online Professional Financial Information Service" and "Best Business Software Solution." The judges named I-Metrix Vision one of five finalists in the category, "Best Solution Integrating Content into an Application." And they named EDGAR Online Pro one of five finalists in the category, "Best Online Business Information Service: non-News."
I-Metrix Professional and I-Metrix Vision form part of EDGAR Online's I-Metrix suite of products, which provides a unique source of SEC-filed corporate financial information in the interactive eXtensible Business Reporting Language (XBRL) format. In addition to the XBRL-formatted data, I-Metrix Professional includes a proprietary add-in for Microsoft Excel that enables clients to access the data directly from within spreadsheets. I-Metrix Vision leverages a partnership with Theoris Inc. to allow customers to consolidate critical data from internal and external sources (including the I-Metrix XBRL data) into a constantly updated graphical user interface, or "dashboard."
EDGAR Online Pro offers company and industry information extracted from public company filings as well as advanced tools for in-depth analysis, via a Web interface.
EDGAR Online President and CEO Susan Strausberg said, "Our staff has done a phenomenal job creating some of the most valuable products in the financial information industry. I'm extremely proud that three of our products have been recognized by being chosen as finalists for such a prestigious award. The development of our new I-Metrix suite of products required significant company resources, so I'm particularly gratified that the SIIA has publicly affirmed our investment."
Theoris President and CEO Mike Cunningham added, "The unique combination of XBRL-formatted data from EDGAR Online's I-Metrix and the Theoris Vision Software enterprise dashboard solution, created an innovative product of extraordinary value to companies who need to monitor their competitors, customers and how their performance measures up against the marketplace. We are thrilled that the Codie Awards judges recognize the unique power that this product offers."
Established in 1986, the Codie Awards remains the standard-bearer for celebrating outstanding achievement and vision in the software, digital content and education technology industries. Through a unique combination of journalist and peer review, the Codie Awards recognize 71 categories of outstanding products and services, as well as corporate excellence and philanthropy. According to the SIIA, this year's 348 finalists were chosen from more than 1,026 nominations submitted by more than 500 companies - breaking the nominations record set in the 2005 awards.
The 2006 Codie Awards will be presented at a gala event on May 16 at the Westin St. Francis Hotel, San Francisco.
A complete listing of finalists is available on the Web at www.siia.net/codies/2006/finalists.asp.
About SIIA
The Software & Information Industry Association (SIIA) is the principal trade association for the software and digital content industry. SIIA provides global services in government relations, business development, corporate education and intellectual property protection to more than 800 leading software and information companies. For further information, visit www.siia.net.
About EDGAR(R) Online(R), Inc.
EDGAR Online, Inc. (Nasdaq: EDGR), www.edgar-online.com, is a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals. The company makes its information and a variety of analysis tools available via online subscriptions and licensing agreements to a large user base.
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ALOGENT CONTINUES RECORD GROWTH IN THE U.S. DEPOSIT AUTOMATION MARKET
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Alogent Corp. announced that its U.S. revenue results for 2005 have grown by 27% over 2004 with contract bookings increasing by 46% from 2004 to 2005. This progression continues Alogent's track record of over 79% U.S. revenue compound annual growth rate (CAGR) over the past two years and is fueled by all banking sectors including Top Tier institutions, regional and community banks, credit unions, and processors.
Alogent is the dominant distributed capture solution provider with more than 31,000 points of presentment desktops. In 2005, Alogent averaged over 200 desktops sold per week and the company expects the strong demand for its solutions to continue to grow at an accelerated pace for the next several years. This growth is an expectation that is supported by leading industry analysts. According to Robert Hunt, a Senior Analyst at Needham, MA.-based TowerGroup, spending on distributed capture solutions will increase by more than 50% annually over the next three years.
"We are excited about our 2005 results and the rapid progress that we have made in the U.S. market," said Brian Geisel, CEO and founder of Alogent. "At the time of impending Check 21 legislation, we made a strategic decision to enter the domestic financial services market with significant R&D investments in our U.S.-based Sierra solution set. In just a few short years, we have effectively leveraged our product investment, deep knowledge and experience in delivering distributed capture to the European market to provide the most robust deposit automation solution available in the U.S. Our success in leading the transformation of the payments industry in growth rate and number of deposit automation desktops is a testament to the quality and dedication of our products and the team of experts that stand behind them."
Alogent's Sierra Deposit Automation solutions are deployed across all crucial banking customer touch points - branches, ATMs, cash vaults, and bank's commercial customers at more than 50 banks in the U.S. and U.K, including several of the top 25 U.S. banks such as HSBC, Key Bank, and SunTrust. Alogent shares its success with both channel partners and financial institutions that have effectively integrated and deployed the Sierra products across a significant number of desktop solutions including multiple market leading teller applications, ATM providers, cash vault solutions, and corporate systems. During 2005, these investments and successes have provided integrated and referencable turnkey Check 21 truncation deployments throughout the industry.
According to Hunt, "Check 21 has created a unique opportunity for U.S. banks to reengineer their deposit processing. TowerGroup believes that the business case for distributed capture will improve significantly over the next 2-3 years as banks agree to image-based electronic check presentment."
"Alogent and the industry have experienced significant growth in 2005 as banks have rapidly adopted deposit automation at multiple points of presentment," said Paul J. Citarella, EVP at Alogent. "The aggressive rate at which banks are pursuing deposit automation solutions today is evidence that the banking industry has entered an era of laser focus on the bottom line and is intent on improving the customer experience in the retail and corporate banking divisions.
Based on Alogent's internationally recognized Sierra Solution platform, the company's product set integrates Sierra Xpediter for deposit automation at a bank's branch and/or client locations with Sierra Xchanger in the bank's processing center for Straight Through Check ProcessingT. All Sierra Xpedite products leverage Microsoft .NET framework, with Smart Client architecture, which combines the ease of deployment of Web-based thin clients with the rich user interface of desktop-based thick client applications for remote deposit automation.
About Alogent
Founded in 1995, Alogent Corporation is a leading global provider of enterprise payment processing solutions that enable financial institutions and processors to accelerate the conversion of paper to electronic processing. The company's Sierra suite of solutions automates payments and deposits at every point of presentment (including branches, ATMs, merchants, corporations and cash vaults) while optimizing electronic data and image processing and settlement. Alogent is the deposit automation market leader with our platform processing billions of payments annually with over 31,000 desktop points of presentment sold. The company's customers include HSBC, KeyCorp, Lloyds TSB and SunTrust, among others. Alogent brings proven delivery and leadership to help customers worldwide address mission-critical challenges. For more information, visit www.alogent.com or call 800.333.6030.
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HOUSING AUTHORITY INSURANCE GROUP IMPLEMENTS INSTEC SOLUTION
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INSTEC, a leading provider of rating and policy administration software for the insurance industry and experts in integrated solution delivery, announce the implementation of INSTEC's QuickSolverr Businessowners (BOP) rating and policy administration solution with Cheshire, Connecticut based Housing Authority Insurance Group.
Housing Authority Insurance Group (HAI Group) selected INSTEC's QuickSolver solution to be the primary policy administration solution for Housing Authority Property Insurance (HAPI), a mutual insurance company. The INSTEC software is in full production at HAI Group. Taking advantage of its versatility, QuickSolver has been seamlessly integrated within the HAI Group technical environment; existing data - such as account and producer information - is imported in real time during the rating process, and QuickSolver policy data is exported to HAI Group's data warehouse for data mining.
The INSTEC solution initially includes the Businessowners Policy line of business for 12 states, with at least 45 states available as HAI Group receives filing approvals. The QuickSolver product provides a robust policy administration solution including bureau-compliant rating for all 50 states, full policy issuance capabilities, and full policy lifecycle transaction support. QuickSolver is installed in a remote data center that is managed by MFX, a subsidiary of Fairfax Financial Holdings Limited. HAI Group users access QuickSolver via CITRIX.
"INSTEC delivered a customized solution within the time frame they promised" said David Sagers, Director of MIS for Housing Authority Insurance Group. "The INSTEC product, coupled with the ASP hosting available through MFX, will enable us to pursue our business strategy in a cost-effective manner."
Pat Walsh, INSTEC Vice President, added, "It is a testament to our products and staff when someone chooses the QuickSolver solution. Housing Authority Insurance Group is a wonderful addition to our growing number of satisfied clients and we are gratified to welcome them. As our business relationship continues to mature, we hope to see Housing Authority Insurance Group realize the unmatched total cost of ownership which signifies the INSTEC product in the policy administration marketplace."
About Housing Authority Insurance Group
Housing Authority Insurance Group serves public housing authorities, 501(c)(3) nonprofits, affordable housing providers, low-income housing, and multifamily apartment owners under the low income housing tax credit program with special, niche insurance programs.
About INSTEC
Founded in 1982, INSTEC provides carriers and MGAs with comprehensive "best-of-breed" rating and policy issuance software designed for the dynamic nature of Commercial Lines. As a Microsoft Gold Certified Partner, INSTEC continues to demonstrate their expertise in Microsoft technologies and their commitment to deliver insurance software solutions that meet the high standards expected from software products developed for Microsoft platforms, including .NET.
For more information on INSTEC products and services, please call 630-955-9200 or visit our website at www.instec-corp.com.
For more information on Housing Authority Insurance Group, please call 800-873-0242 or visit the their website at www.housingcenter.com/defaultp.aspx
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NetEconomy Extends Leadership Team
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NetEconomy, the leading provider of real-time enterprise risk monitoring solutions for the finance industry, announced that former Reuters executive and software industry veteran David Ure has been elected to the non-executive post of Chairman of the Board of Directors. In addition, Jonathan Hodes joined the company as NetEconomy's Chief Financial Officer (CFO). With these additions to the senior leadership team, NetEconomy is poised to accelerate its growth in the financial crime solution market.
"Our rapid sales growth and expanding base of satisfied customers underscores the amazing job our team has done building, marketing and implementing a superior product," said Sebastian Kuntz, CEO, NetEconomy. "David's experience working with start-up organizations and guiding major software powerhouses like TIBCO and Radianz brings a new depth of expertise to NetEconomy. Adding Jonathan also helps us build upon the exceptional leadership team we have in place. These additions, coupled with our world-class solutions and services for managing financial crime, position us well to take the company through its next phase of growth."
David Ure, Chairman of the Board
Ure's professional experience spans more than three decades with Reuters Group, the global information company. Starting as a trainee journalist in the late 1960s, Ure moved into business management, overseeing the launch of new products notably the transactional products for the foreign exchange market. He was also responsible for Reuters' business in Europe, Middle East and Africa and in 1988 was elected to the main Reuters Board, on which he served until July 2000.
In the 90's, Ure supervised Group marketing, product development and technical policy. In that capacity he was responsible for the acquisition of Teknekron resulting in the float of TIBCO Software Inc., where he served on the board. Ure also led the project, which resulted in the creation of Radianz, the Reuters/Equant joint venture to create a financial market extranet that was recently sold to British Telecom. At Radianz, he served as non-executive Chairman of the Board from 2000 to 2004.
Ure's board experience also includes non-executive director posts with Woolwich Plc and currently Blackwell Publishing Ltd and Independent Television News. He is also Chairman of Iris Financial Ltd., an Apax investment specializing in trading room software.
"Over the course of my career, I have been in a good position to assist with the growth and development of several technology companies," said Ure. "All share many of the same attributes that first attracted me to NetEconomy, including great solutions, dedicated and committed employees and a growing base of happy customers who are enthusiastic about sharing their success stories. All of these signs point to a bright future for NetEconomy and I am very pleased to be part of the team."
Jonathan Hodes, Chief Financial Officer
As CFO, Hodes will lead all financial operations for the company and report directly to CEO Sebastian Kuntz. He comes to NetEconomy with an outstanding record of achievement in financial management, strategic business development and business risk assessment. He has extensive experience helping software organizations manage complex global, financial and operational needs. Prior to joining NetEconomy, Hodes was CFO of Primary Group, an international insurance group. He also served as financial director at QAS, an address management software company, where he played a major role in corporate growth and international development while overseeing the launch of global offices on three continents.
"Few software companies combine the industry thought-leadership, technology savvy and dedication to superior customer satisfaction that NetEconomy exhibits," said Hodes. "I look forward to working with the company's dynamic management team to leverage these assets as we work to achieve our strategic business objectives in the financial crime solution market."
About NetEconomy
NetEconomy, founded in 1993, is the leading provider of real-time enterprise software solutions to financial institutions for monitoring transactions to prevent, detect and manage financial crime, including money laundering, employee fraud, external fraud and market abuse. NetEconomy brings business value to its global customer base by minimizing business and regulatory risk, increasing profitability, and protecting corporate brand/reputation. NetEconomy is headquartered in The Hague, with offices in Boston, London and Kuala Lumpur, and distributors and strategic partners across South Africa, Middle East, Caribbean, Europe, South (East) Asia and the United States. For more information visit www.neteconomy.com.
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Microsoft Customer Care Framework Helps Drive Transition to Multichannel and Self-Service Customer Care
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Microsoft Corp. announced Microsoftr Customer Care Framework 2005, a software solution for contact center operators that delivers consolidated data from core business systems such as billing, customer relationship management (CRM) and order management to the customer service agent desktop. In this release, Microsoft adds features that enable contact center operators to more tightly integrate customer service channels, such as voice, instant messaging and e-mail, and develop better self-service solutions, simultaneously helping to reduce operating costs and improve customer service levels.
"We designed Customer Care Framework to enable service providers and enterprises to effectively address the needs of their customers," said Maria Martinez, corporate vice president of the Communications Sector at Microsoft. "Customer service is an important component of any business because it directly affects the acquisition of customers. Our solution offers different ways for customers to interact with their call center operator, helping to make their customer service experience more enjoyable."
The contact center market is undergoing profound changes to its technology infrastructure as the need to communicate through a variety of customer interaction channels becomes more prevalent. As a result, contact center operators, including telecom service providers and other large enterprises, must find more efficient means to deliver information from an increasingly complex set of data stores. The Microsoft Customer Care Framework interoperates with diverse core systems through Web services that seamlessly deliver back-end customer data to customer service agents. The solution provides integration of information through new customer interaction channels: Web chat, instant messaging and e-mail. The added support channels offer contact center operators maximum flexibility to interact with customers without sacrificing service levels.
In addition, Customer Care Framework goes beyond the physical contact center by providing the tools to make customer information available directly to consumers. For instance, through a new SharePointr-based self-service portal and interactive voice-response system, customers can access account and billing information, order new services, or resolve business problems. Customers can also launch a Web chat or e-mail interaction with a contact center agent within the self-service portal.
As part of Customer Care Framework 2005, an integrated agent desktop provides contact center representatives with a 360-degree view of customer data through a midtier integration layer based on Web services standards. Using smart client technology, the solution leverages local resources and intelligently connects to distributed data sources, circumventing the need for expensive and time-consuming integration with existing systems.
"In today's environment of heightened customer expectations, fast-changing industry dynamics, megamergers and acquisitions, and increased use of outsourced call centers, enterprises must be adaptable and responsive to changing demands," said Sheryl Kingstone, program manager at The Yankee Group. "The contact center, the single most important point of contact for responding to customer needs, must become more agile, provide a consistent customer experience and be optimized for improved performance. The Microsoft Customer Care Framework helps break down the current barriers that exist."
Microsoft Customer Care Framework 2005 is available worldwide. More information can be found at www.microsoft.com/CCF.
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
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Decision Research announces Portal Access for DecisionMaker
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Decision Research Corporation announced the immediate availability of Portal Access, enabling insurers to offer agents and other distribution channels real-time access to their policy administration system. Now available for all Decision Research clients, the optional, add-on module is already in production use at Unique Insurance.
With the extended Portal Access capabilities, Decision Research clients are able to deploy a single solution for all their policy administration needs, from home office to field agents. With immediate, anywhere, anytime access to a single, current source of information and functionality, all stakeholders are assured efficient and accurate policy processing. Insurers utilizing a policy administration system other than DecisionMaker may also take advantage of Portal Access through a configurable interface to their system of choice.
Portal Access highlights include:
o User friendly Browser-based data collection
o Integration with policy administration systems
o User specific access to policies and quotations
o Ability to create supporting document: Declaration Page, Proof of Insurance Cards, and Quotation Proposals
Matthew Dutkanych, President of Unique Insurance Company, commented, "We had a great deal of confidence in Decision Research and the DecisionMaker solution, so working with their team to be the first to implement is a great opportunity for us. We are extremely impressed with the ease-of-use and capabilities that we can offer directly to our agency force. The system provides a fully-integrated, unified solution and has eliminated the need for 3rd party agency software solutions."
Karen Yamamoto of Decision Research, added, "We look at Portal Access as a natural extension of the policy administration process. While efficiency in the back office is critical, streamlining the entire process to include the field operation, whether to the agent or directly to the insured, is just as important for process efficiency and service quality. For insurers, being easy to do business with is becoming more and more of a competitive advantage and we see Portal Access as a tool to give them the edge."
About Decision Research Corporation
Decision Research Corporation is a rating and policy processing system software solution provider to the Property & Casualty insurance industry. Products include RateMaker, a platform independent rating engine, and DecisionMaker, a fully integrated quote-to-claim policy processing system. With over 30 years of proven experience and a well-established and loyal client base, Decision Research continues to expand their market presence with a specific emphasis in the small- to mid-size U.S. Property & Casualty insurance market, including the larger MGAs. For more information on the Decision Research company, product or services, please visit www.decisionresearch.com or call 800-836-6057.
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Carver Federal Savings Bank Outsources
Core Data Processing Operations to Open Solutions
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Open Solutions is a provider of integrated relational technologies for banks and credit unions throughout the United States and Canada. Carver Federal Savings Bank ("Carver") is the nation's largest African- and Caribbean-American operated bank in the United States with 12 locations in New York.
"We like to give our clients the freedom of choice," said Jim Kern, SVP and GM, of the Open Solutions Banking Group. "Clients can choose between our in-house or outsourced processing option depending on their growth strategy. With our outsourced delivery option, clients maintain control over customer data while we provide the equipment and technology support in our secure data processing center. Because of the flexibility of TCBS, clients can change from outsourced to in-house processing or vice versa without changing systems," added Kern.
Carver first selected Open Solutions and TCBS in 1996 and ran it in-house until deciding to move operations to an outsourced delivery model. Given the bank's long-term goals and strategic direction, Carver's management team recognized that it was the right time to change delivery models. Frank Deaton, SVP of Operations for Carver explained, "As we evaluated the current business environment, characterized by cost pressures, significant changes in regulatory requirements and intensifying competition, it was clear to us that we needed a more automated approach to our core processing environment. The need for speedy compliance solutions and customer data places a premium on information being available quickly at all levels of the organization. In this environment, outsourcing makes sense, and in Open Solutions we have a partner that can provide the scalability required to meet our growth objectives, cost efficiency and state of the art technical expertise," explained Deaton.
"The relational database technology is very flexible. The open nature of TCBS allows us to continue increasing our customer base and expand our distribution network, delivery channels, products and services. In this highly competitive environment, our core technology should be able to easily expand and change with us. We will also deploy additional software available from Open Solutions to improve the delivery of information to personnel throughout our organization as well as improve operating efficiency," concluded Deaton.
Carver is continuing its planned expansion in New York as evidenced by the increase in its physical footprint from five branches in 2003 to its current complement of eight branches and four 24/7 ATM Banking Centers. "As we continue our expansion efforts, it is important to align ourselves with companies that exhibit a similar entrepreneurial focus. Open Solutions certainly fosters an entrepreneurial spirit and we look forward to working with them into the future," Deaton said. For further information regarding Carver, please visit the company's Web site at www.carverbank.com.
"Carver is growing and evolving. We're pleased that Open Solutions' technology provides them with product choices and a flexible enterprise platform on which they can continue to expand," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "Our goal is to provide our clients with innovative solutions and their decision to outsource will provide the bank with the means to better meet their strategic goals and more effectively serve their customers. We look forward to our continued, long and mutually beneficial relationship with Carver."
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications built on a single centralized Oracler relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, or its financial product line contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
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Applied Systems' Kellner Retains Place Among Most Powerful People in Insurance
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The 2005-06 "100 Most Powerful" list, published this week, identifies individuals with the most available resources who, as a group, would have the greatest ability to successfully accomplish any insurance industry goal or directive. Kellner is the list's only representative from an insurance technology company. Others named in the Insurance Technology category represent authoritative industry organizations: Mary Roth, Executive Director, Risk and Insurance Management Society; Gregory A. Maciag, President and CEO, ACORD; and Clare DeNicola, President and CEO, IVANS, Inc.
Kellner has been named to the list every year since its inception in 2001-02. Walter B. Podgurski, CEO of Insurancebroadcasting.com, said the list is meant to provoke thinking and discussion and to provide a better perspective on the insurance industry.
"One hundred people is an incredibly small number to single out and recognize," Podgurski said. "The people on this list . . . have worked hard and have great integrity and management skills. The reason they have power is . . . because they are trusted. Their power is a reflection of the confidence and faith others have in them, and their power is viewed by them as a guardianship, duty, and charge to serve others."
For Kellner, the Insurancebroadcasting.com honor comes on the heels of 2005 recognition from ACORD, which presented him with the Rainmaker award for special achievement in standards advocacy and implementation. In addition, ASCnet--the Applied Systems Client Network--honored Kellner in 2005 with its first Legacy Award, citing visionary leadership, support of the Applied Systems user community, and dedication to the advancement of technology to benefit independent insurance agents.
Applied Systems is the leading provider of automated solutions for the property and casualty insurance industry. Since 1983, the company has developed solutions for independent insurance agents, brokers, managing general agents, and insurance companies, as well as banks and other financial institutions with insurance operations. Applied Systems has partnered with more than 10,000 insurance organizations to achieve new levels of success using its premier agency management systems, The Agency Manager (TAM)r and the The Agency Managerr Vision SeriesT. Applied Systems leads the industry in agency/carrier real-time and batch communication solutions. The company automates insurance transactions at every distribution level from consumer through carrier, also providing technical support and professional services to maximize customers' return on investment.
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KOM Networks file replication solutions improve availability and business continuity
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KOM Networks, a global leader of storage management software solutions, announced the addition of file replication to its KOMworx suite of Storage Management solutions. File Replication enables organizations to maintain multiple copies of files concurrently on various storage devices, providing a higher level of business continuity and optimizing disaster recovery. In addition, KOMworx file replication also helps financial, healthcare and legal organizations comply with government regulations such as SEC, HIPAA, SOX, FDA and others.
"Today's IT environments need reliable data storage mechanisms to prepare for disaster recovery and satisfy government regulations regarding data availability," said Dr. Taher Shaath, Chief Executive Officer of KOM Networks. "KOMworx replication enables customers to maintain multiple copies of files on competing storage technologies; increasing availability, protecting against data loss and significantly improving recovery from a disaster or system outage," he added.
KOMworx e-WORM++ is the first solution combining the security of permanent write-once storage technologies with the performance and availability of hard disk arrays. e-WORM++ automates file replication process by significantly reducing replication time with virtually no impact on sever performance ensuring data is highly available. Files protected with e-WORM++ are stored and protected on hard disk and have an automatic replica maintained on write-once WORM storage, satisfying the most stringent compliance requirements.
The e-WORM++ solution provides two levels of automated file replication. First, it maintains multiple copies of a file on various hard disk storage resources. Secondly, KOMworx can replicate files to write-once (WORM) storage resources such as optical media. With these replication features, KOMworx can create and maintain multiple copies of files on various storage technologies simultaneously, enhancing business continuity.
Benefits of KOMworx Replication technologies include:
1. Maximizing business continuity in the face of potential disaster
2. Enabling compliance with regulatory requirements such as the SEC, HIPAA, SOX, FDA, Gramm-Leech-Bliley Act and NASD
3. Protecting critical data and improving customer service
4. Ensuring replica copies are made automatically
5. Minimizing the backup window, utilizing WORM permanence
Replication is an essential requirement for organizations that are struggling to cope with various compliance regulations, disaster recovery preparations and sustaining business continuity. By using KOMworx replication software customers are able to store, archive and retain multiple copies of files and maintain business continuity.
About KOM Networks
KOM Networks, founded in 1969, is the world leader of innovative storage management software solutions. Pioneers of Data Protection & Retention, KOM Networks' products provide Compliance, Archiving and Information Lifecycle Management (ILM) to over 10,000 installations globally. KOM Networks products are delivered through a worldwide network of value-added resellers, strategic partnerships and alliances.
KOM Networks' easy-to-integrate products let you Simply Manage, Protect, and Serve STORAGE, The Way You Want It. For more information please visit www.komnetworks.com.
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Microsoft Releases Two Critical New Patches
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Below is more detailed information about these security bulletins:
MS06-002
Vulnerability in Embedded Web Fonts Could Allow Remote Code Execution
Severity: Critical
CVE-2006-0010
This vulnerability can allow an attacker to execute arbitrary code on a
user's system with the permission levels of the currently logged in user.
The attacker would need to persuade the user to visit a malicious web site
or open a specially formed email in order to exploit this vulnerability.
Shavlik recommends customers test and deploy this patch as soon as possible.
MS06-003
Vulnerability in TNEF Decoding in Microsoft Outlook and Microsoft Exchange
Could Allow Remote Code Execution
Severity: Critical
CVE-2006-0002
Shavlik recommends customers deploy this patch carefully in their network
environments. During testing, this bulletin required access to the Office
original installation media to install successfully in our test environment.
Such access may be required in your network environment, depending how
Office has been installed.
More information on these new security patches can be found on Microsoft's
Web site at:
www.microsoft.com/technet/security/Bulletin/ms06-Jan.mspx.
For more information about how Shavlik Technologies can help you secure your
network, or to download a free version of our security solutions, please
visit www.shavlik.com, call your Shavlik representative at (800) 690-6911 or
+1 (612) 331-6737 (international), or email sales@shavlik.com.
Get Patched, Stay Secure and Never Miss a Beat.
The Shavlik Team
(800) 690-6911
info@shavlik.com.
Stay up to date with patch management topics, subscribe to
www.patchmanagement.org, or watch the discussion via our RSS feeds.
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www.shavlik.com/support/rss.aspx
We would also like to invite you to join our XML update notification
service. Please sign up at www.shavlik.com/support/xmlsubscribe.aspx
and be automatically notified when new critical patches or XML file updates
are available.
Please visit Shavlik's new Forum to access our KnowledgeBase at
http://forum.shavlik.com/.
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