LAS VEGAS, May 24, 2004 — Microsoft Corp. today kicked off its activities at the ACORD LOMA Insurance Systems Forum with greatly increased support for the Microsoft®
Insurance Value Chain, adding leading hardware manufacturers and system integrators to the existing lineup of independent solutions vendors. For the first time at both the corporate level and the vertical level aimed at the insurance industry, Avanade, EDS and HP, among others, are demonstrating their support for the Microsoft value chain at the insurance industry’s leading business and technology conference.
The three companies complement the long and growing list of value chain partners that take full advantage of Microsoft products, technologies and Microsoft .NET to develop and deliver integrated solutions that enable innovation and business process improvement for the insurance industry. The Microsoft Insurance Value Chain consists of a rapidly growing list of partners, 29 of which will be displaying their industry solutions and services at ACORD LOMA.
The independent software vendors and system integrators base their solutions and services on Microsoft technologies and commit to a level of preintegration with their solutions that drive application integration and interoperability to new levels. By adding the support of Avanade, EDS and HP — which are familiar with the needs of the largest enterprises — the value chain greatly expands its ability to deliver a wide range of solutions that support choice for customers with the scalability and return on investment that large enterprises demand.
“Our value chain partners deliver a wide range of solutions that take advantage of Microsoft .NET and XML Web services, as well as industry standards from ACORD, to help insurance customers create new as well as improve existing business processes,” said Dennis Maroney, managing director for the insurance industry at Microsoft. “By adding leading technology companies to our value chain, we increase our collective ability to deliver solutions that can be easily and rapidly integrated across the enterprise while supporting the best economic returns.”
The primary areas of focus for the partner-driven solutions offered within the value chain include reducing claims settlements and costs, improving underwriting and customer service, and streamlining processes, particularly across the distribution system. The solutions are providing many innovative insurance customers with benefits that include faster and more accurate policy issuance, improved and expanded policyholder services, greater opportunities for cross-selling, and increased customer satisfaction and retention. A list of value chain partners attending ACORD LOMA, information on the solutions they provide, and links to customer case studies can be found at http://www.microsoft.com/Resources/FinancialServices/ACORD.aspx .
In addition to highlighting the companies that constitute the value chain, Microsoft also has gathered internal and external subject experts at ACORD LOMA to discuss some of the most pressing industry issues with customers. Issues covered during activities at Microsoft’s booth, as well as during separate executive meetings, include business process improvement, compliance, information worker productivity, mainframe migration strategies and security.
“We want to demonstrate to the industry that we, along with our partners, are committed to serving as a trusted adviser on both the core business and information technology issues affecting their businesses,” Maroney said.
Microsoft enables business success for the insurance industry through four distinguishing capabilities of its products and technologies and its focus on integrated innovation:
Integrated customer focus. Microsoft products and its partner-driven solutions unite the entire insurance enterprise around front-line employees — call center staff, underwriters and claims personnel — as well as the external community of brokers, agents and independent adjusters. Through an aggregated view based on collaboration, and the customer-centric focus it enables, front-line employees can contribute to high-quality experiences that attract, retain and expand relationships with their best customers.
Sustainable transformation. Leading insurance institutions are using flexible Microsoft-based solutions to transform their businesses, re-engineer their processes, reduce inefficiency and break away from their competitors — while building capacity for continued innovation.
Best economics. Microsoft-based solutions deliver immediate value through the cost advantages of commercial software working with standards-based hardware, and deliver lasting value through their simplicity, ease of management and their ability to support rapid integration with legacy systems.
Market responsiveness. Microsoft-based solutions and technologies allow the affordable delivery of on-demand and innovative products and services. Many insurance companies are innovating today, delivering products and services more quickly than their competitors, and using that ability to distinguish themselves in an increasingly competitive market.
About Microsoft in Financial Services
Microsoft is a leading provider of software products and technology to the financial services industry. Its customers operate in every area of retail banking, insurance and pensions, and the financial markets. Microsoft focuses on helping provide the security, scalability and reliability that the financial enterprise requires. Through Microsoft .NET and XML Web services, Microsoft helps customers act on information any time, any place and from any device.Working with leading software vendors and systems integrators in the banking, insurance and financial markets industries, Microsoft supports financial institutions in re-engineering core business operations, achieving straight-through processing, and better managing all aspects of risk and capital adequacy, increasing efficiency in branch banking operations, and establishing a new generation of telephony-based and Internet-based financial services channels.
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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