SunGard announced today that it has brought together its entire family of insurance products under a single global brand, SunGard iWORKS.
This family of products enhances SunGard's abilities to meet the growing requirements of SunGard customers around the world from front-office tools and policy administration to back-office reinsurance, actuarial calculations, financial and investment accounting and reporting.
iWORKS represents a coordinated strategy across all of SunGard's insurance products to increase value for all customers. This unified approach will help to strengthen and increase awareness, giving greater exposure of SunGard's solutions in the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty, and reinsurance. SunGard has more than eight products serving over 1500 customers globally.
The iWORKS product family will be managed jointly by Gavin Lavelle, president of SunGard Sherwood Systems and Greg Webber, president of SunGard Insurance Systems.
Matthew Josefowicz, manager of the insurance practice at research and advisory firm Celent, LLC commented, "SunGard has an extensive portfolio of insurance solutions and we believe that unifying them all under a single brand will help SunGard serve its customers more effectively."
Products that will form the basis of the iWORKS product family include Amarta, COMPASS, EAS, EPS, FrontTier, NAVIGATOR, ProCede, and Prophet. NAVIGATOR is the result of bundling several SunGard front- and back-office solutions: including AIMS, CAPS, CLAS, Contact Partner, Finpack, and VIP.
iWORKS Amarta Life and Annuities/Pensions Policy Administration
Amarta provides a series of business services for acquisition, policy administration and claims. Additional supporting services include premium collection and allocation and internal accounting.
iWORKS COMPASS Group Insurance, Pension and Investment Product Administration
Organizations employ COMPASS as a participant recordkeeping and plan administration solution. COMPASS is a single solution to service participants from plan enrollment through payout.
iWORKS EAS Financial Accounting and Reporting
EAS (Enterprise Accounting System) is used to help meet a range of accounting needs, to access, manage, and report financial data, and to help adapt operations in support of new lines of business.
iWORKS EPS Investment Accounting and Reporting
EPS (Enterprise Portfolio System) multi-delivery platform provides a range of specialized investment accounting tasks to help streamline and automate business processes and to help comply with regulatory requirements.
iWORKS FrontTier Property & Casualty Policy Administration
FrontTier offers integrated business process management functionality that helps automate submissions, quotations, policies, rating, billing, accounting, workflow, claims, documents and reports.
iWORKS NAVIGATOR Insurance Sales and Administration Solutions
NAVIGATOR is a comprehensive suite of solutions for life insurance and annuity sales and support. From illustration to administration to payouts, NAVIGATOR helps streamline business workflow, helps accelerate time to market and helps maximize competitive advantage.
iWORKS ProCede Reinsurance Management
ProCede handles the placement of premiums and losses with reinsurers, and the tracking of receivables and payables. ProCede also helps achieve accounting and credit control, and helps produce management and regulatory reports.
iWORKS Prophet Actuarial Calculations
Prophet is used primarily by insurance companies to perform actuarial calculations including profit testing, projections, reserving, asset liability modeling, stochastic modeling, risk management and experience analysis.