Fujitsu Australia and Vertex, the business process outsourcing arm of United Utilities PLC, are pleased to announce that they have signed a contract, forming a strategic alliance to distribute a version of the Lamda Straight Through Processing (STP) protection platform in Australia and New Zealand.
The launch of the new STP platform will have huge significance in the Australasian marketplace and represents true innovation for the financial services sector. By automating the application process using the Lamda solution, life insurers can reduce the cost of completing the end-to-end processing of protection policies by approximately 50%. The time taken to process an application form can also be cut from around four weeks to 48 hours.
Under the terms of the agreement, Fujitsu will have exclusive rights to the software for five years and can call upon the expertise of Vertex Financial Services when Fujitsu sets up its BPO operations in Sydney. The Sydney operation will be supported by a combination of Vertex and development staff based in the UK, Delhi and Sydney. Otter Risk Solutions, the specialist underwriting consultancy arm of Vertex, will also play a pivotal role in the creation and management of the new proposition.
Andy Hunt, Vertex Financial Services managing director, comments:
"Whilst the Australasian market has in many ways, been a leader in terms of wrap and unit-linked developments, this protection-focused innovation is brand new territory. Therefore, we are very excited about this new partnership which we believe offers the potential for us to gain a healthy pipeline of prospective new STP clients from organisations that have not yet been able to take advantage of the benefit of STP technologies."
Rod Vawdrey, CEO of Fujitsu Australia and New Zealand, comments:
"This is a very significant development for us. The alliance with Vertex allows us to move ahead of the competition in this market and establish a really solid lead position in STP across the protection sector. Whilst Vertex was keen to work with us for our reputation in the Australian and New Zealand market, we equally gain from their experience in BPO, particularly with the STP solutions which they have already successfully delivered in the UK. Together, we make an excellent team and we are delighted and excited to conclude this deal which has huge long term prospects for both parties."