For release: 14 Dec 2007
EDS SOLCORP Moves Ahead with INGENIUM 7.1
New Release Aimed At Improving Regulatory Compliance and Connectivity
PLANO, Texas – EDS today announced the release of INGENIUM v7.1, an update to its Web services-enabled policy administration system, now with a full complement of regulatory compliance tools for non-traditional life insurance products and better than ever connectivity to the field through ACORD TXLife transactions.
INGENIUM is a robust and flexible solution, providing full-function processing for an extensive range of life and investment offerings. Through its PathFinder browser interface, INGENIUM enables dynamic business activity monitoring, providing real opportunities for business process improvement and rapid return on investment. INGENIUM integrates seamlessly with standard third-party solutions including customer service web portals and other mid- and front-office tools.
"In this release, we were very focused on enhancing INGENIUM's compliance and connectivity functions," stated Roger Paehr, product manager, Policy Administration Systems, EDS SOLCORP. "This is just part of our multi-year plan for INGENIUM."
Some of the new and enhanced capabilities offered by INGENIUM v7.1 include:
- Tax history for all jurisdictions, providing greater financial integrity and better insight into the impact that policy activities (changes, payments, withdrawals, etc.) have on a policy's tax position
- Cash Value Accumulation Test (CVAT) processing, in addition to the already supported death benefit corridor concept, provides insurers with a choice as to which method to use for Universal Life contracts
- Review of distributions in the two years prior to a policy achieving MEC status in order to treat them as MEC distributions, thereby decreasing the manual workload associated with this process
- CITS (Canadian Insurance Transaction Standardization) compliance for both In-force and Pending feeds, allowing for greater connectivity through industry agreed usage of ACORD TXLife transactions.
- Increased rate structure flexibility allowing greater variation in rates
These enhancements to an already feature-rich solution, mean that as organizations grow, expanding their products, client base and geographies, INGENIUM will continue to be a part of that growth for the long-term, providing cross-platform versions to suit a variety of computing environments, including .NET and UNIX.
"We continue to explore new options for improving INGENIUM's flexibility and functionality to ensure our clients have the best tools possible for effectively managing and growing their businesses," Paehr added. "INGENIUM is recognized for its superior scalability, and we're committed to securing its position as a power-house in the policy administration system market."
About EDS SOLCORP
EDS SOLCORP, a global business unit within EDS, is a leader in software solutions and services for the life insurance and wealth management industries. For 25 years, EDS SOLCORP solutions have helped customers reduce their total cost of administration, accelerate time-to-market for new products, and streamline their infrastructure.