The U.S. property/casualty insurance industry’s net income after taxes dipped to $15.8 billion in first-quarter 2007 from $16.7 billion in first-quarter 2006 and $17.7 billion in first-quarter 2005. Reflecting the declines in net income, the property/casualty industry’s annualized rate of return on average policyholders’ surplus (statutory net worth) dropped to 12.9 percent in first-quarter 2007 from 15.5 percent in first-quarter 2006 and 17.9 percent in first-quarter 2005, according to ISO and the Property Casualty Insurers Association of America (PCI).

Contributing to the $0.9 billion, or 5.5 percent, decline in net income in first-quarter 2007, the industry’s net gain on underwriting receded to $8.3 billion in the first three months of this year from $8.4 billion in the first three months of 2006, as net written premium growth versus year-ago levels slowed to 0.8 percent in first-quarter 2007 from 1.8 percent in first‑quarter 2006. Also contributing to the decline in net income, the industry’s federal income taxes rose to $5.4 billion in first-quarter 2007 from $5.3 billion in first-quarter 2006. But much of the decline in first-quarter net income reflects a special transaction in which one U.S. insurer assumed $9.3 billion in liabilities from a foreign entity in exchange for considerations valued at $7.1 billion.

“Insurers’ 12.9 percent rate of return for first-quarter 2007 was 1.8 percentage points above insurers’ 11.1 percent average first-quarter rate of return since the start of ISO’s quarterly data in 1986, but it fell short of the rates of return typically earned by firms in other industries,” said Michael R. Murray, ISO’s assistant vice president for financial analysis. “During the 24 years from 1983 to 2006, the comparable rate of return for the Fortune 500 averaged 13.9 percent, and escalating competition in insurance markets suggests insurers’ rate of return will fall further below that earned by firms in other industries rather than rise to meet it.”

“Seasonal patterns in the data also suggest that insurers’ rate of return will decline later this year,” said Genio Staranczak, PCI’s chief economist. “Insurers’ profitability in the first quarter usually exceeds their profitability later in the year, in part because of the timing of weather-related catastrophe losses. The Atlantic hurricane season runs from June 1 to November 30.”

The figures are consolidated estimates for all private property/casualty insurers based on reports accounting for at least 96 percent of all business written by private U.S. property/casualty insurers.

Underwriting Results

Net written premiums grew $0.9 billion to $111.4 billion in first-quarter 2007 from $110.5 billion in first-quarter 2006, but written premium growth slowed to 0.8 percent in the first quarter of this year from 1.8 percent in the first quarter of last year. Similarly, net earned premiums rose $2 billion to $108.6 billion in first-quarter 2007 from $106.6 billion in first-quarter 2006, as earned premium growth slowed to 1.9 percent during the first three months of 2007 from 2.7 percent during the first three months of 2006.

“At 0.8 percent in first-quarter 2007, net written premium growth was the weakest for any first quarter since 1992,” said Murray. “Market surveys and U.S. government data indicate that escalating competition and declines in the price of insurance are cutting into premium growth. According to the Council of Insurance Agents and Brokers’ first-quarter 2007 market survey, commercial premium rates declined 11.3 percent on average for all sizes of accounts. And in May, the CPI for motor vehicle insurance declined 0.3 percent compared with its level a year earlier, while the CPI for motor vehicle repairs rose 2.8 percent. And despite ongoing problems in some coastal property insurance markets exposed to hurricanes, the CPI for tenants and household insurance rose a scant 0.1 percent countrywide — far less than the 4.2 percent increase in the CPI for repair of household items.”

“Other evidence that escalating competitive pressures are cutting into premium growth includes the gap between premium growth and overall economic growth,” said Staranczak. “In first-quarter 2007, net written premiums were up 0.8 percent from a year ago, while the nation’s gross domestic product (GDP), which takes into account both inflation and real growth, increased 4.6 percent during the same time frame. That premiums grew only about one-sixth as much as GDP is an indication that intensifying competition is leading to lower prices for most coverages in most locations, though property insurance remains scarce and expensive in some coastal areas.”

Overall loss and loss adjustment expenses increased $1.1 billion, or 1.6 percent, to $70.4 billion in first-quarter 2007 from $69.3 billion in first-quarter 2006. Noncatastrophe loss and loss adjustment expenses rose $1.3 billion, or 1.9 percent, to $69.1 billion in first-quarter 2007 from $67.8 billion in first-quarter 2006. But according to ISO’s Property Claim Services (PCS) unit, direct insured losses from catastrophes dropped to $1.3 billion in the first three months of 2007 from $1.5 billion in the corresponding portion of 2006.

Other underwriting expenses — primarily acquisition expenses, other expenses associated with underwriting, pricing and servicing insurance policies, and premium taxes — rose $1.1 billion, or 3.8 percent, to $29.6 billion in first-quarter 2007 from $28.6 billion in first-quarter 2006.

Dividends to policyholders in first-quarter 2007 totaled $0.3 billion, essentially unchanged from dividends to policyholders in first-quarter 2006.

The $8.3 billion net gain on underwriting in first-quarter 2007 amounts to 7.6 percent of the $108.6 billion in net earned premiums for the period, whereas the $8.4 billion net gain on underwriting in first-quarter 2006 amounted to 7.9 percent of the $106.6 billion in net earned premiums for that period.  

The combined ratio — a key measure of losses and other underwriting expenses per dollar of premium — rose to 91.7 percent in first-quarter 2007 from 91.1 percent in first-quarter 2006, with the change in the combined ratio reflecting imbalances between the growth in premiums and the costs of providing insurance.

“The combined ratio for first-quarter 2007 is the second best for any first quarter since 1986 (when ISO’s quarterly records begin), but it wasn’t good enough for insurers to achieve the rate of return typically earned by firms in other industries,” said Murray. “With first-quarter 2007 investment results, financial leverage, and tax rates, ISO estimates that the combined ratio would have had to improve to 89.6 percent in order for insurers to have earned the 13.9 percent long-term average rate of return for the Fortune 500. Moreover, insurers must now post better underwriting results just to be as profitable as they once were. For example, in first-quarter 1987, when the industry’s combined ratio was 103.9 percent, the annualized rate of return on average surplus was 15.9 percent — 3 percentage points higher than the industry’s 12.9 percent rate of return for first-quarter 2007, even though the combined ratio was 12.2 percentage points worse than the 91.7 percent combined ratio for the first quarter of this year.”

Investment Results

The industry’s net investment income — primarily dividends from stocks and interest on bonds — grew 10 percent to $12.9 billion in first-quarter 2007 from $11.7 billion in first-quarter 2006. But realized capital gains on investments (not included in net investment income) declined 2.6 percent to $1.8 billion in the first three months of 2007 from $1.9 billion in the corresponding period of 2006. Combining net investment income and realized capital gains, overall net investment gains rose 8.3 percent to $14.7 billion in first‑quarter 2007 from $13.6 billion in first-quarter 2006.

Combining the $1.8 billion in realized capital gains in first-quarter 2007 with the $0.1 billion in unrealized capital gains during the period, insurers posted $1.9 billion in overall capital gains in the first quarter of 2007 — down from $5.9 billion in overall capital gains in the first quarter of 2006.

“The 10 percent increase in property/casualty insurers’ net investment income in first-quarter 2007 is the result of two developments,” said Murray. “Insurers’ average holding of cash and invested assets rose 7.9 percent. And the annualized yield on insurers’ cash and invested assets increased to 4.23 percent in first-quarter 2007 from 4.15 percent in first-quarter 2006. Prospectively, we may see slowing in the growth of investment income as softening prices in insurance markets cut into premiums and the new cash available to fund growth in investment portfolios.”

"The 67.2 percent decline in insurers’ total capital gains in first-quarter 2007 reflects developments in financial markets,” said Staranczak. “In the first quarter of 2007, stock prices as measured by the S&P 500 rose a barely noticeable 0.2 percent — far less than the 3.7 percent increase in the S&P 500 in first-quarter 2006. Similarly, the NASDAQ composite rose just 0.3 percent in the first quarter of this year — much, much less than the 6.1 percent increase in that stock index the first quarter of last year. Going forward, the S&P 500 rose 5.4 percent from the end of the first-quarter through June 25, which suggests insurers’ results for the second quarter will benefit from additional capital gains on investments. Beyond that, it all depends on future developments in financial markets.”

Pretax Operating Income

Pretax operating income — the sum of net gains or losses on underwriting, net investment income, and miscellaneous other income — declined 3.9 percent to $19.4 billion in first-quarter 2007 from $20.1 billion in first-quarter 2006. The $0.8 billion decline in operating income is the net result of the $0.2 billion decline in net gains on underwriting, the $1.2 billion increase in net investment income, and a $1.8 billion decline in miscellaneous other income to negative $1.8 billion in first-quarter 2007 from near zero in first‑quarter 2006. The decline in miscellaneous other income reflects the previously mentioned special transaction in which one U.S. insurer assumed $9.3 billion in liabilities from a foreign entity in exchange for considerations valued at $7.1 billion, some tax benefits, and the opportunity to earn investment income on the funds held to pay down the liabilities.

Policyholders’ Surplus

Policyholders’ surplus, the property/casualty insurance industry’s statutory net worth, increased 1.9 percent to $496.6 billion at March 31, 2007, from $487.1 billion at year-end 2006. The $9.4 billion increase in policyholders’ surplus in first-quarter 2007 is 29.3 percent less than the $13.4 billion increase in first-quarter 2006.

The increase in surplus in first-quarter 2007 consisted of $15.8 billion in net income after taxes, $0.1 billion in unrealized capital gains on investments (not included in net income), and $1.2 billion in new funds paid in (new capital raised by insurers), less $5.8 billion in dividends to shareholders and $1.8 billion in miscellaneous charges against surplus.

The $0.1 billion in unrealized capital gains in first-quarter 2007 is down from $4 billion in first‑quarter 2006.

The $1.2 billion in new funds paid in during the first three months of 2007 is up from $0.3 billion in the first three months of 2006.

The $5.8 billion in dividends to shareholders in the first quarter of 2007 is up 11.5 percent from $5.2 billion in the first quarter of 2006.

The $1.8 billion in miscellaneous charges against surplus in first-quarter 2007 is 25.9 percent less than the $2.5 billion in miscellaneous charges against surplus in first-quarter 2006.

OPERATING RESULTS FOR 2007 and 2006 ($ Millions)
FIRST QUARTER	2007	2006
NET WRITTEN PREMIUM	111,419	110,482
NET EARNED PREMIUM	108,593	106,580
INCURRED LOSS & LOSS ADJUSTMENT EXPENSE	70,360	69,264
STATUTORY UNDERWRITING GAIN (LOSS)	8,600	8,758
POLICYHOLDERS’ DIVIDENDS	319	315
NET UNDERWRITING GAIN (LOSS)	8,281	8,443
PRETAX OPERATING INCOME	19,365	20,142
NET INVESTMENT INCOME EARNED	12,905	11,727
NET REALIZED CAPITAL GAIN (LOSS)	1,838	1,888
NET INVESTMENT GAIN	14,743	13,615
NET INCOME (LOSS) AFTER TAXES	15,813	16,729
SURPLUS (CONSOLIDATED)	496,572	439,116
LOSS & LOSS ADJUSTMENT EXPENSE RESERVES	516,299	502,982
COMBINED RATIO, POST-DIVIDENDS (%)	91.7	91.1

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Increased operational efficiencies and access to critical data positions bank for future growth

Palm Desert National Bank recently selected Open Solutions Inc.’s®The Complete Banking Solution®, a relational core data processing platform for community banks, to address its enterprise-wide data processing needs.  Open Solutions Inc. is a leading provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets. 

Based in Palm Desert, Calif., Palm Desert National Bank has approximately $411 million in assets, as of December 31, 2006, more than 5,000 customers and four branches.  Following an extensive evaluation of other solutions, the bank credits the open architecture and advanced functionality for its selection of Open Solutions’ TCBS.

“We thoroughly evaluated five core processing platforms and it was quickly evident that Open Solutions’ system was by far the most sophisticated,” said Rhonda Swanson, chief financial officer of Palm Desert National Bank.  “Our community bank has a unique business model and therefore, we have complex reporting and processing needs.  The open architecture and flexibility of Open Solutions’ platform will give us the capability to quickly generate the necessary reports and gain operational efficiencies.”

Built on a powerful OracleÒ relational database, The Complete Banking Solution’s open architecture and customer-centric platform is designed to help financial institutions streamline both the front and back office applications with a focus on customer service. The Open Solutions core platform offers banks a centralized view of its specific relationships with customers, employees and business partners.

“We are often competing with much larger institutions to attract new and retain our current customer relationships,” said Swanson.  “With Open Solutions’ platform, we’ll be able to quickly introduce new product offerings and streamline our marketing efforts, giving us more of a competitive edge.  Open Solutions’ advanced open technology platform offers the flexibility, business functionality and third-party integration capabilities needed to support both our current and future needs.”

In addition to The Complete Banking Solution data processing platform, Palm Desert National Bank will be implementing Open Solutions’ digital document solution, cView™  (CRM/business intelligence), telephony/VRU, Financial Accounting Suite (integrated financial management solution) and item processing Check 21 applications (branch and merchant capture).

Louis Hernandez, Jr., Open Solutions chairman and CEO, said, “Open Solutions’ primary objective is to offer a complete, enterprise-wide data processing solution that allows institutions like Palm Desert National Bank to offer innovative products and services, deliver outstanding customer service and be competitive in their market. We understand the current market and the importance of delivering the right product to the right customer. The open architecture of our platform makes it possible for financial institutions of all sizes to thrive in the current environment.  We appreciate the opportunity to partner with the bank and we look forward to helping them achieve their business goals.”

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 Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally 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 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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In April and May of this year, ImageRight, a leading provider of insurance-focused imaging, content management and workflow solutions, signed contracts with five additional insurance organizations, bringing the company’s total customer base to more than 375 in number. 

“More and more insurance organizations today are looking for ways to comply with regulatory requirements, enable straight-through processing, and streamline processes,” said Don Elias, president of ImageRight. “The ImageRight system offers all of those benefits and more, including imaging, content management and workflow, which is why we are able to help so many insurance organizations compete in this aggressive field.”

Companies who recently purchased the ImageRight system include:

• Bass Underwriters – is a Plantation, FL-based agency that specializes in excess and surplus lines and that has twelve offices in Florida, California, Texas, Georgia, Mississippi and New York. (www.bassunderwriters.com)  
• Conway E&S Inc. – is an independent insurance brokerage firm that functions as a wholesale insurance broker between insurance carriers and retail insurance brokers based in Warrendale, PA. (www.conwayes.com)
• Demetriou Group of Companies – is a professional wholesale insurance agency based in Hempstead, NY, servicing producers in the Metropolitan New York/New Jersey area for over eighty years. (www.demetriougroup.com)
• The Flood Group, LLC – is a Flushing, NY-based full-service provider of insurance solutions, specializing in personal and commercial lines insurance, employee benefits and financial services. (www.thefloodgroup.com)
• Indiana Farm Bureau Insurance Company – was founded in 1934 and has grown to include insurance products for auto, life, home, business, and farm in addition to banking and other financial services and products available through local offices and agents from its corporate office in Indianapolis, IN and throughout the Hoosier State. (www.infarmbureau.com)
• Odyssey America Reinsurance Corporation. – is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance based in Stamford, CT. (www.odysseyre.com)
• Max Specialty Insurance Company. – is a subsidiary of Bermuda-based Max Capital Group specializing in excess and surplus lines insurance and located in Richmond, Va. (www.maxspecialty.com)
• OnPoint Underwriting, Inc. – is based in Atlanta, GA and focuses on specialized risk management, alternative risk financing, actuarial studies and captive management. (www.onpointunderwriting.com)
• Conservation & Liquidation Office – was created by the California Commissioner of Insurance to assist with duties including conservation and liquidation of insurance companies in the state of California. (www.caclo.org/perl)
• Arlington/Roe & Co., Inc. – was founded in 1964 as a managing general agent and excess and surplus lines insurance broker and currently maintains offices in Indiana, Kentucky, Michigan, Ohio and Tennessee. (www.arlingtonroe.com) 

For more information about this release or any of ImageRight’s products and services, please visit the ImageRight website at www.imageright.com, or contact us via phone at 770-860-0065 or email at inquiry@imageright.com.

About ImageRight

Conyers, Ga.-based ImageRight is a wholly-owned subsidiary of Vertafore, Inc., a leading provider of specialized software solutions and information for the insurance industry. ImageRight provides complete document and content management solutions coupled with advanced workflow automation that is scalable for insurance operations of all sizes, and that has been implemented at more than 375 companies within the insurance industry. For more information, please visit ImageRight on the web at www.imageright.com, or contact an ImageRight professional via phone at (770) 860-0065 or via email at inquiry@imageright.com.

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Vendors Selected for the “Cool Vendor Report” are Innovative, Impactful and Intriguing

Advanced visualization software vendor Fractal:Edge has been included in the list of “Cool Vendors” in the Cool Vendors in Analytics, Business Intelligence and Corporate Performance Management, 2007 Research Report by Gartner, Inc.

According to the report, while the big pure-play Business Intelligence (BI) vendors and megavendors continue to battle it out in this market, behind the scenes there is a vibrant source of innovation to address unresolved problems. A key challenge facing the BI market is ease of use. For the market to grow, more people have to become consumers of BI, and that will only happen as the products become easier to use and the  delivered information becomes more intuitive to understand.

“We are very proud to be singled out by Gartner for providing an innovative and valuable BI solution. As an alternative to the traditional data grids or simple charts used in many applications Fractal Maps have huge advantages.” said Gervase Clifton-Bligh, VP, Product Strategy and inventor of the patented Fractal Map technology. “Our continued focus has been to promote customer and product vendor awareness of how succinct and intuitive Fractal Maps are in representing the key performance indicators in large, complex or fast moving information. At the same time we have strived to deliver a simple enough analysis tool for any user to manipulate.”

About Gartner’s Cool Vendors Selection Process

Gartner's listing does not constitute an exhaustive list of vendors in any given technology area, but rather is designed to highlight interesting, new and innovative vendors, products and services. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness of a particular purpose.

Gartner defines a cool vendor as a company that offers technologies or solutions that are: Innovative, enable users to do things they couldn't do before; Impactful, have, or will have, business impact (not just technology for the sake of technology); Intriguing, have caught Gartner's interest or curiosity in approximately the past six months.

The Gartner Research Report “Cool Vendors in Analytics, Business Intelligence and Corporate Performance Management, 2007” was published 14 March 2007 and authored by Gartner research analysts Bill Gassman, Kurt Schlegel, Andreas Bitterer, Nigel Rayner and Gareth Herschel. This report ID Number: G00146406 is available at http://www.gartner.com/

About Fractal:Edge

Fractal:Edge delivers software products for the interactive visual analysis and navigation of large, complex or fast-moving information sources.  Our patented data visualization solutions are used by blue-chip clients worldwide in multiple industries and business functions to analyze information quickly and accurately. 

Fractal:Edge is committed to working with dynamic and innovative partners to deliver targeted Fractal Map applications and custom Fractal Map solutions to commercial and public sectors worldwide.  For more information, go to http://www.fractaledge.com/.

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Fractal Maps Extend Microsoft Business Intelligence Product Solutions

Fractal:Edge, the market leading visualization provider, announced the showcasing of its award winning technology in Microsoft’s Innovation Starts Here book. The company was selected by the Emerging Business Team (EBT) for successfully partnering with Microsoft to help customers gain a competitive edge. Fractal:Edge’s premier active data visualization products are Microsoft Certified and integrate with, and extend the power of, Microsoft information productivity and business intelligence products.

Citigroup Equities Division’s Best Execution Consulting Service product provides the case study for Fractal Maps in the Innovation book. Delivering pre- and post-trade analytics to a broad range of institutional clients, the BECS team recognized the need for visualization which went beyond the standard grid and graph approaches. As a result of the inclusion of Fractal Maps, according to Head of Client Facing Products, Stavros Kokkoris, “now relevant information is highlighted and accessed more quickly by our users.”

Fractal:Edge’s patented Fractal Mapping technique, with its distinctive ‘circles-in-circles’ approach, enables people to spot the key patterns and outliers within a data set much more rapidly – giving a crucial edge in time taken to act. Leveraging the ability of fractals to show multiple dimensions in one image and providing powerful zooming features, interaction with data becomes much more intuitive and revealing.

The Fractal:Edge Enterprise Product Suite provides the capability to design, configure and disseminate Fractal Maps which are easily integrated into Microsoft SharePoint® Portals, provide a compelling visual extension to SQL Server® 2005 Reporting and Analysis Services solutions, add a new interactive dimension to Excel® 2007, and can be incorporated into any existing business applications in a native Windows or .NET environment using Visual Studio.

“It is very important for us to provide Fractal Map Active Data Visualization capabilities to the millions of Excel® users with a low cost solution, and to address the industrial strength of Microsoft’s Business Intelligence product stack,” said Gervase Clifton-Bligh, Fractal:Edge’s VP, Product Strategy & Development. “We have worked closely with Microsoft product teams to maximize integration with their existing and latest products and are pleased that the Emerging Business Team chose us to be included in their Innovation Starts Here booklet.”

The Microsoft EBT works with venture capitalists (VCs) and start-up companies worldwide to enable innovation and accelerate the software ecosystem. The Microsoft EBT mission is to identify and facilitate opportunity for start-ups and VCs, acting as the single point of contact and accountability to Microsoft.  Since its inception in 1999, the EBT has helped connect thousands of start-up companies with technical assistance, sales and marketing opportunities, venture capital support and other assets to give them a competitive edge.

The Microsoft Innovation Book can be viewed in soft copy form through http://www.fractaledge.com/experience-clientcasestudies.htm.  

Microsoft, Excel, SQL Server 2005 and SharePoint are trademarks or registered trade marks of the Microsoft Corporation.

About Fractal:Edge

Fractal:Edge delivers software products for the interactive visual analysis and navigation of large, complex or fast-moving information sources.  Our patented data visualization solutions are used by blue-chip clients worldwide in multiple industries and business functions to analyze information quickly and accurately. 

Fractal:Edge is committed to working with dynamic and innovative partners to deliver targeted Fractal Map applications and custom Fractal Map solutions to commercial and public sectors worldwide.  For more information, go to http://www.fractaledge.com.

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Company Stands Out From 1,800 Entrants with Innovative Data Visualization Products

Fractal:Edge announced it has been selected as a finalist for Microsoft Corporation’s Partner of the Year Award in the ISV/Software Solutions, Innovation category. Winners of the 2007 Microsoft Partner Program Awards – which recognize top Microsoft Partners delivering market-leading Microsoft-based solutions – will be announced July 11 at the Microsoft Worldwide Partner Conference in Denver, Colorado.

“I am delighted that the research, product development and client solutions that we have delivered with Fractal Maps integrated into the Microsoft platform have been recognized by the Microsoft award team.” said Gervase Clifton-Bligh, VP of Product Strategy & Development and inventor of Fractal:Edge’s patented technology. “Innovation brings with it the risk of slower adoption. Recognition like this and client testimonials confirm we have developed a genuinely valuable software solution that delivers results for all types of users – quickly, accurately and visually.”

Awards will be presented in a number of categories, with winners chosen from a pool of more than 1,800 entrants worldwide. The ISV/Software Solutions Innovation Partner of the Year Award recognizes an ISV who has developed an innovative approach to solving a business or consumer need utilizing Microsoft’s latest technologies. The winning partner will have demonstrated leadership in the areas of innovation, market potential, media/analyst buzz, investor value creation and customer adoption with a least 3 active business customers or 1,000 consumers. 

“We have a diverse and talented partner ecosystem that each year raises the bar in the design and deployment of customer solutions built on Microsoft technologies,” said Allison L. Watson, corporate vice president, Microsoft Worldwide Partner Group.  “We are pleased to recognize Fractal:Edge as one of our partners leading the field in this category.”

Fractal:Edge delivers advanced data visualization product solutions that are tightly integrated with Microsoft Excel 2007, SQL Server 2005, Analysis Services 2005, SharePoint and Dynamics CRM. Using an intuitive approach to presenting large amounts of data on screen, Fractal Maps allow information workers to grasp the key messages in their data more quickly and accurately so they can act more rapidly. This visual approach – which has also won recognition this year as a Gartner Cool Technology for Analytics, Business Intelligence and Corporate Performance Management – is being used by 7 of the top 10 global investment banks for trading and risk management. In addition, Fractal Maps are driving visual business analysis in compliance, financial control, project management, operational risk, sales management and other areas where there is a need to monitor and act upon key performance indicators in large, complex or fast-moving sets of information.

The Microsoft Partner Program Awards recognize Microsoft Partners that have developed and delivered exceptional Microsoft-based solutions over the past year.

Product or service names mentioned herein may be the trademarks of their respective owners.

About Fractal:Edge

Fractal:Edge delivers software products for the interactive visual analysis and navigation of large, complex or fast-moving information sources.  Our patented data visualization solutions are used by blue-chip clients worldwide in multiple industries and business functions to analyze information quickly and accurately. 

Fractal:Edge is committed to working with dynamic and innovative partners to deliver targeted Fractal Map applications and custom Fractal Map solutions to commercial and public sectors worldwide.  For more information, go to http://www.fractaledge.com.

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InsFocus Systems Ltd. (www.insfocus.com), a provider of business intelligence solutions for insurance companies, announced that is has achieved Microsoft Certified Partner status. In addition, InsFocus is a member of Microsoft’s Insurance Value Chain (IVC) program.

The company’s flagship product InsFocus BI has met the criteria for the Microsoft “Platform Test for ISV Solutions” program.  InsFocus BI is an end-to-end business intelligence solution designed specifically for insurance companies.

InsFocus BI enables insurers to gain insight into their business performance and profitability. InsFocus BI enhances insurance company profitability by delivering clearly analyzed and focused information to business executives and professionals in the marketing, underwriting, claims, reinsurance, actuarial and accounting domains.

InsFocus BI works under the Microsoft .NET Framework 2.0 and includes a powerful and fast data extraction, transformation, and loading (ETL) engine, based on Microsoft's SQL Server Integration Services (SSIS). In addition, InsFocus BI incorporates Microsoft ClickOnce deployment and auto-update technology.

Microsoft Certified Partner status will entitle InsFocus to the many benefits that Microsoft offers through its partner program, such as enhanced product and customer support. Furthermore, InsFocus customers are assured that the company's software and solutions are fully compliant with the latest Microsoft-defined standards.

"Achieving the status of Microsoft Certified Partner is recognition of our high degree of expertise in working with Microsoft technologies," said Uri Taiber, InsFocus Founder, President and CEO. "It will help InsFocus realize its full business potential through innovative Microsoft technologies, using Microsoft’s latest tools."

Easy to use and maintain, InsFocus BI is an intuitive system that allows non-technical insurance professionals to focus on what they know best – insurance. Spanning the full spectrum of the data warehousing process – from raw data transformation to clear and accurate reporting – the comprehensive solution helps insurance professionals at all levels make better business decisions and increase profitability.

About InsFocus Systems Ltd.

InsFocus Systems Ltd. (www.insfocus.com), a privately owned company, was founded in 2003 to meet the insurance industry’s growing need for insurance-specific intuitive BI applications. The company's mission is to provide insurance company executives with unique solutions to help them maximize their profits and control risks.

Contact:

David Kanaan
Kanaan Public Relations
Tel.: +972-3-5408188
e-mail: david@kanaan.co.il

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Core solution and complementary products will help drive growth and expansion

Aldergrove Credit Union, located in the heart of the Fraser Valley of British Columbia, Canada, has selected Open Solutions Inc.’s® The Complete Credit Union Solution®, as its core banking system platform. The credit union will also implement Open Solutions’ financial accounting suite, its asset/liability management and budget planning product, report viewing and archiving capability and electronic signature capture. Open Solutions is a leading provider of integrated enabling technologies for financial institutions worldwide. Aldergrove Credit Union offers a full slate of financial products and services, including financial planning and wealth management.

Aldergrove Credit Union’s roots are in the agricultural community and it serves its 20,000 members through five branches located in the Fraser Valley just outside the Greater Vancouver area. The Fraser Valley is also one of fastest-growing regions in British Columbia and is home to some of Canada’s largest financial institutions – including three of the country’s top five credit unions.

In the face of this stiff competition, Aldergrove Credit Union’s Chief Executive Officer Gus Hartl said, “Our organization distinguishes itself by consistently providing the kind of personal service our members have come to expect from a credit union that has a 50-year history in the community. Growth and expansion are strategic objectives, but so is the ability to remain nimble and responsive to members’ needs while maintaining the personal touch.”

Hartl and his team selected Open Solutions’ technology to support these objectives, both today and into the future. “The banking system is progressive, scalable, flexible and compatible with the way we do business at Aldergrove Credit Union,” said Hartl. He further explained that a flat organizational structure and strong focus on operating efficiency enable the credit union to offer very competitive rates in addition to its personal service.

Aldergrove Credit Union’s selection of Open Solutions Canada as its technology partner continues a long-time business relationship between the two organizations. “We view our relationship with Open Solutions Canada as a partnership, in that we share a common goal – meeting members’ needs,” said Hartl. “There is a high level of comfort and trust between us, and we look forward to working together with Open Solutions Canada in the years to come, as we continue to build and grow our credit union.”

Open Solutions Canada President Blair Goulet said, “Aldergrove Credit Union clearly demonstrates how an efficiently run organization that also cares about its members will not only survive, but thrive in a highly competitive financial services marketplace. Our member-centric banking system is an excellent fit with Aldergrove Credit Union’s ‘member-first’ philosophy. We are particularly pleased the credit union considers Open Solutions Canada its partner because it is through this ‘spirit of partnership’ that we can identify and deliver solutions that meet the credit union’s needs.”

Louis Hernandez, Jr., Open Solutions chairman and CEO, said, “We are delighted Aldergrove Credit Union has extended its business relationship with Open Solutions and selected our technology to help it continue taking good care of its members, to grow its business and prosper. We are grateful for the confidence and trust of long-time clients such as Aldergrove Credit Union and are committed to helping them succeed.”

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 Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the worldwide 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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Reuters (LSE: RTR; NASDAQ: RTRSY) is launching JRisk On Demand, a tailored risk management solution for the hedge fund industry delivering real-time risk management tools directly to the individual manager’s desktop.

A growing appetite for risk and increased volume of trades means hedge funds must have access to real-time risk positions rather than rely on end-of-day calculations. JRisk On Demand provides true multi asset class coverage that brings together real-time risk management functions on a single platform.

Risk management is now vital to hedge funds as they trade an ever broader set of structured instruments across all asset classes. JRisk On Demand can be accessed globally via a standard web-browser interface allowing users to view detailed intra-day risk measures as well as profit and loss and position information.

The product is hosted in partnership with GlobeOp Risk Services Limited using established Reuters JRisk technology which can be quickly deployed with minimal upfront investment and the ability to work across any IT infrastructure. As a hosted solution, users benefit from the validated, pricing and reference data provided by Reuters.

Andrew White, Global Head of Reuters Trade and Risk Management said: "JRisk On Demand marks a major milestone by providing tailored risk management to the hedge fund industry. We are meeting the demand for real-time, cross asset risk management coupled with the reliability synonymous with Reuters. As a hosted solution it makes state of the art risk management an easy and immediate reality for hedge funds."

Reuters JRisk On Demand will be showcased on the Reuters stand at GAIM in Monaco 18^{th-20th June.}

Contact:

Nick Bone, Penrose Tel: +44 207 786 4878

Mobile: +44 7909 521 293

Email: nickb@penrose.co.uk

Steve Clarke Tel: +44 20 7542 6865

Reuters Media Relations Mobile: +44 7990 6865

Email: steve.clarke@reuters.com

JRisk On Demand is a hosted ASP solution that offers real-time risk management across all asset classes. Managed by Reuters and made available via a web-browser, JRisk On Demand is a pre-configured risk management tool with advanced technology architecture and functionality. It offers cross asset risk measures, VaR and stress testing, market data scenario analysis, P&L calculation and breakdown, limit management and additional risk measures such as hedge equivalents and bespoke requirements. The intra-day detailed reporting provided by JRisk On Demand can be accessed from any location worldwide via the desktop.

About Reuters Trade and Risk Management:

Reuters are specialists in the risk industry - relied on by 50% of the world's top 25 financial companies, offering sophisticated, tailored functionality at every step of the trade from enterprise wide risk management to STP enabled front-to-back trading solutions. Reuters acquired Palo Alto based Application Networks in June 2006 in order to benefit from state-of-the-art technology and experience in managing structured products and credit derivatives.

About Reuters:

Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Through reuters.com and other digital properties, Reuters now also supplies its trusted content direct to individuals. Reuters drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 16,900 staff in 94 countries, including 2,400 editorial staff in 196 bureaux serving 131 countries. In 2006, Reuters revenues were £2.6 billion.

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Long-standing client, NYCB, to migrate newest acquisition to accommodate growth

Open Solutions Inc. announced that New York Community Bancorp, Inc., the $28 billion holding company for New York Community Bank and New York Commercial Bank, has selected Open Solutions to handle its outsourced core account processing needs for its Penn Federal Savings Bank division. Open Solutions is a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets.

With assets of approximately $2.3 billion and 24 branches in Essex, Hudson, Union, Monmouth, Middlesex, and Ocean Counties in New Jersey, Penn Federal Savings Bank is the newest addition to the New York Community Banking family, which has 160 branches serving customers throughout the Metro New York area.

New York Community Bank has been a client of Open Solutions (formerly BISYS) since 1989 and has grown its assets 30-fold during this time. The bank has selected Open Solutions’ core account processing platform to accommodate the growth of its franchise, which now has eight local divisions serving customers in 14 counties in New Jersey and New York, combined. In addition to Penn Federal Savings Bank, the New York Community Bank franchise includes Queens County Savings Bank, Richmond County Savings Bank, Roslyn Savings Bank, Roosevelt Savings Bank, CFS Bank, First Savings Bank of New Jersey, and Ironbound Bank.

Commenting on the selection of Open Solutions, New York Community Bancorp’s Senior Executive Vice President and Chief Operating Officer Robert Wann stated, “We have a unique business model with three key components: the origination of multi-family loans, the maintenance of strong credit standards, and the efficient operation of our banking family. To achieve our long- and short-term growth objectives in a highly competitive market, we needed a solution with a high degree of automation to drive efficiencies within our operational processes.”

Open Solutions’ core processing platform is designed to help banks, savings banks and thrifts of all sizes to streamline both front- and back-office applications. Combining the control and access of an in-house system, the solution offers a reliable, fully integrated core processing platform in an outsourced environment.

“Open Solutions remains fully committed to offering industry-focused and innovative solutions designed to enable our clients to better compete and provide superior products and services to their marketplaces,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “We understand that one size does not necessarily fit all and we are pleased to offer our clients a choice when it comes to their core processing needs. Our sophisticated technology, coupled with our superior client service, continues to gain momentum in the marketplace as a viable business solution—for all size financial institutions. We look forward to extending our relationship with New York Community to include its newest division, Penn Federal Savings Bank.”

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 Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally 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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Solution Offers Integration between GigaSpaces eXtreme Application Platform and Microsoft Excel 2007, Excel Services and Windows Compute Cluster Server 2003

GigaSpaces Technologies announced it is working with Microsoft Corp. to deliver an analytics solution that allows financial services organizations to process high volumes of transactional data in extremely short processing times. The combined solution delivers real-time trading data in front-office applications based on Microsoft technologies, including Office Excel 2007. It combines the latest Microsoft technologies—Excel 2007, Excel Services, User Defined Functions (UDF) and Windows Compute Cluster Server (CCS) 2003—with GigaSpaces’ eXtreme Application Platform (XAP) and Enterprise Data Grid to deliver superior usability, performance and scalability.

The solution addresses two fundamental challenges grid users in capital markets are facing today. First, it allows organizations to move large volumes of data to compute nodes with low-latency performance, and, second, it eliminates the disconnect between the front office and the data grid. In addition, GigaSpaces’ platform provides a highly scalable application architecture that enables organizations to keep pace with rapid growth. 

“In the financial services industry, large and fast-growing applications based on Microsoft technologies need to process high volumes of transaction data very fast,” said Stevan Vidich, U.S. capital markets industry technology strategist, Microsoft Corp. “Our work with GigaSpaces supports those requirements by offering end users a way to process high volumes of low-latency data using Excel-based applications. Smooth interoperability between Java and .NET is an added bonus.”

According to Amnon Raviv, Senior Director of Strategic Alliances at GigaSpaces, “GigaSpaces unique approach delivers two key capabilities: high performance and scalability. We do this by combining distributed caching, content-based messaging and parallel processing to enable linear scalability and extreme low-latency. As a result, financial services applications can handle large data sets and leverage available resources more effectively. We are pleased to deliver these benefits to Microsoft users.”

GigaSpaces and Microsoft will preview the combined solution, providing live product demonstrations in booth #1419, at SIFMA’s Technology Management Conference, June 19-21 in New York City. Additionally, a white paper published by the two companies will be available on Microsoft Developers Network (MSDN) web site in late June.

GigaSpaces’ award-winning solutions are being adopted across industries such as financial services, telecommunications and law-enforcement for mission-critical applications, where the need for extreme performance, reliability and scalability necessitates an alternative to traditional tier-based architectures. In order to broaden its reach and provide premiere enterprise solutions, GigaSpaces Technologies continues to foster new industry relationships and create innovative products for its customers.

About GigaSpaces
GigaSpaces provides a single infrastructure software platform for application scalability and performance. GigaSpaces' unique approach enables developers to write their business logic as if writing to a single computer and then seamlessly scale out the application linearly anywhere, and on-demand. It is targeted at applications characterized by high-volume transaction and data processing and low transaction latency requirements and provides an alternative to Web Services for implementing high performance and scalable service-oriented architectures. GigaSpaces customers include leaders in the financial services, telecommunications sectors and government institutions, including: Société Générale, Chicago Mercantile Exchange, Dow Jones, Virgin Mobile, Nortel and Hutchison 3G, where the need for mission-critical high-performance, low-latency, reliability and scalability necessitates an alternative to traditional approaches. GigaSpaces was founded in 2000 and has offices in New York, San Francisco, London, Paris and Israel. It is a privately held company, funded by FTVentures, BRM Capital, Intel Capital and Formula Vision. 

For more information, please visit http://www.gigaspaces.com, or visit the company's blog at http://www.gigaspacesblog.com.

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Reuters (LSE: RTR; NASDAQ: RTRSY) is launching JRisk On Demand, a tailored risk management solution for the hedge fund industry delivering real-time risk management tools directly to the individual manager’s desktop.  

A growing appetite for risk and increased volume of trades means hedge funds must have access to real-time risk positions rather than rely on end-of-day calculations.  JRisk On Demand provides true multi asset class coverage that brings together real-time risk management functions on a single platform. 

Risk management is now vital to hedge funds as they trade an ever broader set of structured instruments across all asset classes. JRisk On Demand can be accessed globally via a standard web-browser interface allowing users to view detailed intra-day risk measures as well as profit and loss and position information.

The product is hosted by Reuters using established JRisk technology which can be quickly deployed with minimal upfront investment and the ability to work across any IT infrastructure.  As a hosted solution, users benefit from the validated, real-time and low latency data managed by Reuters. 

Andrew White, Global Head of Reuters Trade and Risk Management said: “JRisk On Demand marks a major milestone by providing tailored risk management to the hedge fund industry.  We are meeting the demand for real-time, cross asset risk management coupled with the reliability synonymous with Reuters.  As a hosted solution it makes state of the art risk management an easy and immediate reality for hedge funds.”

Reuters JRisk On Demand will be showcased on the Reuters stand at GAIM in Monaco 18th-20th June.

Contact:
Nick Bone, Penrose                                  Tel: +44 207 786 4878
                                                           Mobile: +44 7909 521 293
Email: nickb@penrose.co.uk

Steve Clarke                                           Tel: +44 20 7542 6865
Reuters Media Relations                             Mobile: +44 7990 6865  
                                                            Email: steve.clarke@reuters.com

JRisk On Demand is a hosted ASP solution that offers real-time risk management across all asset classes. Managed by Reuters and made available via a web-browser, JRisk On Demand is a pre-configured risk management tool with advanced technology architecture and functionality. It offers cross asset risk measures, VaR and stress testing, market data scenario analysis, P&L calculation and breakdown, limit management and additional risk measures such as hedge equivalents and bespoke requirements. The intra-day detailed reporting provided by JRisk On Demand can be accessed from any location worldwide via the desktop.

About Reuters Trade and Risk Management:

Reuters are specialists in the risk industry - relied on by 50% of the world's top 25 financial companies, offering sophisticated, tailored functionality at every step of the trade from enterprise wide risk management to STP enabled front-to-back trading solutions. Reuters acquired Palo Alto based Application Networks in June 2006 in order to benefit from state-of-the-art technology and experience in managing structured products and credit derivatives.

About Reuters:
Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Through reuters.com and other digital properties, Reuters now also supplies its trusted content direct to individuals. Reuters drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 16,900 staff in 94 countries, including 2,400 editorial staff in 196 bureaux serving 131 countries. In 2006, Reuters revenues were £2.6 billion.

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Lab49, Inc., a consulting firm that specializes in building advanced applications for global financial institutions, announced it has extended its offerings to include Complex Event Processing (CEP).

An emerging technology, CEP is closely aligned with the consultancy’s strategy of constant innovation and company growth through partnerships with fast-growing product companies. Current technology partners include Coral8, Progress® Apama® and StreamBase Systems.

Daniel Chait, co-founder and Managing Director at Lab49, said, “Lab49 constantly evaluates new technologies, seeking those innovations which stand to impact financial services firms. With this new practice, we are both helping clients to understand what these new products have to offer, and working with them to create the next generation of real-time information systems. CEP applications also fit nicely with other advanced technologies Lab49 has expertise in, such as large-scale grid computing and advanced visualization.”

Overall CEP technology has been gaining market share and is now poised to become a central component of many business-critical applications within financial services.  While such systems have previously been thought of as applicable within a narrow range of applications, today firms are using them for everything from algorithmic trading, to derivatives pricing, to real-time, cross-asset risk management.

Brad Bailey, Senior Analyst with the Aite Group, said, “As a solution, CEP will offer an increasingly compelling value proposition in a number of areas within the capital markets. The evolution of a CEP framework for viewing databases and live data will have profound implications for database companies and the ways in which people view their data. The ability to gather or query information from real-time streaming data with minimal latency will only increase the use of CEP as a ‘database’ tool.”

“The increasing liquidity of markets within both the Fixed Income and Equities worlds presents dual challenges to securities trading organizations. On the one hand, improved market efficiency means that more sophisticated approaches are required to generate trading profit, yet this same efficiency requires that these approaches be able to process huge volumes of data with very low decision latency. CEP is a valuable technology for meeting these challenges” said Luke Flemmer, co-founder and Managing Director, Lab49.

Lab49 will be present at the SIFMA Technology Management Conference & Exhibit through its CEP/ Windows Presentation Foundation (WPF) partners. For the equity algorithmic trading demo visit Coral8, Inc at booth number 1618. For the StreamBase/ WPF market simulation demo visit StreamBase Systems at booth number 1770. For the Longview Live WPF Order Management System demo please join Microsoft and Lab49 on Tuesday, June 19 from 6:00pm – 8:00pm in the East Suite. 

About Lab49

Lab49, founded in 2002, serves leading global investments banks, hedge funds and mortgage institutions and has completed custom software engagements in equities, fixed income, foreign exchange, portfolio management, and real-time risk information delivery systems. Lab49 is the financial services division of Corpus.

Corpus, Inc. is a global information technology solutions provider. Corpus has numerous Fortune 50 clients in the Media & Entertainment, Telecommunications, and Banking & Financial Services verticals. Visit www.lab49.com; and blog.lab49.com.

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Survey on insurance software deal trends highlights INSTEC for second consecutive year

In the latest edition of its Insurance Software Deal Trends report, research and advisory firm Celent, LLC, has named INSTEC as a leading provider in the Partial Policy Administration Systems category, based on the number of deals the company inked in 2005 and 2006.   This is the second consecutive annual deal trends report by Celent to list INSTEC as a leader in policy administration software.

INSTEC’s QuickSolver^® policy administration software is used by over 50 insurance providers to process Property & Casualty insurance in all 50 states.  Built on Microsoft technologies and utilizing industry standards such as ACORD XML and web services, the best-of-breed solution has become a solid choice among leading insurance carriers and MGAs. 

“The leading providers named in the report are active in the insurance vertical," says Craig Weber, Celent senior analyst and author of the report. "That gives them excellent insights into the unique needs of insurance carriers."  According to another recent Celent report, Policy Administration System 2007: Commercial Lines Vendors, “INSTEC’s traction in the P/C policy administration market is understandable. QuickSolver’s low cost, extremely fast implementations, and commercial lines focus will likely continue to make it a well received system. … Reference customers were strongly positive about both INSTEC and the QuickSolver system.”

Ray Simon, INSTEC President said “The recognition by Celent is a welcome affirmation to the success of INSTEC and our employees.  We recognize the privilege and responsibility of serving many different insurance providers and look forward to the continued momentum of our QuickSolver solution.”

About INSTEC

Founded in 1982, INSTEC provides carriers and MGAs with comprehensive “best-of-breed” rating and policy administration 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

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Forum engages large U.S. credit unions for industry dialogue

Raddon Financial Group (RFG), a provider of research-based solutions to the financial industry and a business division of Open Solutions Inc., is hosting a  CEO/Directors’ Forum for CEOs and directors for  credit unions with assets in excess of $500 million. The large credit union focused conference, held from Aug. 1 - 3 at The Ritz Carlton Half Moon Bay, Calif., will feature several industry-leading credit union speakers including Dennis Dollar, principal partner, Dollar Associates LLC & former chairman, NCUA; Chip Filson, president, Callahan & Associates; Charles Thiel, CFE, CIA, CEO and Robert Goldfinger, CAMS, vice president, Focus Technology Group; Gary Raddon, founder, Raddon Financial Group; Terence Roche, principal, Cornerstone Advisors, and Steve Winninger, CEO, NuUnion Credit Union.

“The CEO/Directors’ Forum focuses on the changing nature and future of larger U.S. credit unions and was specifically designed for senior-level executives and directors managing credit unions with assets of $500 million or more,” said Bob Dye, RFG’s general manager and chief operating officer. “The business model is changing for large credit unions and this meeting will put credit union chief executives and directors at the forefront of the coming challenges and opportunities our industry will face.”

For more information or to attend the forum please call 877.RADDON.1 (877.723.3661) or go to www.raddon.com/forum.

About RFG
RFG, a business unit of Open Solutions Inc., has been providing research-based solutions exclusively to the financial industry since 1983. RFG understands the industry and knows how consumers interact with financial institutions. By using best practices in research, analysis and trends to create customer intelligence, RFG plays a key role in helping financial institutions manage their customer relationships and their organizations.

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 Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, digital document, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial service providers in the United States, Canada and internationally 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 http://www.opensolutions.com/.

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Broker-dealer to modernize with Web-based investment dealer management system

EDS announced that First Midwest Securities Inc., an Illinois-based brokerage firm, has selected EDS SOLCORP's WealthServ Investments to manage their entire front and back office needs. This new client engagement accelerates EDS SOLCORP's expansion into the U.S. market and demonstrates the growing demand for innovative and flexible solutions that deliver a higher level of customer satisfaction.   

First Midwest Securities is an employee-owned independent brokerage firm. Licensed to sell securities in 50 states, the firm will be consolidating data from three disparate systems onto the single WealthServ Investments platform, giving advisors a consolidated view of their customers' holdings and a robust toolset for meeting First Midwest's compliance, commission and reporting needs.

"WealthServ Investments provides us with a complete, Web-based solution, able to deploy quickly and at a reasonable cost," said Terry Buffalo, president, First Midwest Securities. "Our reputation is built on our exceptional customer service and we're committed to continuing to set the highest standards in our industry. We're looking forward to working with EDS to ensure we continue to lead in service and professionalism."

WealthServ Investments is a full-function Web software application hosted by EDS, supporting broker-dealer back-office, retail financial advisor and investor direct access on a single real-time system. WealthServ Investments allows broker-dealers  and their representatives to see the same information, consolidate financial information across investment, deposit and insurance lines, comply with regulatory requirements, manage compensation and create on-demand client statements and reports that enhance advisor professionalism.

"We're pleased to be chosen by First Midwest to help them modernize and consolidate their systems," stated Daniel Baron, president, EDS SOLCORP. "Our rapid implementations and simple conversion process will enable them to realize tangible gains and competitive advantage within a short time frame."

About First Midwest Securities, Inc.

First Midwest Securities, Inc. is a progressive, competitive, independent broker dealer and SEC Registered Investment Advisor with a nationwide presence. Established in 1987, the firm offers positions to representatives with already established businesses who wish to offer their clients the best service, products, and investment knowledge available in the industry.

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.

 

About EDS

 

EDS (NYSE: EDS) is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. Learn more at eds.com.

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Insurance carrier joins ranks of leading life underwriting companies using Skywire Software’s IDX hub to automate data exchange for life insurance  

Skywire Software, a leading global provider of software and services for the insurance industry, announced that Fidelity Life Association has selected its Insurance Data Exchange (IDX).  The announcement came during NAILBA FOCUS in Scottsdale, Ariz., where Skywire Software is exhibiting its offerings for the industry, June 6-7.

Skywire Software’s IDX is the largest independent life insurance centralized data hub that automates real-time data exchange between carriers, brokerage general agencies (BGAs) and service providers for life, health and annuities.  Fidelity Life Association will use IDX to automate application upload for new life insurance business and communicate pending case status for its Rapid Decision Term product.   

“Skywire Software understands the insurance industry and the need for innovative technology that can enhance collaboration between all parties involved in the processing of life insurance business,” said Stephan Peters, director of Information Technology, Fidelity Life Association.  “Using Skywire Software’s IDX to automate data movement, we expect to expedite the application submission process for our distribution partners and make it easier for them to do business with Fidelity Life Association.”

More than one million new policies were processed through Skywire Software’s IDX during 2006, involving the exchange of more than 10 million messages in ACORD-XML, NAILBA, and other proprietary data formats.  Accelerated processing and transactions boosts profitability and increases customer satisfaction by offering one touch point to move data across distribution channels, agency management systems, and supporting multiple file formats.

“Automating real-time data exchange between all parties involved is a critical need as insurers seek ways to increase efficiency and speed the processing of new insurance business,” said Wendy Gibson, chief marketing officer, Skywire Software.  “We are pleased to be working with Fidelity Life Association and look forward to enabling the company to better assist its customers by exchanging data through our IDX insurance hub.”

Skywire Software’s Michael Sladek is one of three panelists who will lead the workshop, “Maximizing BGA Productivity”, at NAILBA FOCUS, 2:30-3:45 p.m., Thursday, June 7.  Panelists will present real world examples demonstrating how companies can benefit from using automated data exchange for application upload and to enhance collaboration between carriers and BGAs.

Skywire Software serves more than 1,000 insurance companies.  Approximately 50 leading life underwriting companies, more than 50 of the largest life insurance brokerage general agencies, 7,000 agencies / agents, and the top five service providers use Skywire Software’s IDX and related automated data exchange products. 

About Skywire Software

Skywire Software is a leading software company serving the insurance, health care, utility, and financial services industries.  The Company develops industry-specific software products that help companies integrate processes, people and information. With products and services that span a range of key functions, including rating, rules, underwriting, business intelligence, agency management, data movement, and enterprise-wide document automation, Skywire Software is dedicated to providing an unparalleled customer experience to more than 1,600 customers worldwide.  For more information, contact Skywire Software at 1-800-735-6620 or visit www.skywiresoftware.com.

About Fidelity Life Association

First established in 1896 as a fraternal benefit society designed to provide financial security for the growing middle class, the company remains an innovator in product design with a focus on consumer friendly service targeting the needs of Middle Americans. Fidelity Life Association provides the financial strength and security of an A- (Excellent) rating from A.M. Best. For more information, visit www.fidelitylifeassocation.com.

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Connecture, Inc., the leading provider of Web-based sales, service, and process automation solutions to the health insurance industry, has fully integrated Microsoft Dynamics CRM 3.0 with InsureConnect. This health insurance version of Microsoft Dynamics is offered on both a stand-alone basis and as a product extension of InsureConnect, designed to provide a best-in-class, industry-specific sales process automation solution to meet the unique needs of health plans. With the familiar Microsoft Outlook and Office interfaces for contacts, calendars, tasks, and e-mail synchronization, the combined solution with InsureConnect includes quoting, rating, enrollment and installation, underwriting, policy administration, and renewal functionality for all size health plans. This solution also facilitates effective marketing campaign management and the identification of new sales opportunities.

Connecture and Microsoft will be demonstrating InsureConnect and Dynamics CRM at Institute 2007, AHIP’s annual meeting, June 20-22, at the Wynn Las Vegas in Las Vegas, Nevada. Both companies will be showing the capabilities of this health plan automation solution in their booths, Connecture in booth 1131, and Microsoft in booth 716. Registration for an in-person demonstration can be completed at www.connecture.com/register.html.

Connecture and Microsoft recently demonstrated the InsureConnect and Dynamics CRM solution in a Webcast, “CRM and Sales Automation for the Health Insurance Industry – Maximizing Your Health Plan’s Sales and Marketing Opportunities.” The Webcast included a demonstration of how this integrated CRM solution easily identifies new sales opportunities, enhances pipeline management, provides comprehensive reporting, and improves support to increase productivity, profitability, and new business acquisition. The Webcast also highlighted the importance of the right user experience and the right technology as the key to driving CRM success; because successful user adoption, productivity and the right architecture will support long-term business needs and reduce IT executive risks. The Webcast can be viewed at www.connecture.com/crmwebcast.

About Connecture

Connecture is solely focused on delivering integrated Web-based sales, service and process automation solutions to the health insurance industry. Connecture has automated elements of the insurance sales and service process for over 70 health plans and insurers, and its InsureConnect suite of solutions currently supports the sales and servicing of 10 of the 20 largest health plans and insurers in the country. Its industry-proven solutions encompass the entire spectrum of multi-channel insurance sales and services for small group, large group and individual markets. Connecture offers an end-to-end business process transaction platform consisting of focused modular applications that fully integrate with existing legacy systems. Connecture’s solutions have proven to deliver increased sales, enhanced broker loyalty, improved back-office efficiencies, lower customer acquisition costs, and decrease overall operating expenses. For more information, call Megan Moyer at 262.408.3866 or visit the Connecture Web site at www.connecture.com. Connecture has offices at 101 Marietta Street, Suite 1700, Atlanta, GA, and at One Riverwood Place, N17W24222 Riverwood Drive, Suite 330, Waukesha, WI.

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Exstream Software, Inc. announced that Achmea, the Netherlands’ largest insurer and pension administrator, is implementing the company’s Dialogue enterprise document automation software across 16 business units to streamline document creation processes and provide value-added communications for its customers. Achmea chose Dialogue for its ability to generate all of the personalized document types they expect to create, including statements, enrollment forms, marketing materials, and customer letters, as well as its open architecture for easily integrating with the company’s existing corporate systems and IT infrastructure. 

“Previously, we had five separate document creation platforms to maintain and control. That was expensive and time-consuming, and each of our ten engineers specialized in only one or two of the systems,” said Marcel Kooij, manager of the Media Output department of Achmea. “Now, they all use Dialogue to produce colorful, high quality documents quickly and accurately for both print and electronic channels. It’s so much easier to work with a single platform.” Kooij adds, “We now have a full service solution for optimizing document development, reducing maintenance costs, and getting personalized and accurate communications to market more quickly. We think that will translate to increased customer satisfaction and retention.”

Achmea also considers Exstream’s combination of a global presence and local support critical. “Exstream’s professionalism impressed us from the start,” says Hans Dickerscheid, project manager of Achmea. “We not only have bought a more streamlined document automation solution, but we’ve also gained a valuable partner.”

“Finding a single solution that handles all of the document needs of our company was critical to Achmea,” explains Henry Meutstege, manager IT Operations and Exploitation Services.

“We were very pleased we could provide Achmea with a single software platform that could meet their extensive requirements and look forward to our future success as partners,” says Robert Hoeksema, commercial director of Exstream, Netherlands.

About Achmea

Achmea is one of the largest financial services companies in Benelux. Achmea offers companies, organizations, and consumers a broad variety of insurance, banking, and mortgage products and services. Achmea provides pension administration and health care services, and enables companies to improve labor conditions in the workplace (arbo), as well as manage absenteeism, reintegration of employees and products, and services that improve lifestyle. Achmea operates under the following brands: Centraal Beheer Achmea, Zilveren Kruis Achmea, Interpolis, Avèro Achmea, FBTO, and Staal Bankiers.

About Exstream Software

Ranked among the world’s fastest growing technology companies, Exstream Software provides enterprise software solutions for businesses around the world to streamline document creation processes and produce higher quality, relevant communications of all types for delivery through print/mail and online channels. Companies in the financial services, insurance, healthcare, service provider, telecommunications, utilities, hospitality, retail, government, and other industries benefit by getting communications to market as much as 85 percent faster, reducing document production costs up to 80 percent, and as much as tripling customer response. Visit Exstream at www.exstream.com, or contact +1 859-296-0600 or info@exstream.com for more information.

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EDS SOLCORP (EDS) announced plans to integrate Microsoft Dynamics CRM suite into SOLCORP's industry-leading WealthServ Insurance and Investment solutions for broker dealers and insurance distributors. The enhanced capability will be available in late 2007.

A scalable, Web-based enterprise solution, WealthServ enables shortened time to revenue, increased customer satisfaction and improved cost savings. The ability to connect to the WealthServ Insurance and Investment databases through Microsoft's Dynamics CRM solution will enable agents to have a complete 360 degree view of their customers' portfolio. This ability will empower agents to improve communication with customers, track applications through their lifecycles, analyze business data and access real-time reports - all from their familiar desktops.    

Microsoft Dynamics CRM is a customer relationship management (CRM) solution tha