Singer & Friedlander Insurance Finance Ltd Consolidates Newly Acquired Business Onto CQ Systems Premium Finance solution

Singer & Friedlander Insurance Finance,the insurance premium-funding arm of independent financial services group, Singer & Friedlander Group Plc, having acquired Benfield Premium Finance Ltd, has consolidated operations onto the CQ Systems Premium Finance system.

(PRWEB) July 24, 2005 -- Singer & Friedlander Insurance Finance (SFIF), the insurance premium-funding arm of independent financial services group, Singer & Friedlander Group Plc, having acquired Benfield Premium Finance Ltd, has consolidated operations onto the CQ Systems Premium Finance system.

With the acquisition of Benfield, SFIF wished to consolidate operations onto a single operational platform with the clear objective of not diluting any of the individual benefits each companys solution provided. After an in-depth systems review the CQ Premium Finance solution was considered the preferred route.

Bob Darling SFIF MD; "The CQ Premium Finance system operates like a lender rather than merely a processor and offered better functionality and scalability to accommodate SFIFs expected growth. With a project to maximise systems benefits completed, we have been able to provide our brokers with a wider range of products, better management information and most importantly we can now interface with all the main broker systems for seamless data pass-through, reducing broker administration and increased speed of processing."

A very tight time frame was set to consolidate all businesses onto the one system and roll out the new functionality. Recognising this Bob commented, "We enjoy a very close relationship with CQ and did not need to teach them our business. They could bring extensive industry knowledge and strong project management to the table."

Said Stephen Howard, CQs project manager "Given the unforgiving timeframe imposed and the number of changes requested, including a data transfer of some 40,000 agreements, it is worth noting that most phases of the project required a very close liaison and highly motivated staff. There was a highly integrated approach between CQ and SFIF, this was particularly in evidence around the requirements gathering workshops, the data transfer process and the integration/acceptance testing, which was carried out as a joint exercise located in the CQ offices. This approach demonstrated a very clear partnership rather than two independent project teams."

The project met all the set objectives including the very tight deadlines. It has enabled SFIF to strengthen its market presence with a greater range of products, added all the major broker system interfaces and increased broker service and efficiency. SFIF is now positioned and already seeing the benefits with significantly increased business activity.

Adrian Tilley, SFIFs head of IT commented, "Singers is now in a position to meet its three year strategy to be a 'top three' primary player in the premium finance market and has the clear potential to be recognised as the markets technology leader."

Editors Notes
Singer & Friedlander Insurance Finance: Singer & Friedlander Insurance Finance Limited is a subsidiary of Singer & Friedlander Group plc (www.sfbank.co.uk), the independent financial services group and a FTSE 250 company. Formed in 1996, Singer & Friedlander Insurance Finance Limited has established itself as an innovative insurance finance specialist. Its web site, www.sfif.co.uk, won an IBM Global Business Award, and offers Singer & Friedlander Insurance Finance services to the entire UK Intermediary market.

CQ Systems: Established in 1986 and now part of the NetSol Technologies Inc. group. CQ (www.cqsystems.com) provides software and services to the financial services industry. Today CQ has 55 banking, independent and captive finance house clients in the UK, Europe, Africa and Asia. CQ is recognised as a premium solutions provider with specialist products for the insurance premium finance, asset finance and motor finance sectors.

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