Texas Farm Bureau Insurance Companies Select SunGard's iWorks Investment Management
The Texas Farm Bureau Insurance Companies have selected SunGard's iWorks Investment Management solution to help the Companies manage over $1billion in invested assets by providing investment accounting, reporting, portfolio analytics, and decision support. SunGard is also providing consulting services to help the Companies optimize system configuration, maximize the efficiency of resources and minimize risk.
New York, NY (Vocus/PRWEB ) June 25, 2009 -- The Texas Farm Bureau Insurance Companies have selected SunGard's iWorks Investment Management solution to help the Companies manage over $1billion in invested assets by providing investment accounting, reporting, portfolio analytics, and decision support. SunGard is also providing consulting services to help the Companies optimize system configuration, maximize the efficiency of resources and minimize risk.
In order to remain competitive and react quickly to market changes, carriers must optimize the efficiency of their investment portfolios while improving business processes. The Companies selected SunGard for its understanding of the unique insurance regulatory landscape and its ability to provide expert business transformation services that will help the Companies streamline operations and reduce costs.
SunGard's iWorks Investment Management supports a wide range of investment instruments and includes the ability to process in multiple open periods. It also supports the analysis of investments based on market changes and can support the specific operational, processing and reporting requirements of the Companies. iWorks integrates custodial and market data, which helps ensure alignment with current market conditions. As a fully automated solution, iWorks will also help the Companies shorten statutory reporting cycles and improve data accuracy.
Mike Gerik, executive vice president of the Companies, said, "We turned to SunGard because of its valued expertise and understanding of complex regulations and NAIC rules. We trust SunGard's ability to deliver a comprehensive solution that can help us transform our business operations through the new functionality iWorks provides as well as its ability to help us make better use of existing resources."
Greg Webber, president of SunGard's insurance business, said, "SunGard's iWorks can help the Companies simplify investment accounting processes and provide management with accurate and timely investment data for enhanced decision making. SunGard's iWorks helps insurers achieve greater agility and resilience by providing a solution suite that can easily adapt to changing business conditions and operational requirements."
About Texas Farm Bureau Insurance Companies:
Texas Farm Bureau Insurance Companies were incorporated to sell and service the auto and property insurance needs of more than 400,000 member families of Texas Farm Bureau. Headquartered in Waco, Texas, the Companies 800+ multi-line agents and 300+ claims personnel stand ready to provide prompt, efficient service at over 250 offices statewide.
The Texas Farm Bureau Insurance Companies are comprised of the following entities: Texas Farm Bureau Mutual Insurance Company, Texas Farm Bureau Underwriters, Texas Farm Bureau Casualty Insurance Company, and Farm Bureau County Mutual Insurance Company of Texas.
About SunGard's iWorks:
SunGard iWorks is a business-driven IT product suite for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWorks offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs. For more information, visit SunGard iWorks at www.sungard.com/iworks.
About SunGard:
SunGard is one of the world's leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world's 25 largest financial services companies.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses.
Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP.
Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at www.sungard.com
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo and iWorks are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
American Farm Bureau® Federation is the owner of all right, title and interest in and to the registered service mark "Farm Bureau®" which has been licensed to the Companies for use in Texas.
For more information please contact:
Adriana Senior
VP, Media Relations
SunGard Financial Systems
+1 718-578-1130
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