Hummingbird and The Insurance Workplace Open Online Collaborative Service for Insurance Companies in the UK
20 Juli 2006 - 9:12PM
PR Newswire (US)
Hummingbird partners with on-line Application Service Provider
(ASP), The Insurance Workplace, to provide secure, virtual
community for content lifecycle management and information sharing
TORONTO, ON, and LONDON, England, July 20 /PRNewswire-FirstCall/ --
Hummingbird Ltd. (NASDAQ:HUMCNASDAQ:TSX:NASDAQ:HUM), a leading
global provider of integrated enterprise content management (ECM)
and network connectivity solutions, and The Insurance Workplace
Software Ltd., has launched a secure online collaboration service
for the Lloyd's insurance market in the UK, the world's leading
insurance market. The Insurance Workplace (TIW) product has the
ability to fully support Contract Certainty and Electronic Claims
Files in the market, as well as offering a cost effective means of
setting up and maintaining strategic elements of peer to peer
relationships. Hummingbird Enterprise(TM) provides the enterprise
content management framework for TIW, an internet-based service
which will allow brokers, underwriters, reinsurers, compliance
officers, wording technicians, claims managers, risk managers and
loss adjusters to store and collaborate on policy, underwriting
submissions and claims documents. The TIW application allows users
to manage an individual document's lifecycle, control and monitor
tasks and share information with clients, partners and colleagues
anywhere in the world. "With Hummingbird's strong position in the
financial services industry as our foundation, we continue to work
with key strategic partners who are able to provide and demonstrate
great depth and understanding of specific requirements of the
sector, to ensure that we are satisfying the needs of the financial
services market," said Barry Litwin, President and Chief Executive
Officer, Hummingbird Ltd. "Hummingbird continues to support and
bring backing to its varied partners in the market - from
specialist solutions such as TIW, to Lloyd's insurance market
specific broker and underwriting system providers, integration
consultants and to standards such as the Association for
Cooperative Operations Research and Development (ACORD). TIW is an
amalgamation of what Hummingbird has committed to bring to the UK
market: knowledge, understanding of process, commitment to delivery
and long-term partnership as we drive modernization and reform in
the Lloyd's insurance market together. This initiative further
entrenches Hummingbird in the financial services industry," added
Litwin. In partnership with Hummingbird, TIW - which is an alliance
of Hummingbird partners The Alphabet Group and Web Connectivity -
is the first application of its kind to be launched for the Lloyd's
insurance market. The new hosted ASP solution means brokers,
underwriters and the assured can openly approve confidential
documents and have total transparency in the negotiation of
insurance contracts, in the knowledge that access to information is
automatically controlled in a secure environment. "We designed The
Insurance Workplace with every kind of insurance and risk
management practitioner in mind, working with Hummingbird as our
technology partner," said David Edwards, Director of The Insurance
Workplace. "TIW combines the advantages of a secure online
community and easy-to-use virtual workspace with a comprehensive
wordings library plus a checking and comparison capability. The
launch this week indicates substantial demand for TIW from the
insurance industry in the UK, where there is an evolving need for a
collaborative and secure business environment where important
electronic documents can be filed, modified or negotiated rapidly
amongst its members, without sacrificing control." With TIW, the
insurance practitioner only requires an Internet browser to
securely: - manage submissions from risk managers to brokers to
underwriters; - store and share confidential documents and
spreadsheets from a single location; - efficiently maintain and
update detailed memorandums and schedules; - agree and collaborate
on versions of wordings with multiple parties; - quickly build and
share a library of wordings and clauses; - take advantage of full
text and profile search capability; - manage the claims
documentation process and connect all parties; - create on-line
discussion groups for key issues and topics or new products; -
maintain a complete audit trail of any document for compliance and
regulatory purposes; - promote corporate governance and provide
enhanced management information; - seamlessly connect with other
repositories through ACORD Document Repository Interoperability
(DRI); Hummingbird Enterprise delivers a fully integrated platform
for enterprise content management that provides financial services
organizations with solutions to manage and collaborate on
documents, contracts and e-mail - linking business processes,
information and people together globally. Hummingbird's insurance
solutions address the needs for underwriting, policy
administration, claims and contract certainty for property and
casualty, the life insurance industry, and for agents and brokers.
As a member of ACORD, a global, non-profit insurance association
whose mission is to facilitate the development and use of standards
for the insurance, reinsurance and related financial services
industries, Hummingbird is also committed to the highest standards
in the insurance industry to this platform. About The Insurance
Workplace (TIW) The Insurance Workplace (TIW) is a new venture
formed to take advantage of the growing awareness of Collaboration
Software and its particular potential within the Insurance and
Reinsurance Industry. TIW is a secure area where interested parties
can quickly obtain specific and particular wordings, templates and
clauses; submit documents for review and publish final versions for
distribution to relevant parties. Users can be alerted
automatically, by e-mail or SMS, as to when any change has taken
place and the providence of all documents will be maintained within
the site for compliance purposes. One focus of the product will be
to support the Contract Certainty initiative laid down by the FSA
for the London Market. It will also support Electronic Claims
Files, peer to peer relationships and is ACORD compliant using
recognized DRI connectors. TIW believe there is a market for a
collaborative workplace for key parties to allow them to construct
(by reference to a wordings library), exchange, review and obtain
agreement to policy documentation which will allow them to fulfill
their regulatory obligations, and avoid the penalties that the FSA
are considering for non-compliance. For more information, visit
http://www.tiw.org.uk/. About Hummingbird Enterprise(TM)
Hummingbird Enterprise provides an integrated platform for
enterprise content management that provides global organizations
with solutions to manage business interaction information such as
documents, records, virtual deal room exchanges, discussions,
e-mail or financial data - linking business processes, information
and people. Hummingbird solutions are designed as modular
applications that are fully interoperable with each other, enabling
customers to incrementally build an enterprise content management
solution to meet their evolving information needs in a cost
effective manner. About Hummingbird Hummingbird Ltd. is a leading
global provider of enterprise software solutions. The Company's
enterprise software solutions fall into two principal categories:
enterprise content management (ECM) solutions, and network
connectivity solutions. Hummingbird's ECM solutions enable
organizations to manage the lifecycle of enterprise content from
creation to disposition, thereby enabling organizations to address
critical business needs, such as information management, business
continuity, compliance and risk mitigation. The network
connectivity solutions provide a comprehensive set of core network
technologies that enables the enterprise to connect to any type of
legacy system. Founded in 1984, Hummingbird employs over 1,400
people and serves more than 33,000 customers, including 90% of
Fortune 100 companies. Hummingbird solutions are sold directly from
40 offices worldwide and through an Alliance Network of partners
and resellers. For more information, visit
http://www.hummingbird.com/. DATASOURCE: Hummingbird Ltd. CONTACT:
Dan Coombes, Director, Investor Relations, Hummingbird Ltd., Tel:
(416) 496-2200 ext. 6359, ; Michele Stevenson, Senior Manager,
Corporate Communications, Hummingbird Ltd., Tel: (416) 496-2200
ext. 2623, ; Hummingbird UK Contacts: Rob Taylor, Bite
Communications, Tel: 020 8834 3426, E-mail: ; Jill Wells,
Hummingbird, Office: 0118 978 2800, Email: ; TIW Contact: David
Edwards, TIW, Tel: 0207 264 2078, E-mail:
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