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Fujitsu launches BPO offering for the insurance market

Fujitsu teams with Vertex Financial Services and Munich Reinsurance to provide Web-based straight through processing for life protection market

Fujitsu Australia Limited

Sydney, April 07, 2006

Fujitsu Australia today announced that it is launching a web-based straight through processing (STP) service for the Australia and New Zealand life protection market. Fujitsu will leverage technology from UK-based Vertex Financial Services (formerly Marlborough Stirling), a leading provider of outsourced services and technology solutions, whose customers include Royal Liver and Lloyds TSB. With this new initiative, Fujitsu aims to significantly reduce the cost of processing a life protection case in the $25 billion protection market.

Fujitsu will host and manage the service, which is based on Vertex’s award-winning, full lifecycle STP platform, partnering with Munich Reinsurance and utilising Munich Reinsurance’s underwriting rules. The service can cover all facets of protection policies from quote, through online underwriting to claim. By automating the application process using the Fujitsu service, insurers can not only reduce the cost of processing a protection case, they can also reduce the time it takes to process an application down to 48 hours in most cases.

Rod Vawdrey, Chief Executive Officer, Fujitsu Australia and New Zealand said, “The expenses for insurers associated with providing protection continues to escalate while the industry is plagued with a shortage of underwriters and the need to get new business on their books faster. Fujitsu’s Business Process Outsourcing (BPO) offering provides the Australian and New Zealand insurance industry with a mechanism to improve efficiency in the back office and to cut costs.”

Fujitsu will provide a hosted STP service for insurers, which will be supported by outsourced underwriting and teleunderwriting from Otter Risk Solutions, Vertex’s third party underwriting and claims risk management subsidiary. The service also enables insurance companies to ‘re-badge’ their protection products and open new channels of distribution such as banks and credit unions.

“By adopting Vertex’s award winning technology platform and Otter’s proven and highly successful teleunderwriting focused approach, Fujitsu is transforming the way financial services are bought and sold in Australia and New Zealand,” said Matt Pilcher, Business Manager, Munich Reinsurance.

“Vertex’s STP platform uses a combination of business rules and underwriting rules to process applications. While straight through processing has been around for many years, the reality is that few insurance companies are currently able to process online business ‘straight through’ from quotation to back office,” said Andy Hunt, Vertex Financial Services Managing Director.

“Vertex has successfully implemented its STP platform at the Royal Liver insurance company in the UK where by utilising tele-underwriting techniques, and removing automatic medical limits, 87% of cases have been processed without the need for a medical report. Not only does this mean that the vast majority of applications are processed more quickly, it also takes out one of the major cost factors in processing an application, the medical report,” said Andy Hunt.

Rod Vawdrey said, “There has already been a lot of local interest in the service and we have a healthy pipeline of prospective clients. The alliance with Vertex allows us to move ahead of the competition in this market and establish a really solid lead position in STP across the protection sector. Whilst Vertex was keen to work with us for our reputation in the Australian and New Zealand market, we equally gain from their BPO experience.”

About Fujitsu Australia Limited

Fujitsu is a full service provider of information technology and communications solutions. Throughout Australia and New Zealand we partner with our customers to consult, design, build, operate and support business solutions. From strategic consulting to application and infrastructure solutions and services, Fujitsu has earned a reputation as the single supplier of choice for leading corporate and government organisations. Fujitsu Australia Limited is a wholly owned subsidiary of Fujitsu Limited of Japan. For more information, please see:

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace-setting device technologies, highly reliable computing and communications products, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 4.7 trillion yen (US$44.5 billion) for the fiscal year ended March 31, 2005. For more information, please

About Vertex

Vertex, a subsidiary of United Utilities plc, is a leading international provider of business process outsourcing and technology services and is one of the UK’s major customer management service suppliers. The company develops and implements a range of outsourcing solutions for many leading organisations based on a diversified portfolio of long-term contracts across private enterprise, financial services, utility, central and local government sectors.

It has nearly 10,000 employees in 70 locations across 8 countries.

Its clients include Alliance & Leicester, Bank of Scotland, CIBC, Egg,, Legal & General, Lloyds TSB, Nationwide Building Society, Marks and Spencer, Royal London, Sun Life Financial of Canada (UK), Tesco, Thurrock Unitary Council, UPS and Westminster City Council.

About Vertex Financial Services

Vertex Financial Services is a subsidiary of Vertex, providing solutions to the mortgage, life, pension and investment market sectors. Its software and services enable financial service providers and intermediaries to meet consumers’ demand for financial products that are flexible, capable of being distributed through a variety of channels and processed efficiently.

About Otter Risk Solutions

Otter Risk Solutions was established in 2002 to provide a wide range of solutions, with regards to Risk Assessment. Otter has enjoyed significant growth in the UK and Irish Markets providing a full range of services including day to day underwriting and claims assessment, consultancy, training and development. Otter has a great deal of experience and expertise in all aspects of teleunderwriting.

Elizabeth Greene

Phone: Phone: +61 2 9113 9252
Mobile: Mobile: +61 433 135 681
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Company:Fujitsu Australia and New Zealand Limited

Date: 07 April, 2006
City: Sydney
Company: Fujitsu Australia Limited