• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Open Text Helps International Insurance Group Canopius Lead The Way In Electronic Trading

Posted on: Monday, 13 July 2009, 08:20 CDT

WATERLOO, ON, July 13 /PRNewswire-FirstCall/ - Open Text Corporation, a global leader in Enterprise Content Management (ECM), today announced that Canopius has selected the Open Text ECM Suite to improve processes, reduce filing costs and, more importantly, support the implementation of electronic trading. UK based Canopius is an international insurance and reinsurance group that operates at Lloyd's and through its overseas operations in Bermuda, Singapore, Ireland and Australia.

Realizing the ever-increasing market demand for electronic trading, Canopius understands the need for a document management and workflow system that would enable the organization to exchange information electronically with brokers and third parties around the world.

Linda Stannard, Head of IT and Business Change at Canopius commented: "Currently, underwriting processes are paper based with 'face to face' meetings held, even to manage administrative tasks. However, with technical advances in communications, the London Market has commenced a market improvements initiative to reduce administrative overheads and improve servicing times. Electronic messages and electronic documents are key elements of this improvement program, and participants in this market are tasked with adopting these new electronic solutions. At Canopius we are keen to support these improvement initiatives, in readiness to trade with our business partners on an electronic basis."

Following a rigorous evaluation process, Canopius chose the Open Text ECM Suite, particularly for its business process management and document management capabilities. One of the key factors in the decision was that Open Text could offer an integrated document management and business process management solution, reducing system integration concerns.

Stannard continued: "We are a growing organization and in support of this growth, we required a vendor that would be able to support both our current needs and those going forward. Open Text matched this requirement with a modern, scalable business process management and document management solution."

"In 2007 we moved into the Lloyd's building and space for filing became an important consideration. When researching Open Text, we realized that its document management system could assist in our filing management and significantly improve our document retrieval capability."

"Furthermore, we felt Open Text's business process management and document management products could offer us long-term benefits such as improved visibility of 'work in progress', reduction in the effort needed for administrative tasks in the underwriting and claims areas, and general process improvements," stated Stannard.

One of Canopius' main challenges was the timescale it set to get its document management and workflow systems implemented. It had already started work on a series of process models defining improved business functions, and needed a compatible workflow system that could support these processes with minimal IT development effort. Open Text's solution offered this capability, which sped up the workflow development process, enabling Canopius to meet implementation schedules.

Canopius signed the agreement at the end of March 2008 and has since rolled out the document management and initial core workflows to all underwriting teams. This year, document management is being implemented into Claims, Service Company and other key business operations.

Stannard concluded: "We have received full support from Open Text for this implementation, the quality of resource provided has been excellent, and we look forward to developing our relationship further with Open Text in the future."

Nick Barrow, Open Text's UK Sales Director, commented: "We have been working very hard to build a portfolio of partners and customers within the insurance space and are really excited to be working with such an established organization. This implementation was truly unique for us, as it was the first time we'd integrated with our partner Change CSM's Stratman solution. Even though we are still in the early stages of the full project rollout, we feel that it has been a success and hope to continue to deliver the high level of service and standards already set."

About Open Text

Open Text, an enterprise software company and leader in enterprise content management, helps organizations manage and gain the true value of their business content. Open Text brings two decades of expertise supporting 50 million users in 114 countries. Working with our customers and partners, we bring together leading Content Experts(TM) to help organizations capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness. For more information, visit www.opentext.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This news release may contain forward-looking statements relating to the success of any of the Company's strategic initiatives, the Company's growth and profitability prospects, the benefits of the Company's products to be realized by customers, the Company's position in the market and future opportunities therein, the deployment of Open Text ECM Suite and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2008. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.

Copyright (C) 2009 by Open Text Corporation. OPEN TEXT and the OPEN TEXT ECM SUITE are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.

SOURCE Open Text Corporation

Source: PR Newswire

More News in this Category