Fiserv Insurance Solutions and Lombardi Software Form Strategic Alliance to Deliver First True BPM Solution Specific to the Insurance Industry
Fiserv Insurance Solutions and Lombardi Software Form Strategic Alliance to Deliver First True BPM Solution Specific to the Insurance Industry
April 4, 2005
Fiserv Insurance Solutions and Lombardi Software Form Strategic Alliance to Deliver First True BPM Solution Specific to the Insurance IndustryBROOKFIELD, Wis.--April 4, 2005--Fiserv, Inc. (Nasdaq:FISV), an industry leader with more than 2,000 insurance customers, today announced a strategic alliance with Lombardi Software, provider of the business process management (BPM) software, TeamWorks®. Together, Fiserv and Lombardi will be the first to offer a true BPM solution specifically designed for the insurance industry.
True BPM begins by exposing processes traditionally locked away in legacy and workflow systems so they can be easily measured, optimized and executed in a dynamic, real-time environment. BPM also extends the value of existing technological investments by adding a layer of interoperability over and within a company's departments, systems and users. This enables a company to focus on business goals while eliminating many of the technical infrastructure considerations.
"For the past 30 years, insurance processes have been designed and deployed around the limitations of individual systems," said Tony Perdichezzi, Chief Executive Officer of Fiserv Insurance Solutions. "By leveraging the true BPM technology of Lombardi's TeamWorks® and Fiserv's insurance solutions expertise, the Fiserv BPM solution returns control to those who understand the business best by enabling them to measure, model and automate the most ideal process flows across multiple departments, multiple systems and multiple platforms. One of the most valuable dimensions of our solution is that this is accomplished within a company's existing technical infrastructure without the need for many of the costly integration projects insurers are investing in today."
"BPM is gaining tremendous momentum in all industries, primarily because of the rapid ROI companies are recognizing from their BPM initiatives," said Rod Favaron, President and CEO, Lombardi Software. "In fact, recent reports indicate that the majority of BPM solutions are deployed within four months with a greater than 90% success rate. We're delighted to be a part of the comprehensive Fiserv BPM solution that will enable insurers to quickly begin recognizing the benefits of this powerful strategy."
In this alliance, Fiserv Insurance Solutions will leverage its family of more than 60 dedicated insurance products together with its insurance business analysis, systems and project management expertise combined with Lombardi's award winning BPM software TeamWorks® to deliver the first comprehensive, true BPM solution designed specifically for the insurance industry.
Based in Austin, Texas, Lombardi Software is the developer of TeamWorks®, the industry award-winning business process management (BPM) software. Unlike traditional enterprise applications, TeamWorks®' Shared Model architecture is designed to change at the pace that your business changes. TeamWorks® delivers better business economics and Continuous Process Improvement, enabling customers to achieve BPM success faster, more frequently and with better, measurable results. Lombardi is listed as a Leader in the 2004 Forrester Wave and a Visionary in Gartner's 2004 Magic Quadrant. Visit Lombardi at: www.lombardisoftware.com.
Fiserv Insurance Solutions specializes in progressive software and outsourcing solutions for the insurance industry. Hundreds of carriers, managing general agents, and third-party administrators rely on Fiserv for policy, rating, claims, billing, and reinsurance administration as well as point-of-sale solutions and straight through processing. In addition, more than 3,000 companies use the company's market leading financial and compliance solutions. Fiserv Insurance Solutions can be found on the Internet at www.fiservinsurance.com.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
True BPM begins by exposing processes traditionally locked away in legacy and workflow systems so they can be easily measured, optimized and executed in a dynamic, real-time environment. BPM also extends the value of existing technological investments by adding a layer of interoperability over and within a company's departments, systems and users. This enables a company to focus on business goals while eliminating many of the technical infrastructure considerations.
"For the past 30 years, insurance processes have been designed and deployed around the limitations of individual systems," said Tony Perdichezzi, Chief Executive Officer of Fiserv Insurance Solutions. "By leveraging the true BPM technology of Lombardi's TeamWorks® and Fiserv's insurance solutions expertise, the Fiserv BPM solution returns control to those who understand the business best by enabling them to measure, model and automate the most ideal process flows across multiple departments, multiple systems and multiple platforms. One of the most valuable dimensions of our solution is that this is accomplished within a company's existing technical infrastructure without the need for many of the costly integration projects insurers are investing in today."
"BPM is gaining tremendous momentum in all industries, primarily because of the rapid ROI companies are recognizing from their BPM initiatives," said Rod Favaron, President and CEO, Lombardi Software. "In fact, recent reports indicate that the majority of BPM solutions are deployed within four months with a greater than 90% success rate. We're delighted to be a part of the comprehensive Fiserv BPM solution that will enable insurers to quickly begin recognizing the benefits of this powerful strategy."
In this alliance, Fiserv Insurance Solutions will leverage its family of more than 60 dedicated insurance products together with its insurance business analysis, systems and project management expertise combined with Lombardi's award winning BPM software TeamWorks® to deliver the first comprehensive, true BPM solution designed specifically for the insurance industry.
Based in Austin, Texas, Lombardi Software is the developer of TeamWorks®, the industry award-winning business process management (BPM) software. Unlike traditional enterprise applications, TeamWorks®' Shared Model architecture is designed to change at the pace that your business changes. TeamWorks® delivers better business economics and Continuous Process Improvement, enabling customers to achieve BPM success faster, more frequently and with better, measurable results. Lombardi is listed as a Leader in the 2004 Forrester Wave and a Visionary in Gartner's 2004 Magic Quadrant. Visit Lombardi at: www.lombardisoftware.com.
Fiserv Insurance Solutions specializes in progressive software and outsourcing solutions for the insurance industry. Hundreds of carriers, managing general agents, and third-party administrators rely on Fiserv for policy, rating, claims, billing, and reinsurance administration as well as point-of-sale solutions and straight through processing. In addition, more than 3,000 companies use the company's market leading financial and compliance solutions. Fiserv Insurance Solutions can be found on the Internet at www.fiservinsurance.com.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.