- BISYS' End-to-End Distribution Solution to Support One of the
Nation's Largest Independent Broker-Dealer Networks and its More
Than 2,600 Investment Representatives -
NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that its comprehensive distribution solution has been selected
to support the insurance sales strategies of National Planning Holdings, Inc.
(NPH) and its four affiliate broker-dealers, National Planning Corporation(R);
SII Investments, Inc.; Investment Centers of America; and INVEST Financial
Corporation.
This agreement formalizes BISYS' successful relationship with National
Planning Corporation and SII Investments, and establishes its distribution
relationship with Investment Centers of America and INVEST Financial
Corporation.
BISYS now supports NPH's national network of more than 2,600 investment
representatives with access to multiple lines of life-related insurance,
including traditional life, fixed annuities, long-term care, and disability.
BISYS also supports the entire distribution process with its comprehensive
sales and back-office support services, including proprietary Web-based tools
and resources, efficient application processing, and extensive medical
underwriting support.
According to Shawn Dreffein, CEO and president of National Planning
Holdings, "Our focus is on giving NPH advisers the services and support they
need to succeed, including the highest quality technology. We formalized our
relationship with BISYS based on its proven ability to effectively support the
growth goals of our broker-dealer affiliates with insurance industry and
distribution expertise, sophisticated technology and infrastructure,
operational flexibility, and end-to-end distribution solutions. Having our
advisers leverage BISYS' comprehensive services will enable them to
strategically focus on sales and client care, rather than the complexities
inherent in the insurance sales process. BISYS also enables us to meet the
evolving consumer demand for insurance by providing us with access to its
extensive portfolio of competitive products through highly rated carriers."
According to Jose Suquet, president of BISYS Insurance and Education
Services, "We welcome the opportunity to leverage our distribution solution to
support the growth goals of National Planning Holdings, the sales goals of its
extensive network of investment representatives, and the evolving insurance
needs of its national client base. Based on our experience and success
supporting more than 40 NASD broker-dealers and their approximately
45,000 collective registered representatives, we are confident that our
distribution solution will enable this industry leader to further capitalize
on the convergence within the financial services industry by maximizing its
potential within the life insurance marketplace."
About BISYS Insurance and Education Services Group
BISYS is the nation's largest independent distributor of life insurance,
linking a national network of more than 100,000 financial services
professionals with the traditional and variable life, annuity, long-term care,
and disability products manufactured by more than 200 insurance companies.
During fiscal year 2002 (ended June 30th) BISYS brokered the sale of
life-related insurance with policy premiums exceeding $400 million and
annuities representing more than $1.3 billion in premiums. BISYS is also the
nation's seventh largest property/casualty (P&C) wholesaler and the third
largest independent wholesaler of commercial lines of P&C insurance, linking a
national distribution network of more than 1,200 retail brokers and agents
with the commercial lines of P&C products manufactured by more than
60 carriers. During calendar year 2002, BISYS brokered the sales of commercial
P&C insurance representing approximately $500 million in premiums. BISYS
supports its life-related and commercial P&C distribution platforms with
complete sales and back-office support services, including agent licensing,
contracting, and continuing education solutions; advanced case design;
application processing; underwriting assistance; commission reconciliation;
and policy owner services.
BISYS' library of more than 225 pre-licensing, continuing education, and
advanced designation training courses supports virtually every compliance need
and stage of career development for both life and P&C insurance professionals.
Annually, financial services professionals enroll in more than 300,000 of
these courses, which are delivered through technology-based and traditional
training alternatives. BISYS complements its training programs with the only
fully integrated, Internet-enabled product suite that automates every
insurance licensing requirement.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 20,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence through its Financial Research Corporation (FRC)
subsidiary. Through its Insurance and Education Services group, BISYS is the
nation's leading independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, annuity, long-term care, and disability products. BISYS is also the
nation's seventh largest property/casualty (P&C) wholesaler and the third
largest independent wholesaler of commercial lines of P&C insurance. This
group complements its insurance distribution services with a comprehensive
compliance management solution that supports insurance and investment firms
and professionals with more than 225 certification and continuing education
training courses, and a sophisticated suite of licensing-related products and
services. BISYS' Information Services group provides information processing
and imaging solutions to more than 1,150 financial institutions. This group
also supports more than 120 insurance companies with a suite of asset
retention solutions, and provides complete program management for
corporate-sponsored cash management accounts. Additional information is
available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
 back to top
Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Jose Suquet, President, BISYS Insurance and
Education Services +1-212-907-6083
|
