- Establishes BISYS Insurance Financial Institutions Team -
NEW YORK, Nov. 7 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced a significant enhancement to its insurance distribution
capabilities supporting non-traditional distributors of life-related insurance
products with the creation of the BISYS Insurance Financial Institutions Team.
BISYS also announced that the 18-person sales and service organization of
Life Source, LLC, a national provider of point-of-sale services, has joined
the BISYS Insurance Financial Institutions Team to launch a national
point-of-sale initiative to an expanded client base. This initiative will
more efficiently and effectively support and maximize the revenue
opportunities of the life-related insurance sale programs of BISYS'
non-traditional insurance distributors, such as wirehouses, broker-dealers,
and banks. This significant enhancement to BISYS' point-of-sale program will
provide its non-traditional life insurance distribution clients with the
opportunity to create national and regional sales programs with focused
campaigns throughout their entire wirehouse, broker-dealer, or bank
distribution systems. The expanded BISYS team will be able to work more
closely with individual producers and insurance carriers to increase the sale
of insurance products, and to ensure that compliance guidelines are being
consistently monitored and applied.
According to Jose Suquet, president of BISYS Insurance and Education
Services, "Strategically expanding the point-of-sale capabilities and
resources supporting non-traditional insurance distributors will immediately
enhance our value proposition. We believe that insurance sales by
non-traditional distributors such as wirehouses, broker-dealers, and banks
represent a substantial and growing market for BISYS. Our investment in a
comprehensive distribution model for this emerging market will enable
financial institutions to more effectively support their high net worth
clients with proven, advanced sales concepts and an extensive portfolio of
insurance products."
BISYS will expand its processing center in Potomac, Md. to establish
dedicated processing services for the insurance cases placed through its
specialized initiatives for banks and wirehouses, and broker-dealers.
Mike Martini, executive vice president of BISYS Insurance Services will
oversee the BISYS Insurance Financial Institutions Team.
About BISYS Life Insurance Services
BISYS is the nation's largest independent distributor of life insurance,
linking a national network of approximately 100,000 financial services
professionals with the products manufactured by approximately 200 highly rated
insurance companies. BISYS supports the distribution of traditional and
variable life, long-term care, disability, and annuity products with the
industry's premier sales and back-office support services, including agent
licensing, contracting, and continuing education solutions; sales support;
access to an unrivaled product portfolio; advanced case design; application
processing; medical underwriting support; commission reconciliation; and
policy owner services. BISYS' technology-based insurance distribution
solution, which is equally as efficient for large institutional clients and
individual independent agents, also includes the insurance brokerage
industry's most advanced Internet-based capabilities and the preeminent
administration system that supports all aspects of processing with multiple
insurance companies. During its fiscal year 2003 (ended June 30th), BISYS
brokered the sale of life-related insurance with annual policy premiums of
approximately $400 million, and annuities representing approximately
$1.8 billion in premiums.
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 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with approximately
$700 billion in assets under administration. BISYS' largest group also
provides retirement services to more than 17,000 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 largest independent distributor of life
insurance and the premier provider of the support services required to sell
traditional and variable life, long-term care, disability, and annuity
products. BISYS is also the nation's third largest independent wholesale
broker of commercial property/casualty 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 215 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. 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 BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Jose Suquet, President of BISYS Insurance and
Education Services, +1-212-907-6083
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