American Safety Insurance Licenses Technology and Applications from Lawson Software.New technology platform and enterprise software will help insurer enhance reporting and shorten its monthly financial closing period ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. -- Lawson Software (Lawson Software, St. Paul, MN, www.lawson.com) A software company that specializes in ERP for vertical markets including health care, retail, public sector, professional and financial services. (Nasdaq:LWSN) today announced that American Safety Insurance Services licensed the latest Lawson S3 Enterprise Financial Management Suite and Lawson System Foundation 9 technology platform to help expedite and streamline its reporting processes. With the new Lawson system, the insurer expects to reduce its financial closing period from 10 to six days, a 40 percent improvement. American Safety Insurance (ASI ASI, n See Anxiety Sensitivity Index. ) signed the contract in Lawson's fourth quarter of fiscal 2007, which ended May 31, 2007. Over the last 20 years, ASI grew from focusing on one market into a multi-line specialty insurance group. Based in Bermuda, ASI offers customized insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. products and solutions to small and medium-sized businesses in Bermuda and throughout the U.S. The insurer targets customers in industries that it believes are underserved by the general insurance market, with services including environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a , contracting and other specialty risks. "We wanted to have greater visibility into key business processes across our organization and to accelerate our financial reporting processes, but our 15-year-old legacy financial system couldn't support those goals," said Bill Tepe, chief financial officer, American Safety Insurance. "After an extensive evaluation process, we were impressed with Lawson's proven and secure software offerings, finding that they offered the advanced capabilities we need to support our financial processes at a price we could afford." The new system will replace ASI's legacy financial system, which required manually-intensive and inefficient paper-based processes. With the Lawson S3 Enterprise Financial Management Suite, ASI will have tools that can help simplify regulatory compliance via enhanced reporting. For example, the system will help ASI create automated workflows to streamline key financial processes, such as budgeting and forecasting. The new system also will help ASI increase employee productivity by eliminating duplicate data entry. Overall, ASI expects the simplified financial processes to help reduce time spent on cumbersome monthly financial reporting processes by up to 40 percent. ASI plans to implement and run Lawson System Foundation 9 and the Lawson S3 Enterprise Financial Management Suite on an IBM System i The IBM System i (formerly known as iSeries, AS/400, and Application System/400) is a minicomputer platform produced by IBM. It was officially introduced as the AS/400 in 1988. platform. Lawson System Foundation 9 combines Lawson's newest technology environment with other world-class technologies, including IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) middleware, for a high-performance, standards-based technology solution. The new technology platform will give ASI a secure foundation and provide a platform for Lawson's next-generation applications designed for use within a service-oriented architecture See SOA. (SOA (1) (Start Of Authority) The first record in a DNS zone file. See DNS records. (2) (Service Oriented Architecture) The modularization of business functions for greater flexibility and reusability. ). "Challenged with evolving regulatory requirements, many insurers want business systems that can help them simplify compliance," said Robert Peterson
About Lawson Software Lawson Software provides software and service solutions to 4,000 customers in manufacturing, distribution, maintenance and service sector industries across 40 countries. Lawson's solutions include Enterprise Performance Management, Supply Chain Management, Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. , Customer Relationship Management, Manufacturing Resource Planning Manufacturing Resource Planning (MRP II) is defined by APICS as a method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning in dollars, and has a simulation capability to answer , Enterprise Asset Management and industry-tailored applications. Lawson solutions assist customers in simplifying their businesses or organizations by helping them streamline processes, reduce costs and enhance business or operational performance. Lawson is headquartered in St. Paul, Minn., and has offices around the world. Visit Lawson online at www.lawson.com. Forward-Looking Statements This press release contains forward-looking statements that contain risks and uncertainties. These forward-looking statements contain statements of intent, belief or current expectations of Lawson Software and its management. Such forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to update forward-looking statements based on circumstances or events that occur in the future. Risks and uncertainties that may cause such differences include but are not limited to: uncertainties in Lawson's ability to realize synergies and revenue opportunities anticipated from the Intentia International acquisition; uncertainties in the software industry; uncertainties as to when and whether the conditions for the recognition of deferred revenue will be satisfied; global military conflicts; terrorist attacks; pandemics, and any future events in response to these developments; changes in conditions in the company's targeted industries; increased competition and other risk factors listed in the company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. Lawson assumes no obligation to update any forward-looking information contained in this press release. |
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