Antares Wins Prudential Insurance Company Individual Health Insurance Claims Administration Contract.Business Editors WESTLAKE, Ohio--(BUSINESS WIRE)--April 29, 2002 Antares Management Solutions has secured a five-year contract with Prudential Insurance Company of America, a subsidiary of Prudential Financial (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ), to provide administration services in connection with Prudential's individual health insurance business. Antares will assume all administration duties, including processing claims and operating customer service centers, and will provide information technology systems services for Prudential's block of individual health insurance business. To process the claims, Antares will use Genelco version 5.3 software on its computer systems. The company plans to add staff members to handle the additional work requirements of the new Prudential contract. Richard Welch Richard Skeffington Welch (1929—December 23, 1975), a Harvard educated classicist, was a CIA Station Chief killed by the radical Marxist organization Revolutionary Organization 17 November. , vice president of Prudential Financial, said the agreement with Antares is consistent with Prudential's desire to concentrate resources on its core businesses of selling insurance, managing investments, handling real estate sales and relocation, and meeting other financial and business planning needs. "Prudential's agreement with Antares allows us to realize some efficiencies while maintaining a high level of service for our customers," Welch Welch , William Henry 1850-1934. American pathologist and bacteriologist who discovered the bacteria that causes gas gangrene. said. "This block of business will benefit from the expertise that Antares has to offer. Antares is experienced in information systems and third-party administration of health claims." Prudential has individual health policyholders in all 50 states, the U.S. Virgin Islands and Guam. Antares won the contract with one of the world's most recognized financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies through a competitive bid process. "At Antares, we pride ourselves on providing information technology and administrative services in a high-quality, low-cost manner," said Edward J. Hartzell, chief executive officer of Antares. "The fact that Prudential recognizes that and chose to work with us is a great compliment to our organization. "This contract with Prudential expands the number of health member claims we process, which increases our cost efficiencies," Hartzell added. Prudential Financial companies, with approximately $590 billion in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration as of Dec. 31, 2001, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees (and often their families) or entire departments of a business to a new work location. . For more information, visit www.prudential.com. Antares Management Solutions offers state-of-the-art technology, administrative services and process design to businesses in the insurance and healthcare industries as well as other industries. The company's services help businesses reduce costs and increase productivity. Headquartered in Westlake, Ohio Westlake is a city in Cuyahoga County, Ohio, United States. The population was 31,719 at the 2000 census. Geography Westlake is located at (41.454439, -81.928657)GR1. , Antares has annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of $85 million. For more information, visit www.AntaresSolutions.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion