Aviva Selects Edgewater to Develop New Contract Assembly Automation System; Solution will improve operational efficiencies and enhance regulatory compliance.WAKEFIELD, Mass. -- A technology management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects firm specializing in providing premium IT services, Edgewater Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EDGW) (www.edgewater.com "Edgewater" or the "Company"), today announced it has been selected by Aviva Life Insurance Company ("Aviva") to develop a new system for automating the assembly of life and annuity contracts Annuity Contract The written agreement between an insurance company and a customer outlining each party's obligations in an annuity coverage agreement. This document will include the specific details of the contract, such as the structure of the annuity (variable or fixed), any . The solution will enable Aviva to collate col·late tr.v. col·lat·ed, col·lat·ing, col·lates 1. To examine and compare carefully in order to note points of disagreement. 2. To assemble in proper numerical or logical sequence. 3. the various components of its contracts without any human intervention; thus significantly decreasing the time and effort dedicated to producing contracts. "We've partnered with Edgewater to leverage their expertise in developing technology solutions that seamlessly integrate document assembly products," stated Charlie Sanford, Assistant Vice President of Aviva Life Insurance Company. "We anticipate that the contract assembly automation project will allow us to reduce our policy production cycle by two to three days depending on the product line. In addition, this solution will provide us with greater flexibility in our delivery methods and enable us to reduce our per unit costs for producing contracts." "Edgewater is very excited to work with Aviva on this initiative. With the new system, Aviva will be able to streamline its contract assembly process; thereby improving customer service to its agents and policyholders. It will also significantly reduce Aviva's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and simplify the company's adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence to regulations governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. contract production," stated Lawrence Fortin, Edgewater Technology's Vice President of the Insurance Practice. "By leveraging Edgewater's blend of industry and technology expertise to design and build the contract assembly solution, Aviva will have a customized solution that meets its specific needs." Insurance companies must comply with state and federal insurance regulations governing the manner in which Insurers communicate policy provisions and service guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. within their contracts. These regulations can vary significantly between states and are sometimes quite complex to administer. As part of its commitment to maintaining 100% compliance with these regulations, Aviva has decided to replace its existing document management tool. With the new tool and leveraging Edgewater's integration expertise, Aviva will have a seamless contract assembly solution. About Edgewater Technology, Inc. Edgewater Technology, Inc. is an innovative technology management consulting firm. We provide a unique blend of premium IT services by leveraging our proven industry expertise in strategy, technology and corporate performance management. Headquartered in Wakefield, MA, we go to market by vertical industry and provide our clients with a wide range of business and technology offerings. To learn more, visit www.edgewater.com or call 800-410-4014. About Aviva Life Insurance Company Aviva Life Insurance Company is a subsidiary of London-based Aviva plc. Aviva plc has roots dating back to 1696 and is one of the 10th largest insurance groups in the world. One of the fastest-growing U.S. life insurers, Aviva Life Insurance Company offers a competitive portfolio of fixed life insurance and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. products through select independent agents, banks and brokers. (AG05E058US) |
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