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IBM AND POLICY MANAGEMENT SYSTEMS EXTEND MARKETING AND DEVELOPMENT ALLIANCE

 IBM AND POLICY MANAGEMENT SYSTEMS
 EXTEND MARKETING AND DEVELOPMENT ALLIANCE
 WHITE PLAINS, N.Y., Aug. 25 /PRNewswire/ -- IBM and Policy Management Systems Corporation (NYSE: PMS) (PMSC), Columbia, S.C., today announced that IBM has added PMSC's Series III/Life solutions to its current strategy in the property and casualty and health segments in the United States insurance marketplace.
 "Our 'Lead with PMSC' approach is an important strategic initiative for the insurance industry," said Paul Brooks, director, IBM United States Insurance Industry. "Series III is compliant with our Systems Application Architecture (See note) (SAA (See note)), and it is with confidence that we can recommend Series III to our customers."
 "IBM's 'Lead with PMSC' strategy further exemplifies both organizations' commitment to meet the needs of life insurance companies," said Larry Wilson, chairman and president of PMSC. "Our life insurance customers will benefit from this strengthening of our alliance with IBM. Series III/Life continues to gain acceptance in the marketplace. It is an effective blending of the latest IBM technology and PMSC insurance industry expertise."
 IBM's "Lead with PMSC" strategy in the life insurance arena is an extension of the Development and Marketing Agreement signed between IBM and PMSC, July 26, 1989. Under the agreement, IBM initially acquired a $117 million equity position in PMSC. Today, IBM holds a 16.4 percent equity position, now valued at approximately $264 million. In addition, both parties agreed to work closely together to develop and market application software for the insurance industry in the United States.
 "The solid relationship between IBM and PMSC is benefiting the insurance industry," said Robert M. Stephenson, IBM vice president and president of IBM Services Sector Division. "The alliance enables us to take maximum advantage of our respective strengths, focusing on the common goal of providing world-class solutions to our mutual customers."
 The alliance between IBM and PMSC also includes the following:
 -- IBM has two representatives to PMSC's board of directors: Lutz F. Hahne, IBM vice president and general manager, Packaging, Assembly and Test Services; and Robert M. Stephenson, IBM vice president and president of IBM Services Sector Division.
 -- IBM's PMSC Alliance Team, consisting of technical and marketing professionals, is headquartered at PMSC.
 -- IBM and PMSC have a joint marketing and product development agreement for the European marketplace.
 -- Integrated Systems Solutions Corporation (ISSC), a wholly owned subsidiary of IBM, and PMSC can jointly provide outsourcing services to the insurance industry through a new offering called INSERV.
 -- IBM has a Cooperative Software Products (CSP) agreement with PMSC wherein IBM marketing representatives in the United States are compensated for selling certain PMSC products.
 -- IBM and PMSC have signed systems integration agreements with several leading life, health, and property and casualty insurance companies in the United States and Europe.
 -- IBM and PMSC maintain a close technical relationship between 18 IBM development laboratories and PMSC's development teams.
 -- IBM has designated PMSC as its Insurance Applications Affiliate, the only company to receive this designation.
 Note: Indicates trademark or registered trademark of International Business Machines Corporation (NYSE: IBM).
 -0- 8/25/92
 /CONTACT: Barbara Cerf of IBM, 914-642-4664; or John Hutto of Policy Management Systems, 803-735-5348/
 (IBM PMS) CO: IBM Corporation; Policy Management Systems Corporation ST: New York, South Carolina IN: CPR SU:


SH -- NY066 -- 3120 08/25/92 15:27 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Aug 25, 1992
Words:547
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