Printer Friendly

CONTINUUM ANNOUNCES OUTSOURCING CONTRACT WITH VICTORIAN WORKCOVER AUTHORITY

 AUSTIN, Texas, Dec. 13 /PRNewswire/ -- The Continuum Company, Inc. (NYSE: CNU) announced that its Australian-based subsidiary has begun processing transactions for the Victorian WorkCover Authority (VWA) under an outsourcing arrangement with expected revenues between $22,000,000 and $28,000,000 over the next three years.
 The Authority was established in the Australian state of Victoria to provide workers compensation insurance to all workers in the state. In the 12 months to June 30, 1992, Victorian employees paid over $750,000,000 in premiums making it the largest pool of general insurance business in Australia.
 As part of the transaction, Continuum will take over operations in the Authority's Business Information Systems department, comprising its IBM mainframe data center and applications software. About 100 staff will transfer from the Authority to Continuum.
 The Authority's chief executive, Mr. Andrew Lindberg, said today "The sale was consistent with the Authority taking up a purely regulatory role and divesting itself of service operations."
 Continuum was chosen from eight tenders for its financial and commercial strength and in-depth knowledge of the insurance industry. A key reason was the company's ability to supply front-end software products that add value to the administration of workers compensation and allow the insurers to run systems unique to each.
 Continuum will take over the VWA data center in central Melbourne with its IBM 500J mainframe, its statewide network of 2,000 devices and the ACCtion (Accident Compensation Totally Integrated Operational Network) software system. ACCtion is a central system which the Authority runs for the 16 insurance companies licensed to participate in workers compensation in Victoria.
 W. Michael Long, chief executive officer of Continuum, noted "This outsourcing contract strengthens Continuum's substantial presence in Australia's insurance information systems market. The company's Australian-developed general insurance software packages, COGEN, Polisy/400, and the Colossus expert system, are widely used by underwriters around the world. Now with the ACCtion software system, Continuum has access to Australia's most sophisticated workers compensation system."
 The Continuum Company, Inc. is an international consulting and computer services firm based in Austin, Texas, serving the needs of life insurance, property and casualty insurance and other financial services companies for computer software and services.
 -0- 12/13/93
 /CONTACT: John L. Westermann III of The Continuum Company, Inc., 512-338-7010/
 (CNU)


CO: The Continuum Company, Inc. ST: Texas IN: CPR SU: CON

SH -- NY028 -- 3037 12/13/93 09:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 13, 1993
Words:398
Previous Article:UNIFLEX REPORTS RECORD THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS
Next Article:QUADRAX CORPORATION ELECTS HARRY A. SCHULT TO QUADRAX BOARD OF DIRECTORS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters