News
Version 1 and ClaimVantage partner to deliver Claims Management Solutions to Irish Market
17 December 2009
Version 1, the leading Irish IT onsulting and Outsourced Managed Services company, has partnered with ClaimVantage, a global specialist in life and health insurance claims systems, to deliver claims management solutions to the European marketplace. The first deployment in this partnership will be to Irish Life Corporate Business in a €3 million deal.
First European product implementation to Irish Life Corporate Business in €3m deal
ClaimVantage was chosen due to its capabilities to deliver a comprehensive and cost-effective solution for both income protection and life insurance claims processing. According to Leo Corcoran, CEO at ClaimVantage, "We selected Version 1 as our implementation partner because of a demonstrated track record in project governance and in the implementation of large-scale, complex technical integration and development projects to the financial services sector."
The Version 1 and ClaimVantage partnership was selected by Irish Life following an extensive competitive market evaluation process. According to Paul O'Neill, IT Director Irish Life Corporate Business, “Version 1 and ClaimVantage were the clear winners in our evaluation process. They brought together the proven delivery capability of Version 1 and the expertise of ClaimVantage to offer us an excellent long-term solution for our Claims Management requirements."
The ClaimVantage solution will replace an existing 1980s mainframe system and will give Irish Life the most modern claims management system of any Income Protection insurer in Europe. Irish Life enjoys a 50%+ share in the Irish Income Protection market.
Donal McCarthy, solutions manager at Version 1, says, "We are delivering an integrated solution which will significantly reduce the time spent administering claims, improve the data associated with claims and facilitate Irish Life Corporate Business's progressive approach to claims management, as well as delivering considerable cost savings to the company. The new Life Claims system was successfully launched a few months ago and we look forward to delivering the Income Protection system in Q3 2010."
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