News & Events

Aliso Viejo, Calif., (May 18, 2007):

PlanetSoft Licenses The Policy Processor To The Principal Financial Group

Aliso Viejo, Calif., (May 16, 2007):

PlanetSoft Licenses The Policy Processor To Indiana Farm Bureau Insurance

Orlando, FL (May 23, 2005):

PlanetSoft, Inc. has announced that Combined Services LLC of Concord, NH has licensed its Policy ProcessorTM for processing of group and voluntary insurance products within the General Agency marketplace.

Las Vegas, (May 24, 2004)

PlanetSoft's Policy Processor Selected by Sun Life Financial for Life Insurance New Business Processing and Underwriting.

LAS VEGAS (May 24, 2004):

Standard Life Insurance company of Indiana selects PlanetSoft's The Policy ProcessorTM for end-to-end life insurance new business processing and underwriting.

Las Vegas, NV May 24, 2004

PlanetSoft Partners with IBU, Inc. to Offer Life Insurance Companies a Complete Tele-Underwriting Management Solution to Streamline Processes and Improve Quality.

Las Vegas, May 24, 2004

GIS (General Information Services) and PlanetSoft Launch Integrated HR Hiring/ Screening Platform.

March 31st 2003

PlanetSoft launches The Policy ProcessorTM, a configurable new business underwriting support system.

October 10th 2002

PlanetSoft launches Mortgage Process AcceleratorTM A comprehensive solution to streamline the loan origination and vendor management process, through a workflow based Business Rules Engine.

June 15th 2002

PlanetSoft Launches Planet Interact-Framework for Business Process Collaboration.

May 7th 2002

Xchange expands Strategic Development Capacity with PlanetSoft Partnership.

May 15th 2001

PlanetSoft acquires Microsoft Gold certification .

October 20th 2000

PlanetSoft enters into partnership with BEA.

 
 
 

Planetsoft Licenses The Policy Processor To The Principal Financial Group

Aliso Viejo, Calif., (May 18, 2007)
PlanetSoft announces the Principal Financial Group® has licensed The Policy Processor (TPP) to automate the company's new business and underwriting processes. This update will allow The Principal® to provide more information in real time, improving overall service to its clients, marketer and customer service representatives.
"We reviewed several vendors in our search for a new business and underwriting solution to support the life product line and believe TPP best meets our needs," said Greg Linde, vice president at The Principal. "By working with PlanetSoft to implement TPP, we'll be able to deliver quality and timely service to our valued distribution partners and customers."
"We are pleased to have a premier organization like Principal Financial Group as a client and look forward to implementing a world class solution with significant business value," said Sudhir Bajaj, CEO of the PlanetSoft. "The selection after extensive due diligence is a testament to PlanetSoft's product capabilities."

Main functionalities of the system include:
Electronic Online Applications
Automated Requirements management
Flexible Underwriting
Case management for exception based management
Straight through processing integration hub

About Principal Financial Group

The Principal Financial Group® (The Principal®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $270.1 billion in assets under management and serves some 17.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com

About PlanetSoft

PlanetSoft’s solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific web-services straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet it's customers requirements through configuration rather than coding, thereby meeting all business requirements, expediting time to market, and reducing the overall cost of ownership. For more information, visit www.planetsoft.com

Planetsoft Licenses The Policy Processor To Indiana Farm Bureau Insurance

Aliso Viejo, Calif., (May 16, 2007)
PlanetSoft announced that Indiana Farm Bureau Insurance has licensed The Policy Processor (TPP) to automate their life insurance business and underwriting process. The new system will help Indiana Farm Bureau Insurance reduce manual and paper based processes, resulting in improved service and reduced processing times. Additionally, information will become more quickly available to support clients, producers and customer service representatives.
"We reviewed several vendors in our search for new business and underwriting technology, and TPP best matched our needs," said Carl Shepherd, Senior Vice President, Life, of Indiana Farm Bureau Insurance. "PlanetSoft's technology and architectural structure allows for the flexibility we need in order to meet our immediate and on-going requirements."

"We welcome Indiana Farm Bureau Insurance to our family of clients and look forward to helping them achieve significant improvements in productivity and quality," said Sudhir Bajaj, CEO of the PlanetSoft. "The selection after extensive due diligence is a testament to PlanetSoft's product capabilities."
Main functionalities of the system include:
Electronic Online Applications
Automated Requirements management
Flexible Underwriting
Case management for exception based management
Straight through processing integration hub

About Indiana Farm Bureau Insurance

Indiana Farm Bureau Insurance, organized in 1934 by Indiana Farm Bureau, Inc., has grown to include insurance products for auto, life, home, business and farm. Banking and other financial services and products also are available through its local offices. Indiana Farm Bureau Insurance serves Hoosiers through an extensive network of more than 450 agents and 1,200 employees living and working throughout the state of Indiana. With a home office in downtown Indianapolis and local offices in all 92 counties, Indiana Farm Bureau Insurance is the largest writer of farm insurance and the second largest writer of personal lines insurance in the state of Indiana.

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific web-services straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration rather than coding, thereby meeting all business requirements, expediting time to market, and reducing the overall cost of ownership. For more information please visit www.planetsoft.com.

PlanetSoft's PlanetSoft, Inc. has announced that Combined Services LLC of Concord, NH has licensed its Policy ProcessorTM for processing of group and voluntary insurance products within the General Agency marketplace.

Orlando, FL (May 23, 2005)
PlanetSoft, Inc. has announced that Combined Services LLC of Concord, NH has licensed its Policy Processor for processing of group and voluntary insurance products within the General Agency marketplace. PlanetSoft also announced the general availability of its Policy Processor for Group Insurance.
"In Combined Services, we found a premier partner focused on the distribution of group insurance products. Combined Services has a clear mandate towards processing and customer service excellence, and we are very pleased they have chosen our platform to further this mandate."
Key functionalities of the system include:
Client Management
Proposal Management
Contact Management
Correspondence
Administrative Service Invoicing
License Renewal Tracking
Reporting
Commission Accounting
Data Exchange with Carriers
Producer Portal
Commission Reconciliation
Event based messaging
"Recognizing the competitive environment we felt it was important for us to operate our business on a technology platform that will enable us to be flexible and responsive to the end customer, producers, sales representatives, and our carrier network. Our goal was to upgrade our technology in a manner that would give us a competitive edge while reducing our overall cost of technology ownership and maintenance. PlanetSoft's configurable framework will allow us to create enhanced efficiencies and tighter customer relationships through a model that is tailored to our needs", said Brian Francis, President and CEO of Combined Services.
Sudhir Bajaj added, "Combined Services business model fits well with our product strategy and direction. Our goal is to continue to enhance the group insurance functionality to include home office processing, underwriting, and administration. Our framework configuration approach has enabled us to launch new business processing and underwriting solutions across multiple product lines, including individual life, annuities, and group insurance."

bout Combined Services, LLC

Combined Services LLC offers a complete portfolio of insurance products and services through the region's finest insurance producers. As one of New England's largest employee benefits distributors, we maximize the purchasing power of an expansive client base to negotiate the most attractive and competitive insurance programs for our customers.
Combined Services offers a comprehensive array of products that include; group life and disability, dental, worksite products, 401(k) plans, and services such as flexible spending account administration and COBRA compliance administration.Visit www.combinedservices.com for more information

PlanetSoft's Policy ProcessorTM Selected by Sun Life Financial for Life Insurance New Business Processing and Underwriting

Las Vegas, (May 24, 2004)
PlanetSoft has announced that Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, in Wellesley Hills, Massachusetts, has licensed its Policy ProcessorTM to develop a new business administration and underwriting system to streamline the processing of life insurance applications
"We believe that each customer has unique processing requirements," said Sudhir Bajaj, CEO PlanetSoft. "The insurance industry has long struggled with the build versus buy options. Our framework provides a compelling alternative that combines the benefits of both these traditional approaches. The adoption of Policy ProcessorTM by Sun Life Financial establishes us as the leading platform for straight through life insurance processing."
Main functionalities of Policy ProcessorTM being utilized to provide the solution include:
Front-end electronic forms to capture application data
Rules-based requirements determination
Electronic requirements fulfillment
Case management
Rules based underwriting assessment
Support policy issue, settle, and close functions
Cash management and reconciliation
Interfaces through an integration hub with internal legacy systems including agency, policy administration, and imaging
"PlanetSoft's unique framework approach gives us the opportunity to fulfill all our business requirements," said Mark DeTora, Vice President, Individual Insurance for Sun Life Financial. "The initiative underscores our commitment to serving our producers and customers."

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2004, the Sun Life Financial group of companies has assets under management of US$282.1 billion.
Sun Life Financial Inc. trades on the New York (NYSE), Toronto (TSX) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit www.sunlife-usa.com for more information.

Standard Life Insurance Company Of Indiana Selects Planetsoft's Policy Process Acceleratortm For End-To-End Life Insurance New Business Processing And Underwriting.

LAS VEGAS (May 24, 2004)
Underwriting Alliance, a division of Standard Life Insurance Company of Indiana (SLI), Indianapolis, IN, has licensed PlanetSoft's Policy ProcessorTM to streamline the case management and underwriting decision process for use in their Third Party Underwriting Services division.
"PlanetSoft's state-of-the-art technology has enabled Underwriting Alliance to build a technology platform which allows us to access a nationwide network of high quality, experienced underwriters. This, coupled with Standard Life's ability to bear risk allows us to provide the life insurance industry with a unique underwriting solution," said Bob Schnell, Senior Vice President of Standard Life Insurance Company of Indiana. "PlanetSoft's leading technology along with their commitment to the success of Underwriting Alliance's Third-Party Underwriting (TPU) model will result in our ability to offer a unique alternative for the insurance industry."
Main functionalities of the system include:
Rules-based requirements determination
Electronic requirements management
Case management
Role-based Dashboard
Interfaces to imaging system
Event-based messaging and correspondence
Interface to client administration system
"We are pleased that The Underwriting Alliance has selected PlanetSoft's Policy ProcessorTM after evaluating other solutions in the market. Their model requires a scaleable solution that is rich in functionality, and can support the unique processing requirements of multiple clients. The Policy Processor is best suited for such a model because it is configured on a flexible framework and provides remote processing and underwriting capability. The Underwriting Alliance's top class case management and underwriting skills supported by this state-of-the-art technology will create a winning model for outsourced life insurance underwriting and new business processing" said Sudhir Bajaj, CEO of PlanetSoft.

About Underwriting Alliance

Underwriting Alliance, a division of Standard Life Insurance Company of Indiana, is a third-party underwriting service whose focus is providing high quality life insurance underwriting and risk management expertise. Services include risk selection, decision management and case management of underwriting requirements. Risk selection is performed through a nationwide network of highly qualified, experienced underwriters. Underwriting Alliance shares in the mortality risk via reinsurance assumed through SLI.

PlanetSoft Partners with IBU, Inc. to Offer Life Insurance Companies a Complete Tele-Underwriting Management Solution to Streamline Processes and Improve Quality

Las Vegas, NV May 24, 2004
The promise of tele-underwriting as a cost effective means to conduct reliable applicant interviews and streamline underwriting processes is finally being realized through a new partnership between PlanetSoft and IBU, Inc. Together, the companies have developed a new model for tele-underwriting that combines state-of-the-art web-based technologies with the talents of experienced underwriters to conduct telephone interviews.
The new model is enabled by PlanetSoft's new business processing and underwriting platform - The Policy ProcessorTM, which will allow IBU underwriters to enter applicant information directly into state approved application forms. With built-in connectivity to other vendors such as para-med companies and a "fillable forms" capability, information is dynamically populated, reducing the need for dual entry. An online client visibility dashboard provides real-time status updates.
Working with individual life insurance customers, PlanetSoft and IBU will develop customized tele-underwriting solutions to accommodate company specific requirements, such as approved applications forms for each state in which policies are issued. The Policy ProcessorTM will allow life insurance companies to benefit from the latest industry standards, such as ACORD data formats and forms, and the emerging X-Forms standards from the W3C.
Additionally, the tele-underwriting solution from PlanetSoft and IBU is designed to apply the right level of expertise to each phase of the underwriting process. Experienced IBU underwriters conduct initial interviews with applicants and gather medical history information. For calls that don't require underwriting expertise, the resources of PlanetSoft's offshore call center are employed. The result offers insurance companies the best possible full-service solution - high quality and reliable applicant interviews with professional call center resources at competitive pricing.
"Leveraging the talent and experience of IBU with the technology and offshore capabilities of PlanetSoft, life insurance companies can now benefit from higher quality telephone inspection reports priced 40 percent less than other major US inspection vendors," said Sudhir Bajaj, PlanetSoft CEO. "Inspections are often a requirement of reinsurance treaties. This cost savings flows straight to the bottom line."
"The PlanetSoft-IBU tele-underwriting solution combines the gut instincts and knowledge of experienced underwriters with the latest technology, offering life insurance companies a quantum leap in productivity and cost savings," said Lincoln Tedeschi, IBU president.
This partnership underscores PlanetSoft's commitment to helping the insurance industry utilize state of the art technology with offshore BPO services to achieve processing efficiencies.

About IBU

IBU, Inc. is a trusted outsourcing partner to the life and health insurance industry providing comprehensive and reliable tele-underwriting support services. With a dedicated team of experienced life and health underwriters the company offers an innovative approach to improve the quality and efficiency of underwriting. By investing in technologies that capitalize on the knowledge and experience of underwriting professionals, IBU delivers telephone interviews that are far superior to traditional call center providers.

GIS (General Information Services) and PlanetSoft Launch Integrated HR Hiring/ Screening Platform

Las Vegas, May 24, 2004
GIS (General Information Services) and PlanetSoft today launched a partnership that will produce an integrated recruiting-hiring-screening platform to streamline the employment application and hiring process. This partnership combines best-of-breed technology from the application, hiring and background-screening processes to empower employers to speed the hiring process, hire more qualified employees and to reduce overall hiring costs.
Employers now have the ability to streamline their hiring process with a customizable platform that:
Provides an online, employment application utilizing reflexive questioning, which employs automated intelligence to dynamically prompt the applicant with additional questions to ensure all needed information is captured.
Seamlessly integrates the employment application with background-screening tools to avoid re-keying errors, speed the screening process and lower costs
Automatically populates forms to speed the process and reduce errors
Links online assessment and applicant screening tools into the process as desired
Utilizes rules-based, workflow processing based on the employer's hiring rules
"PlanetSoft's innovative framework and expertise with electronic application origination perfectly complement our background-screening services," said Ray Conrad, CEO of GIS. "This partnership offers the industry a unique ability to streamline the employment application process. Employers can now reduce processing time in the hiring process, have more control of the hiring process through rules-based processing, have complete visibility into these processes and provide an enhanced user experience for their job applicants." Sudhir Bajaj, CEO of PlanetSoft, shares that "GIS has established a leadership position in the background screening business. Our technology will help them to continue to set the standards of excellence."

About GIS

Founded in 1966, GIS (www.geninfo.com) is a premier provider of pre-employment background screens nationwide. The broad spectrum of products, services and superior technology makes GIS the leading choice of many Fortune 500 companies and has contributed to it being one of the largest screening companies in the U.S. Advanced automation, innovative products, customization of products & services, electronic scoring and progressive screening help employers turn information into decisions.

Planetsoft Launches The Policy Processortm, A Configurable New Business Underwriting Support System

March 31st 2003
PlanetSoft launches The Policy Processor, a configurable new business underwriting support system - .A Full service Agent and Customer Portal providing an Integrated Underwriter Support solution configured to your requirements.
Unlike rigid packaged applications, The Policy Processor is a configurable web based application.
The Policy Processor offers an "increase in revenue" proposition by providing for jet underwriting your cases, reduced new business processing costs and with reduced dropout rate of applicants resulting in increased revenue.
The application integrates data from internal and external systems such as illustrations, agency policy administration, issuing systems, and Data from 3rd party providers resulting in an end-to-end cohesive solution for you. An comprehensive underwriter support provided through queue and view cases, capture notes and organize communications, use u/w work sheet for assisting in rating the cases in fact allowing for Jet underwriting the cases.

PlanetSoft launches Mortgage Process AcceleratorTM A comprehensive solution to streamline the loan origination and vendor management process, through a workflow based Business Rules Engine.

October 10th 2002
PlanetSoft announces the launch of Mortgage "Process Accelerator" built on its "Planet Interact" Web Services framework. A Comprehensive solution offered to the Mortgage sector, whereby the process of Loan Origination and Third Party Vendor Management is automated and integrated.
Mortgage Process Accelerator’s key features include:

Loan Origination:

PlanetSoft’s web services Process Accelerator provides end-to-end processing of mortgage loans. The application provides an unprecedented ability for loan originators to configure, manage, and analyze their company-specific business processes. Key components of the Loan Origination module include:
Leads Management
Online Application Entry
Automated application processing through a rules-based engine
Integration with Auto-Underwriting systems
Third Party Vendor Integration
Closing
Post closing CRM activities
Mortgage Dashboard to provide a 360 Degree view of the customer/prospect
Proactive event-based communication such as alerts, notifications, emails, automated faxes.

Third Party Vendor Management

The Mortgage Process Accelerator will allow mortgage companies to manage third party relationships which include Appraisals, Flood Certification, Title Searches, Title Insurance and Clearance, Closing and Recording. Key components of the Vendor Management Module include:
Order Initiation
Order Tracking Dashboard
Order Fulfillment
Invoicing
Accounting
Dynamic rules-based workflow allocation and vendor capacity management
Dynamic Notification
Forms Library to maintain client products

Planetsoft Rolls Out Planet Interact Process Collaboration Framework

June 15th 2002
PlanetSoft introduces Planet Interact a process collaboration framework targeted to the financial services and insurance industries. Planet Interact will allow companies to streamline business processes within and across organizations. The framework will address process inefficiencies in a number of insurance functional areas, such as underwriting, policy administration, claims management, and agency management. In the broader financial services sector the framework will address process inefficiencies in processing securities and servicing institutional assets.

Xchange expands Strategic Development Capacity with PlanetSoft Partnership

May 7th 2002
Xchange Frees Internal R&D Domain Experts to Focus On Platform Enhancements As Company Outsources Maintenance and Platform Porting Xchange, Inc., innovators in helping businesses capture more profit in each customer interaction, today announced that it will outsource its ongoing maintenance and platform porting activities to PlanetSoft, Inc. under terms of a newly- signed contract. The deal will increase the number of Xchange's internally available developers who will be redeployed on product enhancements and next generation evolution.
PlanetSoft has enjoyed a four year record of success with Xchange and we look forward to a seamless transition into this new and expanded relationship," said Sudhir Bajaj, CEO of PlanetSoft, Inc. We have tackled a variety of projects together and this new chapter is a natural move for us both," he added.
PlanetSoft's long-standing relationship with Xchange has produced a skilled set of engineers whose experience with the Xchange product line is comprehensive. PlanetSoft has executed projects for much of the Xchange product line including designing and implementing feature enhancements to Xchange Campaign, such as Name Mapping and the Multi Row Insert functionality for all databases. They have also participated in Internationalization projects for Xchange, including designing and implementing Date/Time and Numeric modifications to the code base.
Xchange Internal R&D Domain Experts to Drive on Customer-Focused Enhancements "The choice of PlanetSoft was simple based on our long relationship and their deep familiarity with our code," said Charlie Phillips, vice president of engineering of Xchange. "This move will free up development staff and increase our capacity to deliver strategic projects and customer-requested enhancements," he continued.
"The outsourcing and redeployment should increase our customer satisfaction by improving our capacity in both customer service and R&D. It's a double play, allowing us to focus on strategic development efforts internally while increasing the dedicated resources we have allocated to pure maintenance," Phillips stated.

Microsoft Gold Certification Press Release

May 15th 2001
PlanetSoft named member of Microsoft Gold Partner Program
PlanetSoft, Inc., a systems integrator and software solutions developer, today announced it has been selected as a new member in the Microsoft Gold Certified Partner Program for E-Commerce solutions. PlanetSoft, Inc. has been named as a Microsoft Gold Certified Partner for E-Commerce Solutions due to its competence in the latest Microsoft e-commerce technologies and its proven track record of customer satisfaction. Membership in the Microsoft Gold Certified Partner Program will provide PlanetSoft with resources to excel further in developing and deploying robust Microsoft e-commerce solutions that will help speed customers' time to market and reduce costs. "We are extremely pleased with our new status as a Microsoft Gold Certified Partner for E-Commerce Solutions," said Sudhir Bajaj, CEO of PlanetSoft. "Being a Gold member of the program allows us to clearly promote ourselves to customers as having proven expertise in providing high-quality e-commerce solutions. The incremental benefits provided through our Gold membership will allow us to continue to enhance the offerings that we provide for customers. This distinction of being selected as a Microsoft Gold Certified Partner combined with our offshore development center and our continued commitment to stay on the cutting edge of Microsoft technologies allows PlanetSoft to offer a value proposition that is unparalleled in our industry.
The Microsoft Gold Certified Partner Program provides a way for customers to identify companies that have proven their commitment and expertise in one or more specialized areas when delivering Microsoft technologies. Microsoft Certified Partners need to meet a higher set of criteria for each category, including enhanced certification and a portfolio of real-world customer references, and are thus identified as the most skilled partners in specific solution areas."
"Today’s pressures to build the best E-Commerce solutions can be critical to business success information. These solutions need to be reliable yet deployed very quickly, said Rosa Garcia, general manager of the Partner Programs Group at Microsoft Corp. Microsoft recognizes that companies don't want to choose a technology partner that needs to learn on the job they need a partner with proven experience. Today, Microsoft recognizes PlanetSoft for documenting customer satisfaction with numerous e-commerce deployments. This distinction brings value to the Microsoft Gold Certified Partner Program and makes it clear that PlanetSoft has the skills and experience to provide high-quality e-commerce solutions on Microsoft technology."

Planetsoft Enters Into Partnership With Bea Systems

October 20th 2000
PlanetSoft signs partnership with BEA Systems to provide leading edge e-commerce solutions to the marketplace. BEA Systems, Inc. (Nasdaq: BEAS) is one of the world's leading e-business infrastructure software companies, with more than 11,000 customers around the world, including the majority of the Fortune Global 500.
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