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Leading Insurance Companies Select
Innovative Systems' Compliance Software |
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| i/Lytics SECURE™ combines comprehensive data cleansing and matching capabilities to deliver a powerful compliance solution for leading financial services organizations |
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| Pittsburgh, PA - March 26, 2003 - Innovative Systems, Inc., a global provider of customer data integration solutions, today announced that several leading insurance companies have joined the existing licensees of its i/Lytics SECURE compliance software. Among Innovative's new clients are Protective Life Corporation and The Union Central Life Insurance Company. All the new i/Lytics SECURE licensees cited their need to comply with new mandates of the USA PATRIOT Act of 2001 as the overriding reason for licensing interdictive compliance software. |
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| The USA PATRIOT Act contains strong measures to prevent, detect, and prosecute terrorism and international money laundering. It imposes new compliance obligations on many industries, including insurance. A dedicated product focus for Innovative since 1998, i/Lytics SECURE is a comprehensive and proven compliance solution for organizations with high-volume and complex data environments. The product leverages Innovative's 35 years' experience in providing successful enterprise data integration solutions to clients worldwide in such data intensive industries as banking, financial services, telecommunications, manufacturing and retail. |
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| "We selected Innovative for two important reasons," said Raymond Bates, second vice president of corporate systems development at Union Central. "First, Innovative is the only company that prepares government-provided suspect lists prior to matching by cleansing and reformatting the complex name and address structures. This upfront processing dramatically improves the accuracy of matching these lists against internal customer lists, thus reducing the number of false matches that need to be manually reviewed. This reduction in review will provide significant time and cost savings to our compliance efforts, and will allow us to focus our review on true suspect matches. |
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| "Second, Innovative's approach to compliance can easily be applied to other enterprise data integration efforts. By licensing their data integration architecture, we can extend its capabilities to non-compliance customer data projects, which is what we plan to do. This double-use functionality not only provides increased return on investment, but also brings symmetry to our enterprise data management and integration rules," concluded Bates. |
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| Innovative first introduced its compliance product in 1998 as the Innovative OFAC (Office of Foreign Assets Control) Solution. It was originally developed to meet the needs of Innovative's financial services clients interested in extending their use of Innovative's customer data management software to their compliance processes. Initially designed to help firms conform with U.S. Treasury Department regulations, it has since been expanded to include matching against virtually any list of suspects or fugitives published by U.S. or international government agencies, industry or trade groups, or internal security groups. |
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| "Unfortunately, the reality of recent events requires companies to know their customers like never before," said Mike Healy, executive vice president of marketing for Innovative Systems. "Recognizing the imperative to comply with existing — and future — regulations, we're finding that leading financial services organizations are looking for compliance software that is both powerful enough to meet the demands of today's legislation, and flexible enough to adapt to changes in the compliance legislation environment going forward. |
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| "Innovative has been so successful in winning compliance evaluations because our software provides companies with a strong measure of confidence that it will enable them to comply with current rules in the most cost-effective manner, while equipping them with an adaptable infrastructure for changing needs," Healy concluded. |
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| Unlike other compliance offerings, i/Lytics SECURE prepares government-provided lists for clients by performing rigorous data cleansing, formatting and maintenance. This ensures the highest level of efficiency and accuracy in screening customer databases and transactions against government lists. In addition, i/Lytics SECURE's powerful heuristic matching technology enables organizations to apply very specific and intelligent criteria for flagging suspect records. By permitting an organization to establish a sophisticated pattern of screening elements, i/Lytics SECURE intelligently identifies suspect records according to the organization's unique thresholds. i/Lytics SECURE performs matching in both real-time and batch modes. |
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| About Innovative Systems, Inc. |
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| Innovative Systems is a world leader in delivering enterprise customer information solutions to organizations whose success depends on a complete and accurate understanding of their customers. ISI's solutions include: i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ Suite for CASS™ certification, geocoding, and longitude/latitude coordinates; Synchronos™, ISI’s proven CDI and enterprise customer management solution; and FinScan™ for compliance list, sanctions and PEP screening compliance. |
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| Since 1968, companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer data quality audits. The company has set the standard for data quality management in thousands of customer-centric projects utilizing the firm’s services for creation and maintenance of customer data. ISI’s work has included clients in more than 30 countries. ISI maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. Representative offices are in Washington, D.C., Phoenix, AZ, and Mexico City. The Innovative Web site is located at www.innovativesystems.com.
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| Company Press Contact: |
Karin O'Sullivan
Innovative Systems, Inc.
Tel: +1 (412) 937 7678
kosullivan@innovativesystems.com |
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Trademark Notice
i/Lytics, i/Lytics Data Profiler, i/Lytics SECURE, eWatchLine, FinScan and Synchronos are trademarks of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners. |
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