First (Irish/European) product implementation to Irish Life Corporate Business in €3m deal
Portland, ME, April 8, 2010
Version 1, the leading IT consulting and services company for upper-mid market organisations in Ireland, 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.
ClaimVantage was chosen due to its unique expertise and innovative capabilities enabling the company to deliver the most 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 Version1 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.”
About Version 1
Founded in 1996, Version 1 is a full-range provider delivering services in Consulting, Systems Implementation and Outsourced Managed Services. The company has in-depth expertise across a range of technologies and extensive experience in Government, Utilities, Financials Services, Education and Private Enterprise sectors. (http://www.version1.com)
ClaimVantage is a leading global specialist in life and health insurance claims systems. ClaimVantage brings expertise, experience and a proven solution that enables insurers to better manage complex claims adjudication and payment processing with the added benefit of being able to process multiple claim types from the same application (http://www.claimvantage.com)
About Irish Life
Irish Life Corporate Business is part of the Irish Life & Permanent group of companies, one of Ireland’s largest financial organisations and the market leader in the provision of life, pension and investment products.
With a focus on quality and personal service, Irish Life Corporate Business offers a wide range of financial products including company and personal pensions, savings products, life cover and insurance policies to individual and corporate customers.