PMSC Sees Growth In Asian Operations

Policy Management Systems Corp. announced what it says are notable third quarter developments for clients in Hong Kong and Japan. The company licensed INSURE/90 to Eagle Star for its Hong Kong property and casualty operations. Eagle Star is a member of the Zurich Financial Services Group. INSURE/90 is an integrated product for general insurance companies. It supports new business, client administration, underwriting, claims management, reinsurance, and other functions. INSURE/90 provides multi-currency and multi-language capabilities, including Oriental complex character-set languages.

Breaking new ground, PMSC signed its first licensing agreement to a client headquartered within the People's Republic of China. The BOC Group Life Assurance Company Ltd., a subsidiary of the Bank of China Group—located in Hong Kong, Special Administrative Region—licensed CAPSIL/Asia, designed to support the Asian life insurance industry.

Available in both English and Chinese, CAPSIL is an integrated, online, real-time AS/400 product. It provides new business and administrative support functions for traditional life, whole life, universal life, variable life and interest-specific life insurance products.

Sony Life of Japan also licensed CAPSIL to provide information technology support for its new life insurance venture in the Philippines. Sony joins AEGON, CIGNA and Zurich as CAPSIL clients in Manila.

New legislation in Hong Kong established a Mandatory Provident Fund (MPF) to provide for the retirement of citizens in the Special Administrative Region. As a result, PMSC developed an MPF module for its Superb 2000/Open, a product for supporting pension funds administration systems. The module is designed to allow financial services companies in Hong Kong to administer the MPF products.

PMSC signed two licensing agreements of the product with the MPF module: CMG Asia Life Assurance Ltd., followed by a sale to Aetna MPF Ltd. located in Hong Kong.