SpeedBuilder Systems Announces U.S. Launch of PROMOS Insurance Modeling Tool in Vienna, Austria
The conference, sponsored by ITC Innovative Tools, brought together insurance, consulting and technology leaders from throughout Europe, including IBM Austria, KPMG Consulting, IBS Poland, Software AG, SBI Software Beratungs Institut, SAP and Mummert & Partner Consulting.
In his remarks, SBS President Rod Giess discussed how U.S. insurance companies have refocused on cutting expenses now that their investment portfolios are no longer performing.
"U.S. insurers are implementing electronic rating and underwriting systems to reduce costs and improve risk selection. This is true not only in new business Internet applications, but also for renewals on their legacy administration systems," Giess said.
"PROMOS gives them an easy-to-use tool for rules modeling that generates computer code for all platforms — from hand-helds to mainframes," continued Giess.
PROMOS was the brainchild of Dr. Gerhard Friedrich, founder of ITC Innovative Tools and M+I Consulting, where he originally launched the product under the trademark VP/MS.
He sold the source code and the VP/MS name to CSC in 1999, but continues enhancing the tool under the PROMOS brand name.
"We are pleased to have SpeedBuilder Systems as our U.S. agent," said Friedrich. "The fact that they sold the first PROMOS license within weeks of opening their doors shows the strength of both the product and their company. We look forward to working with them as they expand the PROMOS customer base throughout the U.S."