CAMBRIDGE, MA and COSTA MESA, CA, November 9, 2005 - Patni Computer
Systems, Ltd. (Patni), among India's leading IT services companies, and FileNet
Corporation (NASDAQ: FILE), the leading provider of Enterprise Content and
Business Process Management solutions, today announced the launch of Patni's Life
New Business Straight Through Processing (STPsm) solution framework. Built on
FileNet P8, FileNet's Enterprise Content Management platform and targeted at life
and health insurance carriers, Life New Business STP helps streamline, automate and
integrate key business processes and operations.
Patni's Life New Business STP reduces transaction processing time, improves
profitability, and increases customer satisfaction through a unique combination of
content management, business process management and business rules engines.
The solution promotes internal collaboration and timely reaction to critical events,
thereby allowing relationship managers to focus on generating revenue and
increasing market share rather than tracking down application status. FileNet P8 is a
highly scalable enterprise content and process management platform that allows
companies to access information from across the enterprise.
Patni designed the Life New Business STP solution framework to improve the existing
case management workflow to more effectively and efficiently support the needs of
the business. Utilizing ACORD Industry Standards, Life New Business STP links
business processes with content, people and systems in a more structured manner,
leveraging standard interfaces, applications, and languages for rapid application
development. These integrated and automated business processes, efficiently linking
existing systems with data stores, offer executives access to real-time information
for informed underwriting decisions.
"Given the increasing need to manage complex issues surrounding product
distribution and third party vendor management, customer satisfaction is emerging
as an area of concern. This has a direct link with the insurance carrier's reputation
and profitability," said Bill Budde, Senior Vice President and Head of Insurance
Business Unit, Patni. "Insurance organizations need to proactively ensure they can
access the right information to make the correct underwriting decision in a timely
manner. Life New Business STP addresses this by linking processes with relevant
content."
Martyn Christian, Chief Marketing Officer for FileNet added, "Patni has a formidable
reputation across the insurance segment, expertise with FileNet's products, and a
keen understanding of customer issues and inherent technology advantage. This
allows our customers to integrate their existing systems with the new Life New
Business STP solution, and optimize and monitor business processes through realtime
access to customers and third-party vendors in the reporting business lifecycle."
Rather than replacing existing systems, Life New Business STP leverages existing IT
investments, including systems, platforms, processes, and people. By automating
the new business flow based on predefined program rules, overall efficiency is
maximized through reduced new business acceptance time and enhanced transaction
processing time.
About Patni
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a
global IT Services provider servicing Global 2000 clients. Patni caters to its clients through
its industry-focused practices, including insurance, manufacturing, financial services,
telecommunications, and its technology-focused practices.
With employee strength of over 12,000 and multiple offshore development facilities across
eight cities; Patni has 23 international offices across the Americas, Europe and Asia-Pacific.
Patni has registered revenues of US$ 450 million for the year 2005.
Patni's service offerings include application development, application maintenance and
support, packaged software implementation, infrastructure management services, product
engineering services, business process outsourcing and quality assurance services.
Committed to quality, Patni adds value to its client's businesses through well-established
and structured methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified
and SEI-CMMi Level 5 organization, assessed enterprise wide at P-CMM Level 3. In keeping
with its focus on continuous process improvements, Patni adopts Six Sigma practices as an
integral part of its quality and process frameworks.
For more information on Patni, visit www.patni.com
Patni Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks,
and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability
to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India,
our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client
concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which
Patni has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or
acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our
industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of
the Company.
About FileNet
FileNet Corporation (NASDAQ: FILE) helps organizations make better decisions by
managing the content and processes that drive their business. FileNet's Enterprise
Content Management (ECM) solutions allow customers to build and sustain
competitive advantage by managing content throughout their organizations,
automating and streamlining their business processes, and providing a spectrum of
connectivity needed to simplify their critical and everyday decision-making.
FileNet ECM products are designed to deliver a broad set of capabilities that integrate
with existing information systems to provide cost-effective solutions that solve realworld
business problems.
Since the Company's founding in 1982, more than 4,000 organizations, including
more than three quarters of the FORTUNE 100, have taken advantage of FileNet
solutions for help in managing their mission-critical content and processes.
Headquartered in Costa Mesa, Calif., the Company markets its innovative ECM
solutions in more than 90 countries through its own global sales, professional
services and support organizations, as well as via its ValueNet® Partner network of
resellers, system integrators and application developers.
FileNet Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements that involve risks and uncertainties, including statements regarding the anticipated
benefits and performance of FileNet's products, FileNet's products' support of industry standards, and integration with third party products,
systems and services. Words such as "anticipates," "expects," "intends," "plans," "believes," "may," "will" and similar expressions are
intended to identify forward-looking statements. Among the important factors that could cause actual results to differ materially from those in
the forward-looking statements are FileNet's ability to develop, complete, introduce, market, distribute and gain market acceptance for its
products and technologies in a timely manner; unforeseen technical difficulties related to the development and optimization of FileNet's
products or the integration of its products with those of third parties; announcements of technological innovations, new products or product
enhancements by FileNet or its competitors; general market conditions; and other factors detailed in the FileNet's filings with the United
States Securities and Exchange Commission, including its recent filings on Forms 10-K and 10-Q.
For more information, please contact:
Carol Thornton
FileNet Corporation
714-327-3746
cthornton@filenet.com
Brenda Chroniak
Text 100 for Patni Computer Systems
617.399.4984
brendac@text100.com
|
|
Colin White
Patni Computer Systems
617.914.8337
colin.white@patni.com |
|