Logica secures 10 year contract extension with Polaris
Polaris recognise Logica’s innovation and service delivery excellence.
Logica, a leading IT and business services company, today announced it has been selected to extend its IT services contract for applications development and management with insurance standards organisation and software provider Polaris U.K. Ltd. The contract, which has been extended for ten years, builds on Logica’s 12 year relationship with Polaris and the associated insurance market.
As part of the agreement, Logica will continue to enhance and support ProductWriter (software which captures the actuarial and underwriting aspects of insurance companies products) and the Run Time Environment or RTE (which allows users to obtain terms and conditions from insurers' products.) The RTE software is used at over 3,000 sites throughout the UK and Ireland. The selling and servicing of general insurance business is dependent on the uninterrupted operation of this mission critical software.
Over the 12 years Logica has worked with Polaris, the service team has developed an unmatched level of expertise around insurance product creation. ProductWriter and the RTE are used by the majority of UK and Irish insurers for both personal and commercial general insurance. ProductWriter allows business users to create flexible insurance products quickly and efficiently with minimal IT support, improving speed to market and reducing costs. The RTE can process several million quotes daily from a single server, supporting the high volume quotation requirements associated with the growth of aggregator sites.
Logica will provide strategic development and support to Polaris to ensure that the present and future needs of its customers are met by enhancing functionality to improve efficiency. Logica will also develop skeleton schemes to be used by insurers when developing new products and offer ongoing thought leadership and consultancy. In partnership with Polaris, Logica is signing a distribution agreement for the European market to take the benefits of ProductWriter to overseas insurers.
A deciding factor in securing the new ten year agreement was the range of innovation and business benefits delivered throughout the previous contract. For example, Logica has overseen the successful transition of areas of testing and development to an offshore blended delivery model which has maintained quality while delivering savings of over 40% to Polaris. Furthermore, Logica worked with Polaris to identify the benefits and market opportunity for a new higher performance version of the software known as the WSRTE (Web Services Run Time Environment), which offers a high performance and easy integration option for Polaris clients.
Martin McLachlan, Managing Director, Polaris, highlighted the strength of the relationship between the two companies: "The Polaris board was extremely impressed by the clarity and depth of knowledge displayed. We consider the service team at Logica to be a vital extension of the Polaris team which has made ProductWriter so successful. We look forward to working with Logica for another decade."
Andrew Lloyd, Director of Insurance and Retail Financial Services, Logica UK, stressed the expertise of the Polaris service team: “Logica is able to deliver significant innovation to Polaris. The blended delivery model provided to Polaris, by Service Delivery Manager Nick Meadows and the rest of the team, combines high quality and cost effectiveness. This extension is testament to the excellent levels of respect which the team has earned from all insurers and brokers whose own strategies include ProductWriter and the RTE.”
About Polaris U.K. Ltd.
Polaris is owned and controlled by the UK insurance industry and focuses on improving the efficiency and reducing the costs of transacting business involving insurers and intermediaries. The company provides standards, services and secure infrastructural facilities for digital trading which allow the market to operate more cost-effectively. For more information please visit www.polaris-uk.co.uk.
About Logica
Logica is a leading IT and business services company, employing 40,000 people. It provides business consulting, systems integration, and IT and business process outsourcing services. Logica works closely with its customers to release their potential - enabling change that increases their efficiency, accelerates growth and manages risk. It applies its deep industry knowledge, technical excellence and global delivery expertise to help its customers build leadership positions in their markets. Logica is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE: LOG; Euronext: LOG). More information is available at www.logica.com.
Press contacts
Rima Awad
Head of PR and Media Relations, Logica
Email: rima.awad@logica.com
Tel: +44 7799 477 158
Nadia Nandi
UK PR Manager, Logica
Email: nadia.nandi@logica.com
Tel: +44 7921 932 363
Logica
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