SKANDIA
DEUTSCHLAND TAPS COVANSYS FOR TRANSPARENT INVESTMENT MANAGEMENT
SYSTEM
Urgent
Time-To-Market Contract Completed
FARMINGTON
HILLS, Mich., (December 5, 2001) - Covansys, (Nasdaq:
CVNS) a global technology services company, today announced
the successful delivery of the Transparent Investment Management
(TIM) software system on behalf of Skandia Deutschland, a
subsidiary of the Sweden-based life insurance and financial
services company.
Due
to an urgent time-to-market need of 90 days, Covansys created
an off-site/offshore virtual delivery team that allowed project
team members to work literally around-the-clock to meet Skandia's
implementation deadline.
"What
impressed us most was Covansys' ability to pull together two
project teams, a world apart, to get our new Internet-based
sales channel up-and-running as soon as possible," said
Christopher J. Luise, Senior Vice President, Skandia Deutschland. "Although
the Transparent Investment Management (TIM) system was ultimately
implemented in our German operations, the system was developed
by project teams located in offsite development centers in
both Detroit, Michigan and India."
"We
were able to meet Skandia's urgent time-to-market needs due
in part to a tremendous global team effort," said Tim
Wolfe, Covansys Executive Vice President. "We were also
pleased, thanks to our recent partnership with IBM, to be able
to offer Skandia an innovative e-business solution based on
IBM's Websphere* product offerings. Websphere's* flexibility
and robustness makes it ideal for this type of complex integration
work, where reliable and scalable architecture are absolute
necessities."
Implemented
in two phases, TIM is a pure investment management system software
designed to improve functionality for Skandia's internal and
external users through a unified interface in a browser application.
TIM allows Skandia to capture client, broker and investment
data, calculates new business commissions, and secures payment
of new/existing business commissions and collection of selling
charges. TIM also captures client transactions and processes
client requests and inquiries in a more efficient manner.
Covansys
is a premier member of the IBM PartnerWorld for Software and
currently uses IBM Software products to provide Web-to-Enterprise
Integration (WEISM ) solutions,
to a wide range of Fortune 1000 companies in the healthcare,
banking and finance, and retail industries, as well as to numerous
state and local governments. Covansys optimizes its WEI service
offerings for use with IBM's e-business infrastructure software,
including WebSphere* Application Server, MQ Series*, Visual
Age for Java and DB2* Universal Database.
For
more information about Skandia, please visit www.skandia.com.
*
Indicates trademark or registered trademark of International
Business Machines Corporation. All other products or company
names mentioned are used for identification purposes only,
and may be trademarks of their respective owners.
