London. April 19th, 2005. SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that CIS, the only co-operative insurance company in the United Kingdom has selected TLM® Reconciliations.
CIS, who have approximately 5.4 million customers and currently administer more than £20 Billion of their money, have purchased TLM® Reconciliations and Investigations to manage and control an end-to-end payment architecture. The company selected SmartStream having been through an exhaustive review of the Reconciliations market place. TLM® Reconciliations was selected over the competition for its uniquely generic nature, its ability to handle multi-way matching and lifecycle reconciliations.
CIS will be using TLM® to performing multi-way and multi-transaction reconciliation between Policy Systems, General Ledger and CIS Bank Accounts. Commenting on the purchase, Lawrence Peet, Head of Operations and Control, CIS, explained, "TLM will track each stage of the lifecycle - from the point a premium is raised, through the clearing process, via any payment method and until it is accounted for in a CIS Bank Account"
In Phase I, TLM® will manage and control the reconciliation and exception management of General Insurance premium collection or claims throughout their entire lifecycle. TLM® will then be extended in Phase II to cover the more complex Life and Pensions premium collection and claims process.
Commenting on the new signing, Richard Cummings, Sales Director, SmartStream Technologies, stated, "I’m delighted that we have been able to add a further prestigious client to our growing base of insurance companies that includes the Prudential and Norwich Union amongst others. By using TLM® to create a single Reconciliations hub CIS are further strengthening their already robust procedures, gaining greater visibility into their transactions lifecycle. With greater visibility and accuracy over their reconciliations processes we believe CIS will further reduce the margin for error and take a proactive stance on cost avoidance".
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