Princeton, USA (May 22, 2006) – Princeton Financial Systems, a wholly owned subsidiary of State Street Corporation, announced today that it has become part of the Microsoft Insurance Value Chain (IVC) partner program. The IVC program is an ecosystem of insurance partners that address key solution areas across the industry by leveraging Microsoft’s core strengths in front- and back-office technologies. The IVC has a common goal of providing innovative, straight-through processing for insurance on the Microsoft platform using Web services, Extensible Markup Language (XML) and industry-specific standards.
"Microsoft is pleased to welcome Princeton Financial Systems to the Insurance Value Chain. The company’s offerings significantly enhance our ability to offer best-of-breed financial management capabilities and to connect business processing systems with those important assets," said Kevin Kelly, managing director, Microsoft U.S. insurance industry. "The integration of its offerings with our broad array of insurance line-of-business applications continues to make the IVC the best place to look for the industry's next-generation of business operating platforms."
Princeton Financial will also support Microsoft’s recently announced Insurance Value Chain Architecture Framework (IVCAF) v1.0 – an industry-standards-based approach delivering a library of integrations and prescriptive guidance on the development of straight-through processing. Through joint lab work between Princeton Financial, Microsoft and other partners, the IVCAF reduces the time and cost required by insurance customers attempting to integrate core line-of-business applications for cross-enterprise workflows.
“We are excited about the value and innovation that the Microsoft platform brings to our customers and are very pleased to have access to the talented technologists and robust set of products and tools offered by Microsoft to create enhanced user experiences and integration options for the benefit of our clients,” says Lorne Whitmore, Princeton Financial Systems’ Vice President, Global Sales & Product Management. “This combination will allow Princeton Financial to take advantage of the very latest technologies as we roll out our next generation user interface and integration platforms.”
Going forward, PFS is undertaking a project to port its entire application suite to a thin client platform using the Microsoft .NET framework and the latest user interface rendering technologies.