WINDSOR, CT - January 29, 2003 - SS&C Technologies Inc. (Nasdaq: SSNC), a leading provider of investment and financial management software to the insurance industry, today announced the signing of a long-term co-marketing and technology sharing agreement with Milliman USA, the nation's largest insurance actuarial consulting firm. Under the agreement, the two firms will cooperate in the distribution, development and servicing of the PTSÂ® and MG-ALFAâ¢ financial modeling software products. Concurrent with the agreement, SS&C announced the launch of AnalyticsExpress, its new reporting and data visualization tool.
"Combining our actuarial software business with the skills and resources of the preeminent life actuarial consulting firm is a positive development for our clients, employees, and shareholders. Milliman has consistently played a leadership role in solving some of the most complex actuarial and business problems confronting the life insurance industry. SS&C has consistently offered powerful software to solve actuarial and business problems. The combination of these two forces will shape and deliver a new paradigm for life insurance business advice and software tools," said Bill Stone, SS&C Chairman and CEO.
"Milliman is committed to seeking additional ways to better serve the life insurance industry in the United States and globally. Working with SS&C on the ongoing support and development of software tools is a strategic measure at the heart of our business plan. We intend to be the leader in both life actuarial technology and business advice," stated Godfrey Perrott, Milliman's Life National Director.
To ensure consistency as the products evolve, Milliman will take over management responsibility for the marketing, development, support and service of PTS. "The opportunity to bring the best of these two products together is very exciting," said Pat Renzi, Product Manager of MG-ALFA, Milliman's proprietary pricing and projection software. "There will be tremendous benefits for both PTS and MG-ALFA customers as we focus on delivering the right combination of technology and service for each of our clients. SS&C's new reporting engine, AnalyticsExpress, was designed to be platform independent. We believe it can be a valuable bridge in bringing together PTS, MG-ALFA and other competing vendor systems."
"One of the biggest challenges for the actuarial world has been to effectively communicate the results of complex actuarial models in a manner that non-actuarial executives can understand," said Erin Cole, Product Manager of PTS. "AnalyticsExpress is a tool to translate actuarial analysis into meaningful management information with rich graphical and drill down inquiry capabilities."