Celent names Xenos a Significant Player in Insurance Document Handling Solutions spectrum

28 September 2006

Xenos Group Inc. (TSX: XNS), a leading provider of solutions that capture, transform, transport and present data and electronic documents, has been named a "Significant Player” in the Insurance Document Handling Solutions spectrum in a recent report published by Celent, a leading international financial services analyst firm.

Celent’s report, Document Management for Insurers: Overview and Solution Spectrum, published 30th August 2006, available directly from Celent, classifies more than 20 vendors to help insurance companies understand their technology options in different areas of document management. This classification is primarily determined by current market positions based on client base and industry momentum.

"Document management is a key issue for insurers. Every step of the insurance product life cycle from product definition through distribution, underwriting, service and claims relies on the creation and handling of internal and external documents,” says Manager of Celent’s Insurance group and co-author of the report, Matthew Josefowicz. "Managing the creation, distribution, acceptance and routing of all this paper-based (and electronic) information is a major task”.

"Celent’s recognition of Xenos is validation of our technology for insurance customers to speed policy origination via straight-through processing and to reduce call centre volume by shifting common inquiries online, such as Explanation of Benefits,” says Director Products and Marketing at Xenos, Patrick Smith. “Legacy systems that are ill-equipped to handle straight-through processing and unstructured documents housed in disparate archives in incompatible formats are among the obstacles overcome by deploying Xenos software solutions – without reengineering,” Smith said.

The Xenos product suite comprises d2eâ„¢, a high volume document stream transform server, with adapter support for IBM, FileNet, Mobius and Oracle ECM archives, infoWEBâ„¢, a portal plug-in for federated access to and e-statement presentment of archived information assets and terminalONEâ„¢, a data interchange server to enable straight through processing into legacy environments.

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