Legal & General America, Inc. Selects Epicor(R) for Financial Services Solution
November 29 2010 - 8:00AM
Marketwired
Epicor Software Corporation (NASDAQ: EPIC), a leading provider of
enterprise business software solutions for the midmarket and
divisions of Global 1000 companies, today announced that Legal
& General America, Inc., a leading financial services company
that provides low cost life insurance to families in the United
States, has chosen Epicor's next-generation Financial Services
solution for implementation across its entire organization. The
Epicor 9 end-to-end financial management suite will replace Legal
& General America's current manual and highly fragmented
financial reporting procedures, enabling them to streamline and
automate business processes, providing new levels of efficiency,
visibility and control.
Banner Life Insurance Company and William Penn Life Insurance
Company of New York make up the operating companies of Legal &
General America and are wholly owned subsidiaries of Legal &
General Group Plc. Together they are licensed in all 50 states and
have more than $5 billion in assets and over $800 million in annual
revenue. Legal & General America selected Epicor for its depth
of functionality and its approach to accessing critical business
information, and expects the solution to help the company expand on
how they report and analyze data company-wide. With a key focus on
better customer service through productivity, efficiency and
effectiveness, Epicor will provide the company with powerful,
robust yet easy-to-use financial management tools that will greatly
simplify business processes and will be integral to tracking
financial performance across the enterprise.
"We expect to gain a significant amount of efficiencies
throughout our businesses with Epicor," said Drew Love, vice
president, finance for Legal & General America, Inc. "With
Epicor we will be able to move away from manual processes and
convert to a streamlined, automated and paperless environment.
Epicor gives us the ability to drill down and drill across data so
we can analyze our business performance in a structured and
efficient manner. We can rely on our information systems to run key
financial analyses such as profitability reports and return
metrics, and to make this part of a standardized process so we can
make timely and more strategic business decisions."
Epicor Financial Management modules are the first of a new breed
of accounting applications, built around a series of powerful
fiscal engines and featuring an embedded business process
management (BPM) rules engine. This will deliver a platform for
greater governance, risk and compliance through Epicor's modern
service-oriented architecture (SOA) and comprehensive BPM
sub-system that supports today's financial services institutions'
need to enhance business processes and enforce business policies.
For example, by recording electronic sign-offs and monitoring audit
logs, Legal & General America will gain essential insights and
ensure transparency in operations. Further, by modernizing its
backend system, Legal & General America expects to be able to
shift its closing cycle from a 25-day quarterly close to a 10-day
monthly close. "Epicor will enable us to significantly reduce our
closing cycle to a more manageable time frame," said Darryl Worth,
financial systems manager for Legal & General America, Inc.
"Using Epicor to pull more relevant financial data so we can
produce timely and accurate analyses will be one of the most
important returns on our investment. Ultimately, Epicor will help
improve the speed at which information is reported, enabling us to
provide more in-depth and useful reports in less time."
Legal & General America will also use the embedded
Enterprise Performance Management (EPM) solution within Epicor to
help drive execution and more effectively monitor and report on
business performance through the use of advanced analytics
including scorecards, embedded role-based dashboards, advanced
financial reporting and budgeting, and ad-hoc reports. Improved
reporting will lead to greater financial governance and compliance
and will help Legal & General America address rigorous
regulatory standards like the Model Audit Rule (MAR). "Epicor will
provide us with the checks and balances we need to ensure we are
compliant with today's evolving legislative and regulatory
requirements," added Worth.
"We are excited that Legal & General America has selected
our Epicor for Financial Services solution," said Matt Muldoon,
vice president, product marketing for Epicor. "Financial
institutions increasingly need to demonstrate organization-wide
transparency and correspondingly require effective controls and
reporting around products and services offered. Epicor will provide
the level of financial visibility and business process efficiencies
Legal & General America requires to execute strategic business
decisions and optimize business performance."
About Epicor Software Corporation Epicor
Software is a global leader delivering business software solutions
to the manufacturing, distribution, retail, hospitality and
services industries. With 20,000 customers in over 150 countries,
Epicor provides integrated enterprise resource planning (ERP),
customer relationship management (CRM), supply chain management
(SCM) and enterprise retail software solutions that enable
companies to drive increased efficiency and improve profitability.
Founded in 1984, Epicor takes pride in more than 25 years of
technology innovation delivering business solutions that provide
the scalability and flexibility businesses need to build
competitive advantage. Epicor provides a comprehensive range of
services with a single point of accountability that promotes rapid
return on investment and low total cost of ownership, whether
operating business on a local, regional or global scale. The
Company's worldwide headquarters are located in Irvine, California
with offices and affiliates around the world. For more information,
visit www.epicor.com.
Follow Epicor on Twitter: https://twitter.com/Epicor
Epicor is a registered trademark of Epicor Software Corporation.
Other trademarks referenced are the property of their respective
owners. The product and service offerings depicted in this document
are produced by Epicor Software Corporation.
Contact: Lisa Preuss Director, Public Relations Epicor Software
Corporation 949/585-4235 lpreuss@epicor.com Damon Wright Vice
President, Investor Relations Epicor Software Corporation
949/585-4509 dswright@epicor.com
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