|Old Mutual Chooses SunGard Pension Administration System|
MIAMI--(BUSINESS WIRE)--Nov. 27, 2001--SunGard Insurance Systems, an operating group of SunGard (NYSE:SDS), today announced that Old Mutual Employee Benefits (OMEB) has signed a substantial long -term contract for the deployment of COMPASS, SunGard's pension and annuity administration system.
Old Mutual is an international financial services company, with expanding operations in life assurance, asset management, banking and general insurance. OMEB will be using COMPASS to support a new operating environment which will support significant blocks of business including Group Pension, Annuity and Life Assurance.
The COMPASS installation will be supported locally through SunGard Insurance Systems' Johannesburg offices.
Khutso Mampeule, chief executive of Old Mutual Employee Benefits, says, ``The purpose is to build, grow and enhance OMEB. Developing a new operating environment and innovative product range supported by COMPASS is in line with the overall Group strategy to grow profitability across all Old Mutual business units and enable world-class servicing.''
David Merand, vice president of SunGard Insurance Systems' COMPASS unit in South Africa, commented, ``COMPASS streamlines even the most complicated financial processes for straight-through processing. The solution is unique in that it is a single, integrated client/server administration system, that offers benefit, investment and record-keeping support all in one software package.''
According to Mr. Merand, COMPASS operates in a network and/or Internet environment that can run on hardware ranging from inexpensive workstations to substantial UNIX-based systems with processing power that rivals that of a mainframe.