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BearingPoint Launches Incentive Compensation for Insurance and Financial Services; featuring GlobeNet Technologies' Firestorm.NET software
McLean, VA, May 22, 2006 — BearingPoint, Inc., one of the world's leading system integrators, announced today the launch of a new business unit focused on Incentive Compensation Solutions, featuring GlobeNet Technologies' FireStorm Compensation Suite?. This new strategic partnership is designed to solve one of the premier problems facing insurers and other financial institutions as they address modernization of their aging legacy systems in a marketplace that puts new pressure on distribution. BearingPoint has assembled a team that is both deeply experienced in insurance and has acquired experience in the difficult issues related to incentive compensation in companies with increasingly complex distribution channels. "BearingPoint had been analyzing the Incentive Compensation marketplace for nearly two years when we were engaged by Fireman's Fund Insurance Company (FFIC) to find a cutting edge application to solve their need to both manage and incentivize their distribution channel", said Paul McDonnell, Senior Vice President of BearingPoint's Global Insurance Practice. "GlobeNet had the standout application, and after our combined teams had a stellar implementation we made the decision to build a practice with them as our strategic partners. Having proven its commercial viability in production, and recently passing FFIC's rigorous certification process, we now see the deployment of FireStorm across their entire Agency Management field organization as a key application they have dubbed ‘Agency Hub'".
GlobeNet's President and Founder, Damian Kuolt knows what it is like for a product company to be torn between using limited resources for implementing now or building for the future. "This strategic partnership is a dream for a small product company like GlobeNet. No matter how innovative our solution, and we seeing a growing interest by insurers for our unique approach to blending Incentive Compensation with Producer Relationship Management, it is only as good as the ability to integrate with the complex legacy environments found in Fortune 1000 companies. With BearingPoint we have the ability to focus on continuing to make FireStorm the leading product of its type, knowing that implementation resources and industry knowledge will never be in short supply."
"BearingPoint has had tremendous growth, overtaking competitors, in part because we understand what our marketplace needs and try to be there for them with the expertise to make a difference. Finding solutions like GlobeNet's Firestorm Compensation Suite makes our job easier. By partnering we can help insurers deal with industry issues such as aligning distribution channels with company goals through business planning and incentives, integrating legacy systems, creating a single, integrated ‘data repository' for agency administration, and capturing business critical transaction data for incentive programs," said Marc Gallo, a Managing Director with BearingPoint. "BearingPoint will draw on our experiences in implementing agency management and incentive compensation systems to help insurers streamline business processes, reduce costs and improve management reporting and controls."
"GlobeNet is a valued Insurance Value Chain partner and we are pleased they are supporting the experience Insurance initiative", said Kevin Kelly, managing director of Insurance for Microsoft's Financial Services Group. "The FireStorm Compensation Suite is a solution that is changing the experience of insurers, actually bringing together fragmented processes that are currently scattered amongst dozens of legacy systems into one, comprehensive Incentive Compensation and Producer Relationship Management system. From an operations standpoint, FireStorm, built on a Microsoft platform, is leveraging SOA interfaces with legacy systems and integrating well with other Microsoft technologies."
About Fireman's Fund, Inc.
Fireman's Fund is a premier property and casualty insurance company providing personal, commercial, marine, excess and surplus lines and agribusiness insurance products nationwide. Fireman's Fund is a subsidiary of Allianz AG, one of the world's largest providers of property and casualty insurance and other financial services. For more information, visit www.firemansfund.com.
About GlobeNet Technologies, Inc.
GlobeNet Technologies, Inc. is one of the leading Enterprise Incentive Management (EIM) firms, also known as Incentive Compensation Management, serving Global 2000 companies, as well as small to medium-sized businesses, who have specialized incentive compensation needs. GlobeNet provides software that combines the functional areas of Agency Administration, Licensing and Business Planning with Incentive Compensation into a comprehensive Producer Relationship Management solution. Their FireStorm product suite provides an end-to-end enterprise solution, designed to eliminate custom code associated with marketing, channel and compensation plan changes and evolution. Based in Scottsdale, AZ, GlobeNet has served over a hundred clients in numerous verticals, and is now focusing on the Financial Services and Insurance, Healthcare, Retail Distribution and Technology sectors.
For more information, please send an email to:
info@globenettech.com,
or visit our website: www.globenettech.com
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE:BE) is one of the world's largest business consulting, systems integration and managed services firms serving government agencies, Global 2000 companies, medium-sized businesses and other organizations. We provide business and technology strategy, systems design, architecture, applications implementation, network infrastructure, systems integration and managed services. Our service offerings are designed to help our clients generate revenue, reduce costs and access the information necessary to operate their business on a timely basis. Based in McLean, Va., BearingPoint has been named by Fortune as one of America's Most Admired Companies in the computer and data services sector. For more information, visit the Company's website at www.BearingPoint.com.
This press release may contain forward-looking statements, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
John La Place
BearingPoint, Inc.
john.laplace@bearingpoint.com
(212) 896-6213
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