IRVINE, CA, Nov 29, 2010 — 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.
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