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Cambridge Integrated Services Named Claims Provider for Coveted Victorian WorkCover Authority
GREENWICH, Conn.-(Business Wire)-March 13, 2008 - Cambridge Integrated Services, a leader in innovative claims and risk management services, and subsidiary of Cambridge Solutions Ltd., announced today they were awarded a multi year BPO contract to handle insurance claims transactions for the Victorian WorkCover Authority (VWA) of Australia.
The VWA is an Australian State Government run Workers' Compensation Scheme, with annual revenue in excess of $1.7B. It is renowned as the best performing Workers' Compensation Scheme in Australia, and on many fronts, it reaches the world's best practices standard.
The Scheme administers approximately 30,000 claims per annum for the employers in the State of Victoria. The claims are managed by six authorized contracted agents on an outsourcing basis. Cambridge is one of these agents with a 15.3% market share. Cambridge plans to grow its market share to at least 20% over the next three years.
Cambridge will handle all WorkSafe claims for the 1,400 employees of the VWA. In July 2002, Cambridge was appointed a service contract which permitted them to provide support to companies doing business in Victoria. Cambridge has consistently been a top performer for the company, according to the VWA Annual Report, ranking above the competitive average on 14 of the 15 measures tracked. The VWA put its own WorkSafe account out for bid for the first time, relying on a rigorous tender process to choose Cambridge as its new agent.
"I am proud of our claims team's work in securing this additional opportunity to work with the VWA," remarked Wesley O' Brien, President, Cambridge Integrated Services. "This appointment reflects our extremely high level of expertise in the claims field, and serves as further evidence of our quality, growth and global outreach."
Each year, the VWA publishes information that it uses to assess its authorized agents for remuneration purposes and for general performance management. Last year, Cambridge ranked first or second out of six agents in 10 of the 15 measures, according to the VWA Annual Report 2007 (Appendix 2 Agent Performance). Australian CEO Paul Serong attributed the securing of the new contract to "Cambridge's reputation as the best performing agent in the VWA Scheme."
About Cambridge Integrated Services
Headquartered in Greenwich, Connecticut, Cambridge Integrated Services, a subsidiary of Cambridge Solutions Ltd., is one of the leading independently owned property and casualty claims and risk management services providers. Cambridge serves Fortune 500 self-insured employers, insurance carriers and public entities in the U.S., Europe and Australia. Claims services span workers' compensation; general, auto, professional and product liability; property and assumed/ceded reinsurance. Cambridge also offers a wide array of specialty risk management services including outcomes management and audit consulting, managed care, special investigations, structured settlements and subrogation/recovery services. For more information, visit: www.cambridgeclaims.com
About Cambridge Solutions Ltd.
Cambridge Solutions Ltd. (HQ: Bangalore, India; USHQ: Greenwich, CT.) is a strategic global outsourcing firm with deep expertise in:
— IT business consulting, application implementation, software engineering, maintenance and support services
— Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making.
The company employs 4,400 professionals serving customers on four continents through more than 60 locations worldwide. With offices in the U.S., Europe, India, Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world.
The company's BPO subsidiary has been named as one of the top best performing BPO companies by Global Services media and neoIT for the past three years. In 2008, Cambridge was also named one of the top 10 best performing Finance & Accounting Outsourcing (FAO) providers. Cambridge Solutions is currently ranked as the 10th leading outsourcing company in the world on the International Association of Outsourcing Professionals (IAOP)'s "2007 Global Outsourcing 100" list, up from 28th in 2006. This list appeared in a special advertising section in Fortune magazine.
The company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker "CAMBRIDGE." For more information, visit: www.cambridgeworldwide.com. In case of Investor Grievances, please contact: Compliance Officer Ph: 080 3054 0000 Fax: 080 4115 7394 EMail: compliance@cambridge-asia.com
Safe Harbor
Certain statements in this release are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services, including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns in fixed price, fixed time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, etc. The company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the company.
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