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September 5, 2000

Sherwood International And Polaris Software Form Worldwide Partnership

COMPANY PRESS RELEASE: Global insurance technology specialist, Sherwood International has signed a worldwide partnership agreement with global software house, Polaris Software Lab. Under the agreement Polaris Software will provide implementation services to customers who have purchased a licence to use amarta, Sherwood's life and pensions system, from either Sherwood or its business partner Deloitte Consulting.

By CBR Staff Writer

In addition to the partnership agreement, Polaris which is based in Chennai, India, is also working with Sherwood International to sell and implement amarta within the Indian sub-continent. This initiative is designed to meet new business opportunities brought about as a result of the recently passed IRDA (Insurance Regulation Development Authority) bill in India.

The IRDA bill allows the entry of private and foreign players into the previously government dominated Indian insurance industry. It will lead to an offer of a wide range of covers being available and improved service and lower premiums for customers.

Commenting on the partnership, George Matthews, CEO of Sherwood International, said : The Indian insurance market is now set to be a major focus for many insurance companies due to the recent deregulation bill. With the government expected to make further changes, foreign companies can expect to be able to hold up to 26 per cent in joint ventures in Indian firms. These announcements follow a six year wait for foreign players and have opened India up as an expanding opportunity.

Matthews adds: Sherwood’s partnering with Polaris gives us an entry into this important marketplace, together with a highly experienced company which already has a foothold in the Indian market.

Polaris has extensive experience and expertise in providing global development services with multi national companies. It has worked on many web based and e-commerce projects and has recently assisted Sherwood with the Nationwide amarta implementation.

amarta plays an important part in helping companies to drive down administrative costs; streamline the supply chain; provide self-service data entry; and improve communications with third parties, as well as with customers.

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