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News
For immediate release: June 15th, 2004
INSURANCE DATA SERVICES AND UPSIDE SOFTWARE BRING CLIENTS INTEGRATED RISK TRANSFER SOLUTIONS
Alliance Allows Clients to Validate Vendor Insurance Compliance within Existing Contract Management System
EDMONTON, ALBERTA, CANADA and HEMET, CALIFORNIA — Upside Software Inc., an integrated enterprise contract management software provider, and Insurance Data Servicessm (IDS), a provider of certificate of insurance compliance monitoring services, announced today an alliance that allows client organizations to quickly and conveniently access insurance compliance information from Upside Software’s contract management system.
Contract Management is continuing to grow as a significant focus for many organizations, and compliance is a key challenge in companies’ vendor management initiatives. Under the alliance between Upside Software and IDS, the companies have developed an interface that seamlessly integrates insurance compliance data compiled by IDS on behalf of client organizations with Upside Software’s UpsideContract. Common clients will now be able to quickly and easily view the insurance compliance status of their vendors and suppliers without leaving the familiar interface of their UpsideContract contract management software.
In response to requests from common clients who felt efficiencies could be realized if IDS and Upside Software integrated their data into a single point of access, the two companies worked jointly to deploy a high performance, secure, and reliable e-business data exchange solution in which UpsideContract can access insurance compliance status information on vendors/suppliers populated by IDS once IDS does the work to secure valid insurance coverage. With this data exchange, details related to the insurance requirements contained in vendor/supplier contracts are automatically transferred to IDS from UpsideContract so that IDS can solicit and validate insurance coverage requirements. The validated insurance status of each vendor/supplier is then returned to UpsideContract for tracking, display and reporting.
Since many organizations are familiar with, and use Upside Software’s contract management software on a daily basis, there is no need for their personnel to learn and become familiar with an additional application to determine vendor/supplier insurance coverage compliance. All relevant insurance compliance information, including new vendors/suppliers, can be automatically transferred to IDS daily so that the insurance compliance of each vendor/supplier can be validated against the client’s insurance requirements. According to Tom Wickes, President and Chief Operating Officer for IDS, “integrating the data created through our evidence of insurance collection and validation service into Upside’s contract management software allows clients easier access to vendor/supplier insurance status. We are pleased that our work with Upside Software has resulted in tangible benefits to our clients.”
“Being able to access insurance compliance and other contract information from a single application saves time and makes tracking our contracts and insurance compliance a lot easier for us,” said Andrew Manthei, Director, Strategic Sourcing at the Burlington Northern and Santa Fe Railway. “We are pleased that IDS and Upside Software have come together to make this compliance tracking and management process easier and more efficient.”
“Compliance and risk management are important and visible functions for many of our customers,” said Ashif Mawji, Upside Software CEO. He added, “Upside Software is committed to ensuring that we provide the best capabilities across the contract management function and are very happy to be working with IDS to provide our customers with better vendor insurance compliance control.”
About Insurance Data Services
Insurance Data Services (IDS) is a provider of full service, outsourced insurance compliance monitoring services. IDS solicits, monitors, and follows-up with those who are obligated to provide their clients with evidence of insurance coverage. Their systems allow clients the ability to run real-time compliance reports, monitor AM Best ratings, view imaged certificates, and access insured account information 24 hours a day. Clients include governmental organizations, regional organizations, and Fortune 500 companies in 15 different industries, including retail, construction, property management, commercial finance and transportation. More information: www.certsonline.com or 1-800-996-9964.
About Upside Software Inc.
Upside Software provides the leading Contract Management Software solution in the market – UpsideContract – as well as other integrated business solutions to handle Sourcing & Procurement, Invoice and Billing Management, and Project & Resource Management. Upside Software’s products are well suited to Enterprise (e.g. Fortune 500, Global 2000), Public sector (Federal, State/Provincial, Municipal and Health Care) and the Small and Medium Enterprise (SME) sector customers. Upside Software’s customers realize significant cost savings and improve customer and supplier relationships. The company’s Corporate and ASP implementations are delivered to customers in as little as 3 days and provide a full return-on-investment (ROI) in much less than one year. Upside Software is a profitable, growing company with a very mature and comprehensive product suite. The company has extensive experience delivering real value to customers of every size and in many industry verticals. For more information about Upside Software and its suite of business solutions, visit the company’s Web site at www.upsidesoft.com or one of its product sites: http://www.upsidecontract.com/, http://www.upsidecontractlite.com/, http://www.upsiderfx.com/, http://www.upsidebilling.com/, .
For more information, contact:
Media Relations
Upside Software Inc.
Tel: (780) 702-1432,
Fax: (780) 702-1438
Email: ask@upsidesoft.com
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