Shrusti

Shrusti Mathur
Aetna, Inc. (NYSE: AET) is an American health insurance company, providing a range of traditional and consumer directed health care insurance products and related services, including medical, pharmaceutical, dental, behavioral health, group life, long-term care, and disability plans, and medical management capabilities. Aetna is a member of the Fortune 100


Further extending the value it has provided for a decade to the nation's insurance industry, Fair, Isaac and Company, Inc. (NYSE NYSE

See: New York Stock Exchange :FIC FIC First International Computer
FIC Fogarty International Center (John E. Fogarty International Center for Advanced Study in the Health Sciences; National Institutes of Health)
FIC Fellowship for Intentional Community ) said today it has completed a Fair, Isaac MarketSmart Decision System(TM) installation for Aetna Inc., the nation's largest provider of health and group benefit plans. Initially, the MarketSmart solution will enable Aetna's life, disability and long term care business to target market to employees eligible for its employer-sponsored long term care coverage. Over time, Aetna plans to extend these capabilities to sponsors of its voluntary group life and disability products.

Rather than providing "one size fits all" communications to all employees, Aetna is now able to deliver more relevant messages to various groups of employees based on their demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. and protection needs. As a result, employers who sponsor Aetna's long term care insurance can ensure that their employees will receive educational materials designed for people "like them" in similar life stages.

Fair, Isaac MarketSmart Decision System for Insurance comes at a time when consumers are more actively seeking information about their personal asset-protection needs. Seventy-five percent of consumers today have no personal financial advisor to provide this advice. Fair, Isaac's technology can help insurance companies meet this unfulfilled need.

"We have deep expertise working with the risk side of the insurance industry, which gives us unique insight into the marketing issues these companies face," explained Mark Gorman, Fair, Isaac's VP for Insurance. "MarketSmart enables insurance companies to make faster, more accurate and more cost-effective marketing decisions," he said.

"Obtaining a better understanding of our current and prospective members will help us create more effective, consumer-centric marketing campaigns," said William P. Wilde, Head of Sales & Marketing for Aetna's life, disability and long term care division. "We are beginning to use this sophisticated and secure tool to support our CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization.
..... Click the link for more information. goals of strengthening member and plan sponsor relationships. We anticipate that over time, Fair Isaac's technology will help us reduce acquisition costs and improve penetration rates, which will translate to our voluntary products becoming even more price competitive."

Fair, Isaac is Isaac I (Isaac Comnenus) (ī`zək kŏmnē`nəs), c.1005–1061, Byzantine emperor (1057–59), first of the Comneni dynasty. the first company to provide a totally integrated solution for insurance companies that uses direct response marketing to manage and grow relationships with individual consumers. MarketSmart Decision System for Insurance integrates the precision and insight of actuarial ac·tu·ar·y
n. pl. ac·tu·ar·ies
A statistician who computes insurance risks and premiums.


[Latin and underwriting Underwriting

1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).

2. The process of issuing insurance policies. disciplines with marketing strategies to help insurance companies like Aetna compete and grow. Through this technology, insurers now will have the capability to effectively manage their marketing database, campaigns and business intelligence through one, closed-loop system Noun 1. closed-loop system - a control system with a feedback loop that is active
closed loop

control system - a system for controlling the operation of another system .

For the last decade, Fair, Isaac has built deep relationships with more than 300 of the nation's insurance providers, primarily in the areas of underwriting and risk management. Over the years, Fair, Isaac has kept pace with the changes in the insurance industry. Today, Fair, Isaac provides a full suite of solutions to meet the range of challenges facing insurers from marketing to origination and underwriting, account and portfolio management, customer relationship management and enterprise risk management.


Pegasystems Inc. announced that Aetna has selected its PegaHEALTHTM contact center solution as part of a corporate-wide initiative to provide easy-to-use tools and resources that enhance the value of the company's benefit offerings.

Aetna, a provider of healthcare, dental, pharmacy, group life, disability and long-term care benefits, will use Pegasystems' customer service desktop solution in its 40 national contact centers, which serve 590,000 healthcare service providers and 13 million members. The applications will ultimately support Aetna member services, provider services and patient management as the company continues to integrate its technology solutions across lines of business to improve customer service and create a competitive advantage.

Aetna, one of the nation's leading providers of healthcare, dental, pharmacy, group life, disability and long-term care benefits, will use Pegasystems' customer service desktop solution in its 40 national contact centers, which serve 590,000 healthcare service providers and 13 million members. The applications will ultimately support Aetna member services, provider services and patient management as the company continues to integrate its technology solutions across lines of business to improve customer service and create a competitive advantage.

Aetna, an $18 billion corporation based in Hartford, Conn., chose Pegasystems after a rigorous 18-month selection process. The contract was finalized in Q1 of this year.

Combining agility, intelligence, and automation

PegaHEALTH Member Services and PegaHEALTH Provider Services, key components of the PegaHEALTH Customer Process Manager Product family, will enable Aetna to deliver consistent, high-quality service throughout the enterprise. Pegasystems combines intent-led processing with pre-packaged best-practice workflows to efficiently handle processes ranging from claim inquiry resolution to the ordering of ID cards. This approach intelligently guides customer service representatives (CSRs) to provide responsive and personalized service. Building upon and extending Aetna's current assets, this product suite directly integrates in real time with legacy systems and multiple channels, to ultimately include phone, Web, interactive voice response, e-mail and fax. As a result, CSRs can provide 'one-and-done' processing - automatically resolving customers' issues without transferring them, placing them on hold, calling them back or passing the service fulfillment to the back office. Comprehensive scripting, dialog management, and role-based routing make service consistent across departments, and significantly reduce training for new users.

"Pegasystems' technology underpins our efforts to improve the quality, affordability and ease of use of our products and services," said Russell D. Fisher, senior vice president, National Accounts and Aetna Global Benefits. "With this solution, Aetna can concentrate on creating better workflows and application functionality to serve its members and providers, and ultimately use its IT investments more efficiently."

Aetna plans to phase in the Pegasystems applications this year. Pegasystems will help Aetna create a "model office" that will simulate the real-world conditions the applications will face before they are extended to live customers.

"It's an honor to be chosen as a partner by one of the world's most prestigious insurance companies," said Tom Congoran, vice president of Pegasystems' healthcare business. "Aetna's strategic commitment to our PegaHEALTH solutions validates our strong position in the healthcare industry and confirms that business processes like customer service are significantly enhanced by integrated BPM and business rules software."

About Aetna Inc.

Aetna (NYSE: AET) is one of the nation's leading providers of healthcare, dental, pharmacy, group life, disability and long-term care benefits, serving approximately 13.0 million medical members, 10.9 million dental members, 7.4 million pharmacy members and 12.3 million group insurance customers, as of December 31, 2003. The company has expansive nationwide networks of more than 600,000 healthcare services providers, including over 362,000 primary care and specialist physicians and 3,626 hospitals. For more information about Aetna, please visit the company's web site at www.aetna.com.

Forward-Looking Statements

Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 including, without limitation, our financial guidance with respect to 2004 revenue, profit before tax, tax rate, earnings per share and cash from operating activities. The words "believe," "expect," "hope," "anticipate," "plan" and similar expressions, among others, identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include volatility of our quarterly operating results, difficulty in predicting the completion of product implementations and consequently the timing of our license revenue recognition, the timing of term software license renewals, customer acceptance of our new PegaRULES Process Commander technology, our ability to develop new products and evolve existing ones, the impact on our business of the ongoing consolidation in the financial services market, historically our core market, our ability to attract and retain key employees, reliance on certain key third-party relationships, and other risks and uncertainties. Further information regarding these and other factors, which could cause the Company's actual results to differ materially from any forward-looking statements contained in this press release, is contained in the Company's most recent report on form 10-K and other recent filings on file with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent the Company's views as of May 4, 2004. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause the Company's view to change, the Company does not undertake and specifically disclaims any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events or otherwise. The statements should therefore not be relied upon as representing the Company's view as of any date subsequent to the date of this release.

NOTE: Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.
 
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