Oceanwide and SinoSoft Promote Marine & Multi-Line Insurance Solutions

Online, July 18, 2011 (Newswire.com) - SinoSoft Co. Ltd., China's pre-eminent domestic insurance software and service solution provider and Oceanwide Inc., the leading provider of hosted solutions for the global insurance industry, announce that they have signed a distribution agreement for the sale of Oceanwide's products in China. The two companies will jointly promote two products, namely, Oceanwide's marine insurance software platform - Genoa and distribution management solution for all insurance lines and Bridge, its insurance distribution portal for all lines of insurance.

"We are very pleased to be working with such a strong partner in the fast growing China Market. We see our partnership with SinoSoft as an important step in our geographical expansion, offering our multiline insurance software products worldwide" said Mark Adessky, Chief Operating Officer, Oceanwide Inc.

Currently, the world's marine center has shifted toward Asia and China in particular. The immense market potential of the shipping industry is providing the marine insurance industry in China with an unprecedented opportunity for growth. In April 14, 2009, the China State Council announced the 'Proposal for Promoting Shanghai's Modern Service and Manufacturing Industries, and building Shanghai as the International Finance and Shipping Center'. The Proposal has pointed out that "financing for the shipping industry is pivotal to drive the realization of international finance center and international shipping center and the marine insurance is an especially important pillar to sustain the growth of the shipping financing industry; the insurance industry shall take advantage of such opportunity to expedite the growth of Shanghai's marine insurance market, and to better serve Shanghai's goal of building the 'two centers'."

Oceanwide's Genoa marine insurance platform has the most comprehensive functionality within the industry, and can handle the complex requirements resulting from the global and trade-related nature of the business. Offered on a hosted basis, the system manages all aspects of the policy lifecycle, including submissions, quotes, policy form issuances, endorsements, premium booking, the management of shipment and storage declarations, certificate issuance, invoicing, claims management and reporting. Genoa has been designed for easy expansion and customization, in many cases without requiring any programming effort whatsoever.

Bridge is Oceanwide's insurance distribution portal for all lines and is highly configurable by business users. It is offered through a "success based " pricing model and enables insurers to launch products and sell direct to consumers within days through an array of self-service tools and to more effectively manage their distribution channels through a consistent front end.

Company Backgrounds:
Established in 1996, Oceanwide has set the global standard for marine insurance software through its Genoa application and has recently launched a state-of-the-art distribution portal known as Bridge. Oceanwide's clients access its applications on a global basis and include leading industry players such as Chartis (AIG), C.V. Starr, Munich Re, Allianz, Chubb, Marsh, Aon, Willis as well as non-traditional insurance providers such as freight forwarders and banks.

SinoSoft has been servicing local insurance companies by providing IT consulting, solution, and services as well as business process outsourcing since 1996. Presently, over 50% of insurance companies in China use various solutions from SinoSoft. SinoSoft has 26 application solutions including insurance core system, reinsurance system, claims system, business intelligence system, certificate/document management system, underwriting and claims management system, reserve system, auditing system, intermediate business platform, etc. It can provide comprehensive support for insurance companies. SinoSoft is also actively developing its overseas market with clients in the UK, India, New Zealand, etc.