Continuum Company, Inc. Enters Outsourcing Agreement with Penncorp Financial Group, Inc.

Strategic Insights -

The Continuum Company, Inc., a leading international consulting and computer services firm, has announced a comprehensive outsourcing agreement with Penncorp Financial Group, Inc., a major insurance holding company. Through this seven-year agreement, Continuum will provide information technology services to Penncorp using its proprietary software, expected to generate approximately $50 million in revenue. The partnership aims to enhance the operational efficiency and competitiveness of Penncorp's back office operations and facilitate future growth through strategic acquisitions.

Key Takeaways:

  • Continuum Company, Inc. has entered a seven-year outsourcing agreement with Penncorp Financial Group, Inc. to provide comprehensive information technology services.
  • The agreement is expected to generate approximately $50 million in revenue for Continuum.
  • Penncorp Financial Group, Inc. is a major insurance holding company with approximately $3 billion in assets, operating subsidiaries such as Pennsylvania Life Insurance Company, Occidental Life Insurance Company of North Carolina, and Professional Insurance Corporation.
  • The partnership aims to leverage Continuum's proprietary software to improve the overall effectiveness of Penncorp's back office operations and provide greater flexibility for future acquisitions.
  • W. Michael Long, Chief Executive Officer of Continuum, has stated that the alliance will provide Penncorp with significant cost and time efficiencies, while strengthening Continuum's position as a premier provider of life, health, and annuity information technology products and services worldwide.
  • The agreement will involve the consolidation of Penncorp's life insurance, annuity, and health insurance businesses on Continuum's proprietary software.

Statistics:

  • The agreement is expected to generate $50 million in revenue for Continuum over seven years.
  • Penncorp Financial Group, Inc. has approximately $3 billion in assets.
  • Continuum's proprietary software will be used to consolidate Penncorp's life insurance, annuity, and health insurance businesses.

Sources:

  • "Continuum Company, Inc. Enters Outsourcing Agreement with Penncorp Financial Group, Inc." PR Newswire, December 4, 1995.
  • The Continuum Company, Inc.
  • Penncorp Financial Group, Inc.