Sumitomo Marine & Fire Insurance of Japan Chooses TiS' Automated Forms Processing Solution
Monday October 25, 8:32 am Eastern Time
Company Press Release
SOURCE: Top Image Systems, Ltd.
biz.yahoo.com
Deal Will Process over 30,000 Forms Per Day over the Internet from 400 sites
TEL AVIV, Israel, Oct. 25 /PRNewswire/ -- TiS -- Top Image Systems, Ltd., (Nasdaq: TISA - news, TISAW - news), a leading innovator in digital information recognition and data capture software solutions, today announced that Sumitomo Marine & Fire Insurance, one of the largest insurance companies in Japan, with over 60,000 domestic agencies, has chosen TiS' award-winning AFPSPRO, automated forms processing software. Toyo Ink, the Exclusive Distributor of TiS products in Japan collaborated with IBM Japan for this project. Last September, TiS announced that IBM Japan entered into a partnership with the EDMS Division of Toyo Ink for releasing TiS' flagship product, AFPSPRO.
The project will include TiS' remote scanning module for distributed document capture and FormOut!, for form removal of damage insurance application forms at 400 sites. TiS' FormOut! removes all of the form structure details, leaving only the required data. This solution increases recognition rates and substantially reduces the volume of data transmitted, as well as disk storage requirements. The forms will then be sent via the Internet to four processing centers located in Tokyo, Osaka, Hachioji and Sanda. The project is scheduled to begin June 2000.
Mr. Takemichi Watanabe, General Manager of EDMS Division of Toyo Ink said: ''Sumitomo chose TiS' AFPSPRO (FormCATCHER in Japan) because of the software's capability, which enables us to transfer data efficiently from remote sites via the Internet almost instantaneously to our main processing centers. The data will then be immediately available, saving us time, transportation and data storage costs.''
TiS' Vice President of Marketing and Sales, Mr. Ido Schechter, commented: ''This project is the fruit of our successful partnership with Toyo Ink and demonstrates TiS' leadership in the Japanese forms processing market. The innovative aspects of the project, including remote scanning and Internet communication, emphasize TiS' position as a constant innovator and trailblazer of new technologies. We are proud and look forward to further strengthening our successful cooperation with our partners in Japan, Toyo Ink and IBM.''
Top Image Systems, Ltd. (TiS) is a leading innovator of digital information recognition and data capture solutions for forms processing, e-commerce and e-business applications. The Company's dynamic platforms provide real time solutions for accurately capturing and processing data at high speeds, enabling enterprises to optimize e-commerce and e-business as well as service the manual forms market. TiS markets its products in more than 25 countries through a multi-tier network of distributors, system integrators and value added resellers, as well as strategic partners. For more information on TiS, visit the Company's web site at topimagesystems.com.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's United States Securities and Exchange Commission filings.
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