Who's Buying What: Recent deals for technology software and services

Insurance Networking News, September 2007

VALUATION SOLUTION REDUCED CLAIMS SETTLEMENT CYCLE

Plymouth Rock Assurance Corp., Boston, selected San Diego-based Mitchell International Inc.'s, Total Logic Valuation as the company's total loss valuation solution to deliver a customer-centric loss claims process.

Total Logic Valuation is designed to produce objective, transparent and trusted automobile valuations for loss vehicles based on continuously updated sold and available vehicle data provided by sources-such as the J.D. Power and Associates' Power Information Network-consumers often reference to determine vehicle value. The anticipated result of this statistically driven, fully automated, Web-based total loss valuation approach is an increase in first-time settlement rates of more than 90%.

AIG UNITED GUARANTY IMPROVES UNDERWRITING

AIG United Guaranty, Greensboro, N.C., a subsidiary of American International Group Inc., has implemented Dallas-based Global 360's Case360 product to cost effectively manage the company's entire underwriting process, enable entry into new markets and reduce dependency on paper-based processes.

With Case360, underwriting documentation is submitted electronically into a repository where information is stored in queue until underwriting resources are available for processing. Once an underwriter becomes available, an electronic case containing all necessary documentation is presented to the AIG United Guaranty employee, regardless of location. Once necessary underwriting steps have been completed, the case is closed and moved back to the repository for archival.

This new automated work process is designed to create a single point of access for underwriters, auditors and managers and enables a balance of workload among staff, improving efficiency and cycle turnaround times.

ALBERTA MOTOR SELECTS IWORKS P&C SOLUTION

Edmonton-based Alberta Motor Association Insurance Co., a subsidiary of the Alberta Motor Association, chose iWORKS FrontTier, a policy administration solution for P&C insurance companies developed by SunGard Data Systems Inc., Wayne, Pa.

The Alberta Motor Association Insurance Co. selected iWORKS FrontTier as its single, strategic platform to help administer and support its mixed portfolio of P&C products and expects the solution to provide a wholly integrated suite of functionality for claims administration, underwriting, rating, business analytics, financial reporting, billing, reinsurance, document management, content management and operational workflow management. It also will manage the extraction, analysis and porting of data into other parallel systems.

BOWOOD ENHANCEs RISK MANAGEMENT EFFORTS

London-based Bowood Partners Ltd., an independent and privately owned Lloyd's Broker, has chosen Keane SCORE to give more structure to its risk assessment process and links with controls to provide live reporting, alerts and measurement. The Keane Organization of Wayne, Pa developed the solution.

Keane SCORE is a patent-pending, Web-based decision-support tool that automates the key components of enterprise risk and compliance management-measurement, management and monitoring.

The platform is fully customizable to meet Bowood-specific needs and supports compliance with the Financial Services Authority's and Lloyd's broker requirements. SCORE is expected to enable enterprisewide data collection and collaboration to deliver the up-to-date, audit-ready reports.

CGI GROUP PROVIDES NEW PROFESSIONAL LIABILITY SYSTEM

American Physicians Assurance Corp., a subsidiary of American Physicians Capital Inc., headquartered in East Lansing, Mich., is replacing its professional liability legacy systems with a new client server system, Wynsure, from Montreal-based CGI Group Inc. The new system modules will include policy, accounting, billing, claims, reinsurance and also will interface with existing internal systems.

"This contract with CGI is a key component of our future growth", says Tom Mouser, director of ISD, American Physicians. "In order to maintain our industry-leading position, we must provide our clients with state-of-the-art technology. CGI has proven that they are not only knowledgeable in our space, but are also able to provide us with reliable, innovative and cost-effective solutions."

MUNICH RE ANNOUNCES AGREEMENT WITH GOLDSIM

German-based Munich Re Group has entered into a site license agreement to use GoldSim Technology Group LLC's GoldSim software in support of underwriting of non-traditional reinsurance solutions. This agreement followed a year-long evaluation phase, where Munich Re actuaries tested and developed models using GoldSim. Headquartered in Issaquah, Wash., GoldSim Technology Group LLC is a provider of probabilistic simulation software.

"... Munich Re has been looking for a flexible, easy-to-adapt software solution enabling us to analyze and even visualize such complex structures," says Dr. Holger Kramer, a manager of an innovative solution team at Munich Re. "We were considering developing the necessary software ourselves, but once we discovered GoldSim we realized it would be a much more cost-effective solution."

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