Who's Buying What
Insurance Networking News, December 1, 2009
Recent deals for technology software and services
BITCO, MAJESCOMASTEK CONVERT BILLING TRANSACTIONS
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Bituminous Insurance Cos. (Bitco), a Rock Island, Ill., provider of insurance services to special industries including construction, forest products and oil & gas, has implemented the STG Billing and Accounts Receivable system from MajescoMastek, a U.S. subsidiary of Mastek Ltd., Mumbai, India.
STG Billing is a Web-based configured billing application that provides property/casualty insurance carriers and managing general agents with a standard set of interfaces, as well as Web services that are leveraged to integrate with virtually any application.
MajescoMastek helped Bitco, a part of the Chicago-based Old Republic International family of companies, successfully convert more than 42,000 policies, and approximately 1 million legacy billing transactions over to the new system. The new billing system is designed to enable Bitco companies to meet increasingly demanding customer service requirements and regulatory changes, and provides new and flexible payment options to its policy holders.
"Completing this large conversion of policy and billing transactions with MajescoMastek's STG Billing Solution will help drive business for our insurance companies," says Dennis VanderVinne, VP accounting & asst treasurer. "As the demands and expectations of policyholders and agents continues to increase, STG Billing will help meet those needs and put Bitco at the forefront of the industry."
PHYSICIANS LIABILITY Picks POLICY ADMIN SOLUTION
Physicians Liability Insurance Co. (PLICO), a professional liability carrier based in Oklahoma City, recently completed an implementation of an insurance solution (S4i) from U.K.-based SSP. This implementation represents a significant milestone for the company, which chose SSP as the technology solution provider to help completely replace its existing legacy system.
Prior to the SSP implementation, PLICO was using an inflexible legacy system that made it difficult for the company to meet the increasing demands of customers. PLICO's executive team recognized replacing the system was a key part of the company's transformation strategy, and committed to modernizing technologies and processes through the SSP implementation.
SSP provides PLICO with Windows functionality at a lower cost than what would have been possible if the company maintained the existing legacy application, notes the vendor, helping PLICO streamline business processes and improve efficiency across the business.
"With markets changing faster than ever, we needed to be able to quickly analyze our business and rapidly make changes in-house," says Becky Meares, IT director at PLICO. "SSP allows us to do that."
SSP's insurance solution (S4i) is an end-to-end policy administration system comprising underwriting, policy administration, claims management, customer management and full accounting functionality for all lines of business.
ISLAND SELECTS DRC FOR FORMS DEVELOPMENT
Two Honolulu-based companies have struck an insurance technology deal. Island Insurance signed with Decision Research Corp. (DRC), to have the rating and policy processing software solution provider develop forms for multiple lines of business, both personal and commercial.
Island Insurance uses the HP Exstream Document Automation system for its document automation software needs; DRC is an authorized HP partner with extensive HP Exstream software experience, says the vendor. During this engagement, DRC will be working with Island to convert nearly 300 documents, including declaration packets, correspondence and invoices.
"As we implement new technologies to support our growth strategies, we remain focused on partnering with the leaders in our industry," says Jeff Fabry, CIO at Island Insurance. "DRC's years of insurance expertise and experience with the HP Exstream solution were the clear choice to fulfill our future needs."
AXA IN UK SIGNS WITH DUCK CREEK, TATA
AXA Insurance UK has signed with Bolivar, Mo.-based Duck Creek Technologies' European software and service solutions for the insurance industry, and Tata Consultancy Services (TCS), Mumbai, India, to supply a new commercial insurance processing system for the insurer.
Duck Creek's flexible approach combined with experience in the commercial market were key factors in the selection process, AXA says. The solution will support the full policy lifecycle, enhancing AXA's customer service.
As one of the largest general insurers in the UK, AXA required a modern, flexible and future-proof solution to replace the existing legacy and back office systems. Duck Creek's EXAMPLE Platform is designed to enable rapid product definition, development, deployment and management of products and services across multiple lines of business and multiple distribution channels.
The solution empowers AXA to react quickly to changes in market conditions, Duck Creek says. The EXAMPLE Platform requires no hard coding or complex programming, and is a scalable and flexible solution. The modern architecture of the Duck Creek platform ensures a future-proof solution, while delivering business growth with a lower total cost of ownership.
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