Vendor Developments

Inc. Recognizes Adaptik as Fast-growing Company

August 27, 2010

Inc. magazine ranked Adaptik Corp. in its fourth annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. Inc. says the list represents a comprehensive look at America’s entrepreneurs. Adaptik was rated No. 1984.

The 2010 Inc. 500/5000 is ranked according to percentage revenue growth when comparing 2006 to 2009. Adaptik qualified, having grown 134% in the last three years, with a revenue totaling $10.8 million. This figure also landed Adaptik at No. 23 on the Inc. 500/5000’s list of top insurance industry companies.

“We are excited to be included in the 2010 Inc. 500/5000,” said John Pettit, president of Adaptik. “To be recognized on a national level is a testament to our hard work and vision to provide P&C insurance carriers with a policy administration software solution that meets their growing demand for flexibility and configurability.”

Adaptik is currently touting its adaptive policy administration solution, PolicyWriter, which is designed to dramatically increase speed to market for new insurance products, while reducing costs and driving ongoing flexibility into carriers’ operations.

Additionally, Adaptik was named to the Deloitte Technology Fast 500 and Deloitte Greater Philadelphia Fast 50 the past two years, and was listed as a Hot Tech Vendor to Watch by Forrester Research.

Pair Deliver DWD Discount Program

August 26, 2010

CellControl, a provider of driving-while-distracted solutions, announced that it has entered into a partnership with IronBridge Partners, an insurance and risk management specialty firm, to represent CellControl within the insurance industry in both North America and Europe. Together, CellControl and IronBridge will work to develop actuarially supported premium discount programs to parties using the CellControl solutions.

IronBridge works with insurers, agents/brokers and other insurance-related service providers to become more capital-efficient, and to accurately measure and manage risk.

“By preventing loss of life and reducing accidents resulting from driving while distracted, widespread use of our solution or similar technologies could save the insurance industry and its customers billions of dollars each year,” says Chuck Cox, CEO of CellControl. “Any optional technology that saves both lives and money should drive a premium discount. Just like airbags, anti-lock brakes and traction control, our technology simply works. We have partnered with IronBridge to make such programs available to commercial fleet managers, safety officers and other parties.”

“We are confident that CellControl will incent auto and truck insurers to encourage their policyholders to utilize this technology through premium savings and other financial incentives,” says Bill Klepp, IronBridge principal. “We evaluated competing solutions in the market and determined that CellControl offers a unique combination of accuracy, reliability, and enforceability while also delivering the traceability and accountability necessary to support a discount program.”

Chartis Recognizes SAS for Risk & GRC Offerings

August 16, 2010

SAS, a business analytics software provider, has been recognized in Chartis Research’s Operational Risk & GRC Software Solutions 2010 report for SAS OpRisk Management software’s “completeness of offering” and “market-share potential.”

SAS’s OpRisk Management is based on the SAS Business Analytics Framework, and is designed with data integration, analytics and reporting capabilities. The company said the product can “optimize capital allocation while mitigating risks in all areas of their organizations.”

Chartis has recognized SAS since 2005, and just recently rated the company’s newly announced SAS Enterprise GRC, which was created to monitor risk and compliance exposures. The company said the program can identify and manage significant emerging exposures and can “update policies with regulatory changes to produce an audited, consolidated risk profile.”

SAS has been named a leader in Celent’s Enterprise Operational Risk Management, Compliance, and Governance Solutions 2009 report, placed in the leaders quadrant of the Magic Quadrant for Operational Risk Management Software for Financial Services by Gartner Inc., and ranked first in Chartis’ RiskTech100TM rankings in November 2009.

Brownyard Group Forms Client Services Division

August 6, 2010

The Brownyard Group, a program administrator providing specialized insurance coverage for select industry groups, has formed a new division to serve as a facilitator between their agents/brokers and its underwriting and claims teams.

The new division, Brownyard Client Services, is dedicated to actively evaluating the needs of brokers and Insureds, and providing an informational resource for their agent/broker clients through a team of experienced insurance professionals, Brownyard says.

“Customer service and responsiveness have been hallmarks of the Brownyard Group for half a century,” said President Tory Brownyard. “The creation of our Client Services Division will provide a main contact for agents and brokers to have their questions answered quickly and, based on their individual needs, determine the most effective way to proceed.”

Co-managing the new division will be Judy Loria, who has been named account services manager, and Ruth Connelly, who has been named client relations specialist. Loria will be the main contact for insureds, facilitating contact between Brownyard Group and the agents and brokers. Connelly will be the main contact for agents and brokers, providing education on the features of all Brownyard programs as well as handling questions and handling requests that agents may have.

Blue Cod Gains GE Investment

July 29, 2010

General Electric Pension Trust of Stamford, Conn., has become an investment partner in Blue Cod Technologies Inc., a Marlborough, Mass.-based solutions and services provider to the property/casualty industry, along with Blue Cod’s partners, Edison Ventures and Eastward Capital.

Blue Cod said GE’s investment will go toward the expansion of Blue Cod’s sales and operations teams, and that Anandh Hari of GE Asset Management, a subsidiary of General Electric Co., will serve on the company’s Board of Directors.

Blue Cod recently opened a BPO Operations center in Savannah, Ga., and said it plans to expand further through the Southeast, Midwest and West.

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