EdiTrack, the business process visibility company, has a new subsidiary that will specialise in providing software and consultancy for insurance companies.
The new business, called ediTRACK-i, is designed to develop the insurance industry market for ediTRACK's core, cloud-based, application platform, and draws on its staff's extensive executive knowledge of the insurance industry. This expertise is key to accelerating the development of software that will help insurers with everything from claims leakage and risk assessment to fraud and cost analysis. The ediTRACK-i team, which includes experienced insurance professional Duncan Cornwell, has a wealth of claims and underwriting expertise, as well as experience in key roles at both insurers and reinsurers, and in many different types of operations, including Lloyd's broking and underwriting.
ediTRACK-i is focused on applying business process execution technology to develop products that will allow insurers to interface seamlessly with their supply chain partners and allow them to collaborate in real time. It will enable insurers to improve their operational efficiency, claims leakage, customer satisfaction and incurred loss ratios in addition to giving them greater visibility of volume processes.
The strategy is to develop a number of integrated, web-based, products that establish the ediTRACK technology platform as a strategic provider of cloud-based applications for the insurance industry. These product sets will be particularly responsive to forthcoming industry initiatives like the changes being proposed as part of the volume claims service under the Lloyd's 'Claims Transformation Programme'.
Duncan Cornwell, ediTRACK-i director, commented, "The insurance industry faces on-going challenges to improve efficiency and reduce costs. A highly regulated environment continually raises new issues that insurance companies need to deal with swiftly, and in some cases the best solution is to deploy new technology. Developing cloud-based technology allows us to introduce new features quickly and cost-effectively in response to the issues that our clients face."