MFX wins MROC insurance processing contract
31 July 2006 | 2271 views | 0
MFX, a leading provider of technology and IT outsourcing solutions, today announced that it has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC's current corporate primary insurance processing system used by MROC and insurers in the American Re group.
As part of MFX's ASP offering, the system will be marketed throughout the USA, Canada, Europe and Asia. The 50-state P&C system combines web-based policy administration with claims processing and accounting, in one integrated package, to provide a complete repository for corporate data.
Originally developed by MROC, the system is used as their corporate policy administration system for primary business in Canada, as well as by its sister companies and MFX's current customers, the insurers in the American Re group, in the United States. The system processes all major commercial lines of business including general liability, workers' compensation, package & umbrella, and handles many specialty lines such as boiler and machinery, and aviation. The application is fully web-based using Microsoft.NET and an Oracle back-end. With a zero footprint installation on the client, the system is totally scalable and its flexible architecture allows for adding lines of business easily. System edits are contained in tables simplifying the inevitable task of adding or changing business rules due to legislative changes or compliance needs.
Charles Fillizola, President of MFX, states "MROC developed a highly functional, 50-state integrated system and MFX looks forward to leveraging our technology expertise to develop the software even further by increasing its capabilities and enhancing its functionality. Under the terms of the agreement, MFX will fully manage, maintain and market this corporate system, which will be made available to customers online via an application service provider-based model. This will enable customers to establish variable pricing and will negate the need for heavy investment in IT infrastructure, upgrades, technical support and software licenses."
Fillizola continues, "As an ASP, MFX will take responsibility for all data storage and security at one of our world-class data centers located in the US. MFX's exemplary track record in the insurance industry demonstrates that robust security, total customer support, and high levels of reliability are the foundation for our success. All that's required to start using the system is an Internet connection and a PC."
Ray Roy, CEO of MFX, remarks, "Outmoded legacy systems are a drain on resources for insurers and the industry has been calling for a comprehensive, integrated insurance processing system. This system was developed in-house by MROC and has also been used by our clients, the insurers in the American Re group, so we are offering a fully road-tested product. Not only will this system meet the requirements of the insurance technology marketplace, it also fits in with our current products, WriteNow and ClaimsAssure, to provide insurers with access to a complete range of web-based applications."
Says Peter Walker, Senior Vice President and CIO of MROC, "MFX's strong technology background together with its experience in the insurance arena convinced us that they were the right partner to develop and implement this system. MROC is extremely proud of this application. In working exclusively with MFX, we have a partner with the ability to provide the infrastructure, technical support and expertise to continually evaluate, develop and improve this technology."
Ken Irvin, President and CEO of MROC, notes that "We feel MFX has a great reputation for customer service and is a perfect fit to partner with in this arena. They have shown integrity and professionalism in their dealings with us and we are pleased to be working with them."