For Immediate Release
i-flex to provide
next-generation insurance solution to Tokio Marine Management
Landmark deal marks i-flex's strategic entry into the insurance domain
Mumbai, November 7, 2005 - i-flex® solutions (Reuters: IFLX.BO/IFLX.NS), a
leading provider of enterprise solutions to the global financial services industry,
today announced that Tokio Marine Management Inc (TMM) has awarded i-flex a letter of
offer to replace TMM's legacy policy processing platform with a solution comprising
best-of-breed components. TMM is the manager for the US insurance operations of Tokio
Marine & Nichido Fire Insurance Co Ltd. (Japan), Japan's oldest and largest property
and casualty insurer.
The deal marks a strategic entry for i-flex into the insurance domain. Five months
ago i-flex announced the acquisition of a majority stake in Castek Software Inc.
Castek offers core insurance-business processing systems for large- and mid-sized
Property and Casualty (P&C) insurers.
In a move that is set to reshape the technology landscape in insurance, i-flex
solutions and its partners have formed a consortium that has created a comprehensive
yet flexible component-based solution for the P&C insurance industry. The next-generation
solution is centered around Castek's Insure3 processing platform and encompasses insurance
product and process configuration, customer-focused, full-lifecycle policy administration,
including agency and direct billing, a rating service and document publishing and printing.
It will process TMM's commercial business for all states and territories in the USA.
Under the terms of the agreement with TMM, i-flex will take overall responsibility
for implementing a policy administration solution, a data warehousing and reporting
solution, as well as providing managed services during the course of the implementation.
The solution brings together:
Castek's Insure3 as the core application
Appix's subject matter and project management expertise in the P&C industry
STG's Renaissance billing module to manage agency and direct billing
ISO's Rating Service for ISO rates, products and statutory codes and custom rating configuration
Document Science's xPression toolset with CCH ReadyForms for all printing needs and industry standard forms
Regulatory reporting services from Perr & Knight
System integration, implementation and program management from i-flex
'There was a compelling need for us to transform our processing platform to make it
more responsive to ever changing business requirements in line with the severe pressures
thrown up by a highly competitive market place. i-flex's domain expertise, systems integration
capability and execution track record combined with Castek's future-ready products and the
caliber of the other members of the consortium created a compelling value proposition for
us,' said Dave Pieffer - Senior Vice-President, Underwriting, TMM.
'When contemplating a replacement project of this magnitude, it is practically
impossible to anticipate every eventuality and document every requirement at the
outset' said Aidan McManus - VP Information Technology. 'In essence - you
don't know what you don't know. So we needed a platform that can easily cope with
changes as they happen. With i-flex's componentized and best of breed solution we get
this flexibility.'
According to Celent, the total IT spend in the P&C insurance industry is
a USD $13.2 billion market opportunity and is expected to grow to USD $20.8
billion by 2005. The IT spend in 2005 on policy administration in the US alone
is $2.2 billion.
'Tokio Marine Nichido is a stellar brand in the global insurance market. We
are delighted to partner with Tokio Marine Management on this strategic initiative,'
said R. Ravisankar - CEO, International Operations and Business Development, i-flex
solutions. 'The insurance industry is at an inflection point with insurance
providers being compelled to seek an IT architecture that allows agility and flexibility
without compromising on business functionality. The Tokio Marine initiative is a great
example for other insurance companies wanting to maximize efficiency and achieve
competitive advantage in a challenging environment.'
'The recent spate of natural calamities and geo-political upheavals has
radically altered the commercial insurance business. Increasingly, insurance providers
are forced to improve their operational performance and innovate. Insurers must improve
the policy and new business processes and adopt new technologies that will support their
business vision. Selection of new solutions with solid functionality and best in class
technologies is a critical success factor,' said Kimberly Harris-Ferrante, Research
Vice President in Gartner.
About Tokio Marine Management, Inc.
Tokio Marine Management, Inc. is the wholly owned subsidiary of the U.S. branch
of Tokio Marine & Nichido Fire Insurance Co., Ltd. (Japan), which is in turn owned
by Japan's largest Property & Casualty insurer, Millea Holdings Inc.
Tokio Marine specializes in writing Property and Casualty insurance and offers a
range of services designed to minimize the cost of losses.
About Castek
Castek Software Inc. (Toronto, ON.) specializes in strategic business software for
Property and Casualty insurance. Recognized for the advanced architecture and flexibility of its
products, Castek provides carriers with a suite of core business processing
systems for insurance product and process configuration, policy processing,
customer billing and claims management.
For more information, please visit www.castek.com or call
(+1)416-777-2550.
About i-flex solutions
i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT
solutions to the financial services industry, with more than 570 customers in 115 countries.
i-flex's range of products and custom solutions and consulting services enable financial
institutions to cut costs, respond rapidly to market needs, enhance customer service levels
and mitigate risk.
i-flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus,
Daybreak and PrimeSourcing are trademarks of i-flex solutions and are registered in
several countries.
All company and product names are trademarks of the respective companies with which
they are associated.
For information, please visit www.iflexsolutions.com.
For more information on the press release, please contact:
INDIA
Eapen Thomas
i-flex solutions
Phone: +91-22-56685132
Fax: +91-22-2836 3140
Email: eapen.thomas@iflexsolutions.com
INDIA
Ramya B S
i-flex solutions
Phone: +91-80-22087340
Fax: +91-80-25345090 / 56665271
Email: bs.ramya@iflexsolutions.com
APAC
Parvez Ahmad
i-flex solutions
Phone: +65-6238 1900, ext. 212
Fax: +65-6238 1282
Email: parvez.ahmad@iflexsolutions.com
NORTH AMERICA & LATIN AMERICA
Penney Richardson / Hugo Gordillo
i-flex solutions
Ph.: +1-415-771 8106 / 646-619-5402
Email: penney.richardson@iflexsolutions.com
EUROPE
Sunil Robert
i-flex solutions
Phone: +44-207-5314424
Mobile: +44-7834461271
Email: Sunil.robert@iflexsolutions.com
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