Software connects insurance carriers and agents.
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Press Release Summary:
Intended for Property and Casualty carriers, iConnect allows companies to automate and manage processes that interact with multiple business applications. Carriers can access 3rd party information and pass it, along with data delivered by agency interface vendors, between carriers' business applications and agency vendor systems in real-time. In addition to validating and routing ACORD messages, iConnect manages errors and exceptions, logs transactions, and handles security.
Original Press Release:
Metaserver Launches iCONNECT P&C(TM) Solution For Real Time Agency Interface
New Software Meets Growing Demand for Faster, More Efficient Connectivity Between Insurance Carriers and Agents, Integrates New Systems at Half the Cost and Time
New Haven, CT - January 20, 2004 - Metaserver, Inc., a leading provider of business process integration (BPI) solutions for the insurance industry, announced it has launched its new iConnect agency interface solution for Property and Casualty carriers. The first of several solutions designed specially for insurance carriers, iConnect P&C(TM) is compatible with and extends the capabilities provided by leading vendors in the insurance space such as ChoicePoint, CSC, Duck Creek, ISO, IVANS and others.
"Property and casualty carriers have a great need for the real time connectivity capabilities that iConnect provides," said Donald Light, Senior Analyst for Celent Communications, which specializes in providing technology research services to insurance and financial services companies. "iConnect will provide business benefits to carriers' operating and IT groups as well as to their partner agencies. Metaserver's ability to build industry-specific vertical solutions on top of its outstanding BPI technology represents a significant strategic step forward."
Powered by Metaserver's acclaimed BPI software, the iConnect solution allows companies to automate and manage processes that interact with multiple business applications. Specifically, iConnect allows carriers to access third-party information such as motor vehicle records and credit reports and pass this information, along with the data delivered by the agency interface vendors, between carriers' business applications and agency vendor systems in real time. This capability is especially valuable in the insurance industry because carriers' rating engines, policy administration systems, and claim applications often are built with legacy or incompatible technologies that handle agency and third-party data in different formats.
Supplementing Metaserver's core BPI capabilities are ready-to-use processes that contain everything carriers need to support and manage ACORD transactions. ACORD is the industry standard for transmitting insurance data electronically, and agency interface vendors rely on this standard to enable carriers to receive data from multiple independent agencies. In addition to validating and routing ACORD messages, the iConnect solution manages errors and exceptions, logs transactions, and handles security. iConnect also provides the flexibility to handle more complex carrier-agency interaction, including bridge transactions, carrier-unique data, and attachment processing.
iConnect builds on the success of Metaserver's Property and Casualty (P/C) Carrier Integration Solution, which was introduced in 2003 to customers such as Providence Washington Insurance Companies and Michigan Millers Mutual Insurance Company. First developed with IVANS Transformation Station, iConnect P&C has the ability to connect to the systems of additional agency interface vendors as well as those of popular third-party data providers such as ISO (Insurance Services Offices, Inc.).
Metaserver CEO Richard Schultz sees a growing market for P&C solutions such as iConnect that meet specific business needs within the insurance world. "Our solution greatly simplifies life for our customers," said Schultz, "because it provides more than an enabling technology, allowing them to become leaders in their space. It builds on the capabilities provided by agency interface vendors, giving carriers everything they need for a complete agency interface solution. Both directly and with our strategic partners, Metaserver is focused on helping our customers realize the promise of real-time channel management."
Metaserver plans to launch additional iConnect insurance solutions and capabilities that target specific business problems.
Metaserver's strategic partners who provide insurance systems and services include CSC, Duck Creek Technologies, Edgewater Technology, IVANS, and others. With CSC, for example, work is underway to investigate delivering seamless joint solutions to the market. According to Rich Carreau, Executive Vice President, Financial Services Group at CSC, "Our initial evaluation of iConnect suggests a complementary fit with the native support for ACORD XML transactions developed with our business services architecture. An end-to-end service chain can certainly be established with a robust integration capability offered by iConnect within customer application environments."
About Metaserver, Inc.
Metaserver is the leading provider of business process integration (BPI) software and solutions for the insurance industry. Organizations can rely on Metaserver's core BPI technology and Metaserver's packaged iConnect(TM) insurance solutions to deliver rapid, business-focused integration projects--without custom coding or expensive infrastructure.
Metaserver, Inc. is based in New Haven, Conn. and can be reached at 877-789-8090.
