Burnaby, B.C. – July 12, 2001 – Correlation Technologies Inc., a business-to business collaborative
commerce software provider, announced at the Risk and Insurance Management Society (RIMS)
annual conference, the release of its ClaimCore 2.0 product offering for the insurance claims industry.
ClaimCore 2.0, based on the Correlation Collaborative Commerce Platform, is the first
complete Web-based application that offers the risk manager, insurance company and the
entire claims community maximum efficiency through sharing of information. It unites the community and
gives advanced claims handling functionality that dramatically accelerates the completion of claims.
“For the first time the risk manager and claims adjuster can access all the vendor
information with one password, with one view of all the participants. On one screen they
can dive right into the documents and workflow to administer the claim.” states Dale
Hardy, President and CEO of Correlation Technologies. “Imagine a system that provides
all the document management, workflow management, communication and report capabilities
required to function as a claims Intranet within an organization and an Extranet to
electronically communicate with business partners. This is the most powerful advancement
in modern claims administration. This is ClaimCore. “
ClaimCore for the Insurance Claims Industry yields maximum benefits to all members of
the service chain by structuring and multiplying the knowledge inherent within each
member’s network and the network of the community. At the same time it addresses the
exchange and enterprise application integration challenges in an adaptive fashion.
The property and casualty claims service chain has its own set of integrated processes
and dependencies for procuring, managing and delivering services. Each claims service
chain category has its own unique needs for functionality while complying with the needs
of the Risk Manager and Insurance Company. ClaimCore offers unique functionality for each
participant yet addresses the common purpose of efficient claims closure.
For building competitive, collaborative applications, Correlation has defined and
implemented a new Web-based, enterprise-level framework. A collaboration interface
(protocol) is provided to connect the trading partners in an end-to-end business process
that is continuously managed to completion. The applications built upon the platform are
designed to automate claims industry-related functions.
A managed collaboration that is “driven” to achieve fast, reliable results is
a dimension of collaboration that is not addressed in any of the emerging products. This
capability empowers insurance claims communities and yields tremendous benefits in reduced
costs, shorter job completion, improved communication and increased customer satisfaction.
ClaimCore reduces Loss Adjustment Expenses, Internal Claims Administration Costs and
Indemnity Dollars. Some day all claims administration will operate under this model.
The ClaimCore product provides:
Dynamic addition of participants, claims and custom content
Transparent customization of a user/company
A facility for claims performance management
Preservation of the integrity and security of the environment, applications and data.
7*24 operations without interruption for content and configuration changes.
ClaimCore is a managed exchange for insurance companies, risk managers, lawyers,
restoration companies, TPAs, independent adjusters, replacement companies, rehabilitation
management, auto body, auto rental companies – virtually any service provider to a claim.
Participants need only a standard web browser and password account. Correlation will soon
announce a number of companies that are using ClaimCore as their claims service chain solution.
About Correlation Technologies
Correlation Technologies Inc. is a private software development company with a focus on
developing Web-based enabling technologies for businesses. Its primary activity is to
provide service chain collaborative commerce technology and solutions to various
industries. Correlation customers experience real competitive advantage in their core
business operations and in transaction with their partners. Correlation Technology builds
service communities that benefit from increased efficiencies and reduced cost due to
better access to and the sharing of information.
©2001 Correlation Technologies Inc. The Correlation Technologies Inc. product names
mentioned in this document are trademarks or service marks of Correlation Technologies
Inc. and may be registered in certain jurisdictions.
President and CEO