Claims Management Platform Helps Streamline Process, Reduce Costs
Toronto, Ontario (September 10, 2001) – Castek, a
provider of software systems for financial services organizations, has acquired 100
percent of the assets of InsuroCity, a subsidiary of Vital Innovations Inc., based in
Waterloo, Ontario. InsuroCity is the developer of an Internet claims process management
system for the property/casualty (P&C) insurance industry. The acquisition will allow Castek to accelerate
development of its comprehensive Claims platform, linking all participants in the claims process.
“This acquisition is a result of our focused strategy
to bring an integrated yet loosely coupled insurance processing system to market,”
says Yung Wu, CEO of Castek. “With Insure3 Claims [pronounced insure-cubed
claims] and the InsuroCity product, we are building a cutting edge capability that
automates the claims process across enterprise boundaries. From insurance product
development to claim outcome, from supply chain to service providers, we�re cohesively
linking all parties and processes through software.”
InsuroCity is a claims-management platform that allows
insurers to automate and streamline claims adjudication and service provider management
via the Internet. By coordinating the flow of information and decisions between claims
adjustors, service providers, and product providers in real-time, InsuroCity offers insurers new opportunities
to control the costs of claims management processes, and to enhance customer service levels.
“Castek shares our vision and presents the best
opportunity to bring to market our collective dream, which has been favorably received by
the insurance community,” says Robby Robbs, CEO of Vital Innovations Inc. “With
their market position, their financial resources, and their commitment to vision, Castek
can ensure the successful delivery, market access, and servicing of the InsuroCity concept.”
About Vital Innovations Inc.
Vital Innovations Inc. has been developing claim-processing
software and services for the insurance industry since 1988. It provides automated
business solutions and process management for labor-intensive tasks and service management
of special programs primarily within the claims function of the Insurance Industry. For
more information, readers can visit the Vital Innovations Web site at
Castek Software Factory Inc. specializes in the creation of
strategic, business software for the financial services industry, with a specific focus on
property and casualty insurance. Founded in 1990, Castek is recognized for its advanced,
flexible core business processing systems. For more information, readers can visit the
company’s Web site at www.castek.com.
For more information on InsuroCity, readers can visit the
InsuroCity Web site at www.insurocity.com.