Insurance Software Solutions Provider Becomes First Vendor to Gain Access to CSIO Portal
Toronto, Canada – September 21, 2001 – Sherwood
International (LSE: SHC.L), a leading supplier of information technology solutions to the
global insurance market, announced today it has partnered with CSIO and will be one of the
first vendors to provide guaranteed real-time quotes to the CSIO (Centre for Study of
Insurance Operations) Insurance Portal, an Internet-based comparative quoting services
available to brokers and insurers. In the coming weeks, Sherwood will introduce its’
Insurance Portal Bridge product, utilizing the CSIO Acord XML and AL3 translation and
publishing standards, giving Carriers the ability to interface seamlessly with the CSIO
portal. Sherwood’s Insurance Portal Bridge product supplies the communication
infrastructure (MQSeries, CSIOAcord XML, CSIO AL3) and the software solutions (FrontTier’s
Enterprise Rate Server) that allow carriers to quickly implement guaranteed rates on the CSIO Insurance Portal.
A new industry initiative, the CSIO Insurance Portal is
designed to enhance the independent broker distribution channel. In an industry that is
slowly adopting technology, the Portal provides the necessary functionality for the
industry to increase customer service through rapid and improved communication while
reducing cost and eliminating operational inefficiencies. The CSIO Insurance Portal will
take advantage of existing CSIO standards being used, including CSIO EDI upload/download,
Web screen standards and guidelines, PDF forms and XML standards.
For several years, Sherwood has worked with companies such
as Ontario-based Markham General (MGIC), to create a tool that will enable real-time
communication between brokers and insurers. Through its FrontTier policy management
application, Sherwood has made virtual operations possible. FrontTier’s flexible
object-oriented environment manages underwriting activities and security rules that
regulate broker access, organize workflow and authorize transaction processing. The
FrontTier solution can be acquired by Carriers through Sherwood International and
integrated with their back end policy systems. As well Sherwood offers an ASP solution
that will allow the carriers to outsource the rating engine and portal interface to the
Sherwood data center. By interfacing with the CSIO Insurance Portal through
Sherwood’s Insurance Portal Bridge inthrough a Sherwood ASP or by licensing the new
portal product, FrontTier will provide a real-time guaranteed response to quote and policy
policy and claims submissionsrequests are provided. as well as rate quote inquiries.
“We have been working with forward-thinking customers
like Markham Ggeneral for the last couple of years to enable this kind of real-time
communication,” said Dan Sobotincic, Executive Vice President, P & C Division,
Sherwood International. “The introduction of the CSIO portal is the next logical step
in getting the insurance community to better utilize the technology at its disposal. The
ability for brokers to do true single entry comparative rate/bind processing must become
the standard way of doing business, and the portal is the quickest way to realize that goal.”
“MGIC already leads the industry in providing complete
on-line real-time policy issuance, policy change, billing and claims capability to our
independent broker network,” says Debbie Olsen, Senior Vice President of Operations
at MGIC. “Of course, it wouldn’t have been possible without our technology
partner, Sherwood International, working with us on our leading-edge business solutions.”
About Sherwood International
Sherwood International a leading supplier of Information
Technology offers solutions for the Property & Casualty, Life, and general insurance
markets with Amarta, and e-commerce with aeos. SENATOR and ProCede, state of the art
assumed and ceded systems, serve the reinsurance market.
FrontTier is a suite of insurance processing components and
tools that provide premier workflow management and comprehensive business processing
systems for Property & Casualty companies. Utilizing newest proven technologies and
component reuse methodologies; FrontTier allows insurers to significantly reduce IT and
insurance processing costs.
Visit Sherwood International’s Web site at
www.sherwoodinternational.com for
additional information.
For further information please contact:
Mark Burt, Sherwood International 905-275-2299 ext: 227
Craig Robinson, Sherwood International 914-273-7721 (Direct)
