Toronto, Ontario, January 16, 2002 — Castek, a provider of software systems for financial
services organizations, has signed a Letter of Intent with HB Group Insurance Management Ltd, a member of the
Co-operators Insurance Group, for the use of Castek’s InsuroCity as its claims-communication platform.
InsuroCity 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 allows insurers to control the costs of
claims-management processes and to enhance customer service.
“As one of the participants in the original
co-development sessions that led to the creation of InsuroCity, we selected InsuroCity
because it was designed to meet the needs of the insurance industry,” says Dan
Watchorn, Vice President, Claims and Operations at HB Group. “We are glad to see the
product take shape, to move from concept to a practical working claims tool that
demonstrates measurable benefits to our claims-handling process.”
A successful three-month pilot program ran in HB’s
Mississauga Ontario claims center, during which InsuroCity was the primary means of
communication on thousands of claims, generating electronic messages and assignments
between adjusters and HB Group claim suppliers.
“InsuroCity will help us achieve positive results in
workflow efficiency, claim severity, management information, and customer service,”
said Keith Dalgleish Vice President, E-Commerce at HB Group. “Our goal was to find a
common claims-communication platform that allowed us to work with all the vendors in our
claims supply chain. We believe that Castek, with their InsuroCity product, is
well-positioned to help us achieve that goal.”
“The claims executive team at HB Group has a thorough
understanding of the use of Internet technology in the claims process,” says Rob Gow
Vice President, Castek “This agreement is significant for Castek because we now have
the ability demonstrate real and impressive results that have a positive impact on an
insurance company’s bottom line.”
About HB Group Insurance Management, Ltd.
HB Group Insurance Management Limited is a subsidiary of
The Co-operators, Canada’s largest home-grown multi-line insurance company. Formed in
1945, The Co-operators Group represents 4.5 million Canadians. HB Group is headquartered
in Ontario and is the direct writing arm of the Cooperators overseeing both group and
individual customers for personal lines home and automobile products. HB Group is a
national company and services $160 million in premium across Canada.
About Castek
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. InsuroCity is Castek’s Internet claims
communication system for property and casualty insurance. For more information, readers
can visit the company’s main Web site at www.castek.com
or the InsuroCity Web site at www.insurocity.com
