Online Communications Platform Connects all Vendors in Claims Process
TORONTO (November 11, 2002) – Castek Inc. announces that it has signed a letter of intent with Kingsway Financial Services for use of its ClaimsPath (formerly known as InsuroCity) communication platform. Kingsway examiners will access ClaimsPath via the Internet to manage auto physical damage and property claims for the company’s Kingsway General Insurance and York Fire and Casualty subsidiaries. A hosted system, ClaimsPath is customized to Kingsway’s claims workflow process and integrated with its existing policy processing system to eliminate duplicate entry and increase efficiency.
“This system ultimately means more control of the claims process,” says Steve Smith, Executive Vice President and COO of Kingsway General Insurance. “Our adjusters will be able to obtain multiple quotes from preferred vendors and track the entire claims process in real-time. We anticipate a 40 percent decrease in handling and at least a day’s savings in rental time which over the course of a year translates into significant savings.”
“As with the rest of our Insure3 suite, ClaimsPath is built on a customer-centric insurance business architecture,” says Castek COO, Pete Jones. “We worked closely with a launch customer for two years in developing a product designed to work with any type of supply chain and be easily integrated with existing backend processing. There simply isn’t another system right now that offers this type of flexibility and access.”
ClaimsPath is a server-based, Internet-accessed hosted or licensed application that connects all service providers involved in the claims resolution process, from first notice of loss to approval of invoices. ClaimsPath allows adjusters to connect and send assignments from their desktop directly to their service provider partners in the supply chain, as well as track and document all communications. The system is customizable to a carrier’s individual claims workflow and can be fully integrated with existing policy and claims systems.
About Castek
Castek Inc. specializes in the creation of strategic business software for P&C insurance. Recognized for the advanced architecture and flexibility of its products, Castek provides carriers with a suite of core business processing systems for insurance product and process configuration, policy processing and claims management. For more information, please visit www.castek.com or call 1-866-9CASTEK.
About Kingsway Financial Services
Kingsway’s primary business is the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers. The Company currently operates through nine wholly-owned subsidiaries in Canada and the U.S. The common shares of Kingsway Financial Services Inc. are listed on the Toronto StockExchange and the New York Stock Exchange, under the trading symbol “KFS”. For more information, please visit www.kingsway-financial.com
