Virden, MB, March 23, 2004- Custom Software Solutions Inc. (CSSI), a developer of automation software for the Canadian insurance industry, today announced it has obtained a $1.25 million investment from ENSIS Growth Fund (ENSIS) to expand marketing efforts in Canada for its broker management system and standardized single entry, multiple company interface (SEMCI) solution for the transfer of data between brokers and insurance companies.
“We are very pleased to announce ENSIS as a new financial partner,” said Scott Andrew, CEO of CSSI. “ENSIS has recognized that our solution provides significant cost savings for brokers and insurance companies and dramatically improves service to insurance customers. This funding allows CSSI to enhance its industry offering and promote its solution to Canadian insurers and brokers.”
“CSSI today has the capability to revolutionize the Canadian property and casualty insurance industry.” said Mark Ahrens-Townsend, Executive-In-Residence at ENSIS Management Inc. “Unanimously CSSI brokerage customers across Canada provided very positive feedback on the features and benefits of the CSSI solution.”
Since 1996, CSSI has been developing and refining ‘The Broker’s Workstation’, which includes a client relationship management tool, its IntelliQuote™ rating and underwriting tool, a choice of integrated home evaluation tools, and broker management accounting. CSSI’s solution includes the tools necessary to manage the dynamic data standard required to support the end user broker with a SEMCI and Business to Business electronic data exchange (B2B-EDE) capability. The SEMCI interface allows straight through processing of most policy transactions including policy change requests.
In February 2003 Industry Canada’s, CANARIE Inc., Canada’s advanced Internet organization, recognized the advancements that CSSI has achieved with respect to dynamic data standards management and business process rules library development by providing $1.175 Million in financing to further the research, development and commercialization of a process and methodology standard for the Property and Casualty Insurance industry in Canada. With the funding from CANARIE, CSSI has been able to complete the development and testing of the B2B-EDE solution with The Wawanesa Mutual Insurance Company (Wawanesa) and its brokers.
Wawanesa is rolling out to its brokers on a region by region basis, the IntelliQuote™ and B2B-EDE components including the business process rules library to process all types of policy transactions. Adoption of these components by the Wawanesa brokers has been growing steadily, with over 50 Wawanesa brokers on board. Feedback received to date has been very positive.
Mr. Andrew indicated interest from the insurance industry is growing in CSSI’s powerful and now proven solution which is available to companies, brokers and Broker Management System Vendors, and other Industry organizations for immediate adoption and integration, without the need to replace existing systems.
Custom Software Solutions was founded in 1991 and has been actively selling automation software to property and casualty brokers since 1999. The company boasts a team of highly experienced programmers, insurance industry professionals, and certified computer technologists. CSSI services its growing clientele of over 300 broker offices from its offices in Virden, MB, Calgary, AB, Saskatoon, SK, and Toronto, ON. For more information, visit its website at www.cssionline.com.
About ENSIS Growth Fund
ENSIS Growth Fund is a $100 million, performance-focused venture capital fund created to provide Manitobans with opportunities to invest in local small and medium sized businesses. ENSIS has 20,000 Manitoban shareholders. Backed by a proven management team with extensive venture capital and business expertise, ENSIS launched in 1998 is currently invested in 27 companies and focuses on providing value to its shareholders through its strategy of identifying and partnering with entrepreneurs in globally competitive, high growth businesses. For more information, visit its website at www.ensis.ca