OARBIC announces the release of OSEA a Transactional Insurance Portal for the Property and Casualty industry

Toronto, 27 April 2006 – OARBIC is pleased to announce the release of OARBIC Software Enterprise Application (OSEA), a Transactional Insurance Portal for the Property and Casualty industry.

OSEA provides a customizable ‘front end’ and a dynamic link to one or many legacy systems, while optionally externalizing business rules and workflows. It is a technology framework, using ACORD/CSIO XML standards, to provide carriers with market agility and brokers with straight through processing, while leaving the mostly static, yet complex “back end” processing in the legacy system.

OSEA offers P&C carriers an incremental, low risk, manageable cost alternative to full-scale policy management system replacements. The solution’s J2EE three-tier architecture is designed to leverage a carrier’s investment in their legacy application(s), while providing greatly improved system flexibility, and reduced processing cycle times.

OSEA gathers data, through its HTML screens, from the Legacy System(s), or directly from Broker Management Systems. It then applies edits, third party data, underwriting rules and cross data verification to gather, in its “work in progress” database, all of the required information for the transaction at hand. OSEA then passes, through customizable interfaces, the transaction data to the legacy system(s) for processing, storage, downstream printing, reporting and input to other applications.

“Our work over the last six years in implementing Internet Broker Portals” said Anthony Kumnick, Managing Partner “has led us to realize there are few “web front end” solutions available that realistically improve business flexibility and reduce implementation complexity. In 2003 we started to develop our own solution, integral to the architecture and design was our intimate knowledge of Legacy systems architectures” Anthony goes on to say that “.our goal was to develop a solution that could be attached at the front end of single or multiple legacy applications that would enable a Services Oriented Architecture and support industry standard messaging like ACORD XML and CSIO. This announcement is a realization of that goal.”

Contrary to some claims, these types of systems don’t just “plug in”. It is both complex and demanding to make Web Services type architectures interface seamlessly with Legacy applications.

OSEA offers customers 95% of the business value of a “replacement” project with 50% of the effort / cost and 10% of the risk.

This product is now available for implementation with any carrier in North America.

About OARBIC Inc

OARBIC Inc. is a specialized IT consulting firm helping the property and casualty insurance industry make older systems behave like new ones – and new ones behave the way they should. We offer an array of consulting services. In-depth knowledge of the property and casualty insurance industry and our access to a global network of talented, specialized IT professionals, is what sets us apart from other consulting companies.www.oarbic.com For more information contact Amanda Widdowson [email protected] 416.362.4743