For Immediate Release
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Castek Acquires InsuroCity
Claims Management Platform Helps Streamline Process, Reduce
Costs
Toronto, Ontario (September 10, 2001) — Castek, a provider
of software systems for financial services organizations, has
acquired 100 percent of the assets of InsuroCity, a subsidiary
of Vital Innovations Inc., based in Waterloo, Ontario. InsuroCity
is the developer of an Internet claims process management system
for the property/casualty (P&C) insurance industry. The acquisition
will allow Castek to accelerate development of its comprehensive
Claims platform, linking all participants in the claims process.
“This acquisition is a result of our focused strategy to bring
an integrated yet loosely coupled insurance processing system
to market,” says Yung Wu, CEO of Castek. “With Insure3
Claims [pronounced insure-cubed claims] and the InsuroCity
product, we are building a cutting edge capability that automates
the claims process across enterprise boundaries. From insurance
product development to claim outcome, from supply chain to service
providers, we’re cohesively linking all parties and processes
through software.”
InsuroCity is a claims-management platform that 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 offers insurers new
opportunities to control the costs of claims management processes,
and to enhance customer service levels.
“Castek shares our vision and presents the best opportunity
to bring to market our collective dream, which has been favorably
received by the insurance community,” says Robby Robbs, CEO of
Vital Innovations Inc. “With their market position, their financial
resources, and their commitment to vision, Castek can ensure the
successful delivery, market access, and servicing of the InsuroCity
concept.”
About Vital Innovations Inc.
Vital Innovations Inc. has been developing claim-processing
software and services for the insurance industry since 1988. It
provides automated business solutions and process management for
labor-intensive tasks and service management of special programs
primarily within the claims function of the Insurance Industry.
For more information, readers can visit the Vital Innovations
Web site at www.vitalinnovations.com
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. For more information, readers can
visit the company’s Web site at www.castek.com.
For more information on InsuroCity, readers can visit the InsuroCity
Web site at www.insurocity.com
For More Information Contact:
Mark O’Brien
Martino & Binzer
(860) 678-4300, Ext. 233
mobrien@goodbait.com