For Immediate Release
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HB Group
Selects Castek for e-Claims Communication Platform
TORONTO - Jan. 15, 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," says 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
to 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, a group
of wholly owned Canadian companies that specialize in
insurance and financial products, property development,
and management and investment counseling. The Co-operators
group of companies provides insurance protection to
more than two million Canadians and has assets of more
than $4.7 billion. HB Group is headquartered in Ontario
and is the direct writing arm of The Co-operators, overseeing
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.
CONTACT: Martino & Binzer
Mark O'Brien, (860) 678-4300, Ext. 233
mobrien@goodbait.com