For Immediate Release
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CASTEK LICENSES CLAIMSPATH TO KINGSWAY FINANCIAL SERVICES
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 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
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.
Contact:
Kelly Shanefelter
Martino & Binzer
(860) 678-4300, Ext. 222
kshanefelter@goodbait.com