For Immediate Release
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CASTEK ANNOUNCES GENERAL AVAILABILITY OF INSURE3 POLICY RELEASE
3.1
Latest Product Release Delivers Functional and Implementation
Enhancements; Demonstrates Castek’s Commitment to Product Improvement.
TORONTO (25th July 2003) — Castek Inc. today announces the general
availability of Insure3 Policy Release 3.1
Castek is pleased to announce this new software release, which includes
additional P&C business functionality and new implementation tools
to assist customers replacing legacy policy administration systems
with Insure3 Policy. With Release 3.1 of Policy we continue to deliver
increased
business benefits to P&C carriers at reduced cost.
Selected highlights of this release:
Automated Renewal Processing, including:
•
Unattended renewal processing from renewal creation to issuance
•
Configurable lead times, by product/state/company, for renewal
initiation, report ordering, notice generation and renewal issuance
•
Automated renewal changes including product migration with grandfathering
and automatic renewal limit increases
•
Policy “do not renew” capability
•
Group hold capability by product and state
Additional XML Interface Support, including:
•
XML based interfaces for rating, underwriting and report ordering
•
Transactional XML produced for each customer and policy transaction
to ease outbound integration to downstream systems such as statistics
and financials
Coverage Templates, including:
•
Automatic default of coverages, limits, deductibles and insurance
product features
•
Multiple coverage tiers (user definable) to support mass customization
•
Variable by product and state
•
Definable by product or vehicle type
•
Can be used for initial quote or subsequent policy changes to
dramatically reduce data input effort and promote recommended
coverage combinations
Policy Lifecycle Configuration and Automation, including:
• User configurable policy lifecycle stages and activities needed
to complete each stage
• Automatically trigger activities such as report ordering, underwriting,
rating and print
• Automatically accept, decline or refer applications based on
rules engine response
• Configurable by product, line of business or business unit
Improved Insurance Product Attribute Definition Process, including:
•
User defined data definition and grouping for rating, underwriting,
report ordering or rules engine call
•
Configurable data capture based on coverages selected, with
the ability to request additional information based on previous responses
•
Improved user interface design
Personal Auto Quick Quote Web Support, including:
•
Starter set of user interface screens and business transactions
•
Reduces time from project initiation to delivery of business
results
About Castek
Castek Inc. specializes in the creation of strategic business software
for P&C insurance companies. 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, claims management, claims
communications and insurance customer billing. For more information,
please visit www.castek.com
or call 1-866-9CASTEK.
Contact
Ritchie Leslie
Castek Inc.
416 777 0293