For Immediate Release
i-flex invests in Castek for Property
& Casualty insurance solutions
Both companies to jointly develop and market insurance applications
NEW YORK (23 May 2005) - i-flex solutions (Reuters: IFLX.BO/IFLX.NS), a
leading provider of technology solutions to the global financial services industry
has entered into a strategic alliance with Castek Software Inc., a Toronto based
provider of insurance systems for the global Property & Casualty (P&C) insurance
industry. As part of the alliance, i-flex has established an equity financing
arrangement with Castek that allows for i-flex to become the largest shareholder
in Castek.
In addition, R Ravisankar, CEO International Operations and Business Development
of i-flex solutions has joined Castek's Board of Directors.
Currently, the Property & Casualty industry is dominated by legacy systems,
which inhibit response time in operational priorities such as supporting customer
centered business models, flexible product management and deployment, claims
processing and in business-support areas of risk and profitability metrics. Making
changes to existing applications invariably takes many months and is prohibitively
expensive.
Castek's Insure3 (pronounced "Insure cubed") suite, which addresses
these challenges, is open-standards driven and ensures new product definition,
configuration and deployment across multiple states and for multiple lines in a
fraction of the time. The solution integrates seamlessly into existing systems
of insurance companies and can be adopted in both mature and fast growing markets.
Celent, a Boston based research firm, forecasts that North American insurance
carriers will spend more than US$1.4 billion on policy administration systems between
2004 and 2008. Over 50% of this spend is attributed to the Property and Casualty
segment.
"Our investment in Castek creates a winning combination of i-flex's project
and quality management skills built over a decade coupled with Castek's advanced
product intellectual property and domain expertise. We are committed to the
insurance industry and this initiative is in line with our mission of enabling
financial institutions worldwide to excel through the use of technology,"
says Ravisankar.
Added Yung Wu, CEO of Castek, "Insurance companies seeking to upgrade their
existing systems are concerned about risks associated with execution of such
projects and seek partners who can mitigate these risks. i-flex's investment in
Castek creates just such a strong partnership which addresses these issues as
well as supports P&C insurers' need to respond in a timely, flexible and reliable
manner to ongoing customer requirements."
About Castek
Castek Software Inc. (Toronto, ON.) specializes in strategic business software for
Property and Casualty 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,
customer billing and claims management.
For more information, please visit www.castek.com or call
(+1)416-777-2550.
About i-flex solutions
i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT
solutions to the financial services industry. i-flex has serviced over 540 customers in more
than 110 countries. i-flex's range of products and customized services enable financial
institutions to cut costs, respond rapidly to market needs, enhance customer service levels
and mitigate risk.
For further information, please visit www.iflexsolutions.com.
FLEXCUBE, Revelus, PrimeSourcing, DayBreak Lending Suite, and other i-flex products and
services mentioned herein as well as their respective logos are trademarks or registered
trademarks of i-flex solutions limited in India and in serveral other countries all over
the world. All other product and service names mentioned are the trademarks of their
respective companies.
For further information please contact:
NORTH AMERICA
Penney Richardson
i-flex solutions
Ph.: +1-415-7718106
Fax: +1-415-4922810
Email: penney.richardson@iflexsolutions.com
EUROPE
Sunil Robert
i-flex solutions
Phone: +44-207-5314424
Mobile: +44-7834461271
Email: Sunil.robert@iflexsolutions.com
INDIA
Eapen Thomas
i-flex solutions
Phone: +91-22-2823 5190, ext.5132
Fax: +91-22-2836 3140
Email: eapen.thomas@iflexsolutions.com
INDIA/APAC
Parvez Ahmad / Ramya B S
i-flex solutions
Phone: +91-80-2208 3000 or 5759 3000,ext. 7515 / 7294
Fax: 91-80-5666 5271
Email: parvez.ahmad@iflexsolutions.com
bs.ramya@iflexsolutions.com