For Immediate Release
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Castek Signs Strategic Relationship with IBM
Agreement aligns Castek's component-based solution with IBM's
Insurance Application Architecture
TORONTO, June 22 /CNW/ - Castek Software Factory today
announced a strategic relationship with IBM aligning its Insure3
enterprise component software solution for insurance companies
with IBM's Insurance Application Architecture (IAA).
Insure3 is the first ready-to-deploy component-based
solution for insurance companies. Insure3 is a cost-effective,
flexible software solution that allows insurance companies to
quickly introduce new products and provides scalable tools for
insurers to rapidly respond to clients' needs.
In the highly competitive insurance market, being able to bring
new products to market quickly can make the difference between
marketing success and failure. Castek's flexible solution is not
only in sync with IBM's initiative, but is also the only component-based
software solution scalable to the enterprise level, providing
insurers with a comprehensive framework of policy management,
customer and billing functionality. Insure3 significantly
reduces the time-to-market for new product offerings and also
allows insurers to add functionality as and when it is required.
"We're filling a void in the market for leading-edge solutions
to match IBM's world-class application standards for the insurance
industry,'' said Yung Wu, President and CEO, Castek. ``The combination
of Castek's component-based vision and IBM's IAA allows customers
to tap the potential and derive real value from day one. As an
industry expert in component-based solutions, Castek has the ability
to assemble IAA solutions that offer superior flexibility."
The two companies signed a strategic relationship that recognizes
the alignment of Castek's insurance solutions and component inventory
with IBM's IAA industry initiative and IAA Gold standards. These
standards offer a high degree of flexibility for various insurance
products, including property, casualty and commercial insurance.
Castek's Insurance Framework Solution, Insure3, is
designed to respond speedily to market and regulatory changes,
to configure products to individual client's needs and to easily
allow the integration of all lines of business on one system.
It was developed using a component based development (CBD) approach
and represents a highly configurable component-based application
framework. This framework is a set of insurance-specific and business-generic
software components, Castek CUBEs. These CUBEs comprise complex
business functionality and can be readily assembled into various
modules such as Customer, Policy, Billing or a complete Policy
Administration System.
"We are delighted to welcome Castek to the growing list of IAA
software development partners," said Dan Yellin, IBM IAA and Global
Insurance Architecture Executive. "Castek is known to deliver
flexible, component-based enterprise solutions to the insurance
and financial services industries. We look forward to working
with Castek to help bring the global e-business transformation
to insurers and financial services companies."
About IBM's Insurance Application Architecture
The IBM Insurance Application Architecture (IAA) is a business
model to help insurance companies better apply information technology
to their business. IAA is commercialized as a Consulting and Services
offering. IAA has been developed by IBM, together with over forty
leading international insurance companies, to accommodate all
lines of the insurance business irrespective of technical or organizational
constraints. By using IAA, companies will benefit from higher
quality systems that are more flexible to business change and
that will have a longer life and lower maintenance costs.
About Castek
Castek Software Factory Inc. is an innovative information technology
firm with offices in Toronto and Ottawa, Ontario; Cary, North
Carolina, and operations across North America. The company’s focus
is the delivery of strategic, component-based business software
solutions to the financial services sector.
Founded in 1990, Castek is recognized as the pioneer and leading
practitioner of component-based development and application assembly
from pre-built, reusable software components, delivering systems
that are substantially more flexible, maintainable, and configurable
than any other industry alternative. Castek was recently ranked
as #29 in the 100 Top Independent Software Companies in Canada.