A.M. Best Co. Presents E-Fusion Award for Special Coverage Management to BARS Holding.OLDWICK, N.J. -- The A.M. Best Co. presented BARS Holding Inc. with the E-Fusion award in the Special Coverage Management category at the 2004 A.M. Best Co. Insurance and Technology Conference in Baltimore Oct. 19. The award recognizes innovation in insurance technology. BARS Holding, Calabasas, Calif., received the award for its Bail Agent Records System, a Web-based application See Web application. that allows retail bail bond A written promise signed by a defendant or a surety (one who promises to act in place of another) to pay an amount fixed by a court should the defendant named in the document fail to appear in court for the designated criminal proceeding at the date and time specified. agents to quickly capture and track essential information including their liability and exposure. Plus, the network ties together agents, securities and insurance companies while reducing data entry and providing greater accuracy in reporting. The facility has grown from processing 51,000 bonds in 2002 to 276,000 so far in 2004 and from 250 agents in 2002 to 1,000 agents today. BARS was funded by a consortium of writers of surety insurance products, including American Surety, Associated Bond, International Fidelity Insurance An agreement whereby, for a designated sum of money, one party agrees to guarantee the loyalty and honesty of an agent, officer, or employee of an employer by promising to compensate the employer for losses incurred as a result of the disloyalty or dishonesty of such individuals. and Allegheny Mutual. Other finalists and the purpose of their project were as follows: --eReinsure--A reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. negotiations platform that allows cedents, reinsurers and brokers to bid on, negotiate for, and manage facultative reinsurance contracts. --Individual Assurance Co.--A center that helps small and regional banks sell term life insurance through a simple, turnkey application process with no medical exam. --Scottsdale Insurance Co.--An Internet-based submission and back-office processing for excess and surplus lines coverage. The awards were judged by Michael Edwards, chief information officer, American Skyline Insurance Co.; William Jenkins William Jenkins can refer to:
CPCU Cardiac Progressive Care Unit CPCU Custody Pending Completion of Use and insurance technology consultant; Matthew Josefowicz, manager, Insurance Group, Celent Communications; Robert Litt, partner, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen LLP LLP - Lower Layer Protocol Information Risk Management; Chuck Johnston, director, industry marketing, Callidus Software; Thomas A. Meyers, senior vice president and chief financial officer, New Jersey Manufacturers Insurance Co.; and Philip Roeper, chief information officer and senior vice president, American Re-Insurance Co. In addition, the A.M. Best Co. executives who participated in the judging were Paul C. Tinnirello, executive vice president and E-Fusion conference chairman; Lee McDonald, vice president and E-Fusion program chairman; Group Vice President Rita Tedesco and Vice President James Snee. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion