ACE Casualty Risk Launches ACE Complete for Web-based Workers' Compensation.Business Editors PHILADELPHIA--(BUSINESS WIRE)--May 5, 2003 ACE Casualty Risk, a division of ACE USA, today announced the launch of a new product called ACE Complete(SM), a web-based underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. facility which enables contracted brokers to conduct underwriting transactions - from entry to issuance - in a quick and efficient manner via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . ACE Complete targets workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance products for the small to mid-size employer market. "We are excited about the market potential for this product," said Ralph April, senior vice president, ACE Complete. "Research indicates that brokers have a substantial need for an efficient and highly responsive method of transacting workers' compensation business, and ACE Complete was designed to address that need head-on. From clearance through qualification, rating to issuance, ACE Complete provides efficiency, superior service and cost benefits with the convenience of web-based transactions." Geoff Gregory, president, ACE Casualty Risk explains the benefits of ACE Complete's timely entry into the marketplace. "The small to mid-size employer is the backbone of the U.S. economy right now. ACE Complete brings the financial strength and superior service of ACE USA to this market segment." "We believe ACE Complete will set the standard in workers' compensation e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. . Ease of doing business for our brokers has been the driving force behind the development of this product, so we are confident that its utility, speed and efficiency will enable us to make a significant impact in the small to mid-size employer workers' compensation marketplace," said Susan Rivera, president, ACE INA Ina (ē`nä), city (1990 pop. 60,062), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural and industrial center with a famous agricultural school. Holdings, Inc. For more product information, contact Ralph April, senior vice president, ACE Complete at 302/476-6910 or visit www.acecomplete.com. ACE Complete is underwritten by ACE Property and Casualty Insurance Company, which is part of ACE USA. ACE USA is a U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE). ACE USA provides insurance products and services throughout the U.S. Additional information can be found at www.ace-ina.com.The ACE Group of Companies provides insurance and 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. for a diverse group of clients around the world. |
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