BCF Technology Launches Book of Business Transfer Solution for the Insurance Industry.Business Editors/High-Tech Writers CARLSBAD, Calif.--(BUSINESS WIRE)--Oct. 21, 2003 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter Technology, Inc., a leading provider of web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. , data integration & aggregation, competitive intelligence, and single sign-on An identification system that lets users log into multiple Web sites on the Internet with one username and password. Single sign-on systems are also used within an enterprise, enabling users to access all authorized resources in the local network using the same username and password. technology solutions for the insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries, announces the launch of its new book of business transfer solution for the insurance industry. BCF's book roll solution normalizes internal and external insurance policy data from multiple formats, including ACORD ACORD Association for Cooperative Operations, Research and Development ACORD Agency for Cooperation and Research in Development ACORD Association de Coopération et de Recherche pour le Développement (French) AL3, and ACORD XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. . The solution has the ability to gap or repair the data in real-time. The data is then directly integrated into the insurance carrier, agent or broker's back end system using ACORD XML, ACORD AL3, XML, Web Services, or a BCF created Web Services Wrapper A data structure or software that contains ("wraps around") other data or software, so that the contained elements can exist in the newer system. The term is often used with component software, where a wrapper is placed around a legacy routine to make it behave like an object. for the carrier's web, 3270, 5250, and vt100 applications. "Today the process for agents and carriers to roll a book of business is very time consuming, costly, and typically involves extensive re-keying of data, which compromises data integrity. Carriers, agents, and brokers are dealing with external data that is in different formats and likely does not have the same data elements required by their internal systems. BCF's book roll solution solves their problems because it normalizes the data, identifies and repairs any gaps in the data, and then directly integrates the results to their processing systems. The timeframe for the entire process can now be reduced by as much as 75% while increasing data integrity. We are pleased to offer this breakthrough solution to the insurance industry." said Fred Covely, chief executive officer of BCF. Frederick Waite, president of BCF added, "Our book roll solution has been battle tested. In a recent project with a national carrier, BCF was able to convert the data from over 750,000 pages of insurance policy information from ACORD AL3 to ACORD XML. We then directly fed the insurance carrier's back end system, including automatic generation of required data elements that were missing or erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. . Whether it is 10 policies or 1,000,000 policies, property & casualty or life & health, our process and technology will scale." About BCF TECHNOLOGY BCF Technology is a leading provider of web services, integration & aggregation of data, competitive intelligence information, and single sign-on technology solutions for the insurance and financial services sectors. For information about BCF's products and services, email fwaite@bcftech.com or visit our web site at www.bcftech.com. |
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