Castek Acquires InsuroCity; Claims Management Platform Helps Streamline Process, Reduce Costs.Business/Technology Editors TORONTO--(BUSINESS WIRE)--Sept. 10, 2001 Castek, a provider of software systems for 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. organizations, has acquired 100 percent of the assets of InsuroCity, a subsidiary of Vital Innovations Inc., based in Waterloo, Ontario Coordinates: Waterloo is a city in Ontario, Canada. It is the smallest of the three cities in the Regional Municipality of Waterloo, and is adjacent to the larger city of Kitchener. . InsuroCity is the developer of an Internet claims process management system for the property/casualty (P&C) insurance industry. The acquisition will allow Castek to accelerate development of its comprehensive Claims platform, linking all participants in the claims process. "This acquisition is a result of our focused strategy to bring an integrated yet loosely coupled See loose coupling. insurance processing system to market," says Yung Wu, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Castek. "With Insure3 Claims [pronounced insure-cubed claims] and the InsuroCity product, we are building a cutting edge capability that automates the claims process across enterprise boundaries. From insurance product development to claim outcome, from supply chain to service providers, we're cohesively linking all parties and processes through software." InsuroCity is a claims-management platform that allows insurers to automate To turn a set of manual steps into an operation that goes by itself. See automation. and streamline claims adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. and service provider management via the Internet. By coordinating the flow of information and decisions between claims adjustors, service providers, and product providers in real-time, InsuroCity offers insurers new opportunities to control the costs of claims management processes, and to enhance customer service levels. "Castek shares our vision and presents the best opportunity to bring to market our collective dream, which has been favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. received by the insurance community," says Robby Robbs, CEO of Vital Innovations Inc. "With their market position, their financial resources, and their commitment to vision, Castek can ensure the successful delivery, market access, and servicing of the InsuroCity concept." About Vital Innovations Inc. Vital Innovations Inc. has been developing claim-processing software and services for the insurance industry since 1988. It provides automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. business solutions and process management for labor-intensive tasks and service management of special programs primarily within the claims function of the Insurance Industry. For more information, readers can visit the Vital Innovations Web site at www.vitalinnovations.com About Castek Castek Software Factory Inc. specializes in the creation of strategic, business software for the financial services industry, with a specific focus on property and casualty insurance. Founded in 1990, Castek is recognized for its advanced, flexible core business processing systems. For more information, readers can visit the company's Web site at www.castek.com. For more information on InsuroCity, readers can visit the InsuroCity Web site at www.insurocity.com. |
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