ChannelPoint and ChoicePoint to Provide Insurance Industry With First Integrated, Interactive Comparative Credit Scoring Technology.Business Editors/Health Writers WESTMINSTER, Colo.--(BW HealthWire)--Oct. 11, 2000 ChannelPoint Inc. and ChoicePoint Inc.(TM) (NYSE NYSE See: New York Stock Exchange :CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. ): Insurance Carriers and Agents to Benefit From Cost-Effective Pricing and More Accurate Representation ChannelPoint Inc. and ChoicePoint Inc.(TM) (NYSE:CPS) today announced an agreement to launch new credit scoring-based technologies. As part of the agreement, ChoicePoint has developed an innovative knowledge-based technology that will instantaneously in·stan·ta·ne·ous adj. 1. Occurring or completed without perceptible delay: Relief was instantaneous. 2. provide comparative credit scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. information for multiple carriers. ChannelPoint will integrate this unique knowledge base into its acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. rating platform, which is currently used by online insurance sites and independent agents nationwide. Many insurance carriers use credit scoring as a risk assessment component in pricing automobile and homeowner insurance policies. Each company uniquely decides how to apply these scores. However, because credit scoring has not been integrated into the comparative rate environment in a cost-effective manner, consumers and agents have often been unable to get accurate insurance quotes. In addition, insurance carriers who use credit as a risk factor have been unable to fully capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its value. The new technology solves this problem by integrating the scores into the quote. "ChoicePoint is the clear leader in insurance risk management, and with our integration to their new knowledge base we can provide an immediate benefit in cost savings and quoting accuracy to participating carriers and their agents," explained Bill Woahn, ChannelPoint Senior Vice President. "Since most companies now use credit as a rating factor, ChoicePoint has received strong input from key agents and carriers, requesting a solution which is capable of providing an inexpensive way for credit to be used at the point of quote," stated Lesli Woodall, ChoicePoint Vice President. "With ChannelPoint's presence amongst online insurance sites and on the agents' desktop, together we provide the `speed to market' solution our customers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ." How it will work: Most independent agents use comparative rating systems to provide consumers with policy premium quotes for several carriers. With the availability of ChoicePoint's new comparative credit scoring capability, ChannelPoint's system will retrieve the consumer's credit scoring information from ChoicePoint and apply each carrier's unique score to the rate calculation for each of the participating companies being quoted. The offering can also be used by online insurance sites using ChannelPoint's rating services. ChannelPoint and ChoicePoint listened and responded to industry needs. The new comparative credit service now provides the industry with the right solution for cost-effective, comparable accurate quotes. About ChoicePoint ChoicePoint is the leading provider of credential credential verb To determine or verify titles, qualifications, documents, completion of required training, and continuing education, in those persons who function in a professional or official capacity–eg, ER physician, neurosurgeon, etc. Cf Credentials. verification and identification services for making smarter decisions. The company serves the information needs of the insurance market, business, government and individuals, including Fortune 1000 corporations, asset-based lenders, professional service providers, and local, state and federal governments. ChoicePoint is committed to the responsible use of information and the protection of personal privacy as fundamental planks of the Company's business model. ChoicePoint is a trademark of ChoicePoint Asset Company. About ChannelPoint ChannelPoint is a leading provider of Internet-based, business-to-business solutions that enable e-commerce in the approximately $2.8 trillion global insurance industry. The Company's software applications and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. offerings are designed to meet the evolving needs of carriers, distributors and buyers of insurance. ChannelPoint's technologies leverage the power of the Internet to streamline and automate the insurance distribution process to facilitate end-to-end transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . The Company's proprietary exchange platform technology facilitates the creation of e-markets that bring together buyers and sellers of insurance products. ChannelPoint is headquartered in Westminster, Colorado The City of Westminster is a Home Rule Municipality located in Adams County and Jefferson County of the State of Colorado, United States. Westminster is a northwest suburb of Denver. . |
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