The National Association of Insurance Commissioners (NAIC), Kansas City, Mo., is forming a long-term partnership with New York-based Aithent Inc. to develop a state-of-the-art Web-based system that will automate regulatory functions for state insurance departments. This software will provide the foundation for a new NAIC initiative called State Based Systems (SBS). SBS is certified to meet ongoing national uniformity and reciprocity initiatives in the areas of producer licensing, market conduct and company licensing. In addition, SBS is able to incorporate such new technologies as electronic funds transfer and digital fingerprinting.CIGNA Group Insurance, Philadelphia, and FileNET Corp., Costa Mesa, Calif., have integrated CIGNA's Disability Management Solutions systems with FileNET's Acenza for Insurance application suite. With FileNET, CIGNA will implement a claims management system that will further enable customers to receive low cost and consistent quality service, the companies claim. Through Acenza for Insurance, CIGNA Group Insurance will strengthen its capabilities with improved workflow and rapid claims processing.
Fair, Isaac and Co. Inc., San Rafael, Calif., has completed its previously announced merger with San Diego-based HNC Software Inc. The announcement follows receipt of regulatory clearance for the merger plan on August 1st, 2002, and approval by the stockholders of Fair, Isaac and HNC on July 23rd, 2002. Under the terms of the agreement between the two companies, HNC shareholders will receive 0.519 of a newly issued share of Fair, Isaac common stock for every share of HNC common stock.
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