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.
Naperville, Ill.-based INSTEC has joined the Association of Cooperative Operations, Research and Development (ACORD), the Pearl River, N.Y.-based standards organization for the insurance industry. INSTEC provides policy rating and processing solutions for the commercial property and casualty insurance industry.
Toronto-based Castek Inc. secured a third round of external equity funding valued at $22.8 million (U.S.), the largest private placement in the company's 12-year history. Technology Crossover Ventures (TCV), Palo Alto, Calif., is the lead investor in this round, and Henry Feinberg, a venture partner at TCV, will assume a seat on the Castek board of directors. This financing round also includes Netherlands-based p3 Technology Partners and Covington Capital's TRIAX Fund. Castek will issue 14.8 million Class C Preferred Shares as part of the agreement.
Life of the South Insurance Co., Jacksonville, Fla., is the latest insurer to join the MIB Group, Westwood, Mass. Life of the South is incorporating MIB's fraud protection, the MIB Checking Service, into the underwriting for both their life and health lines as well as using MIB's Follow-up Service (Plan F), which alerts companies to any new information reported to MIB for 24 months after the initial inquiry to MIB.
First Notice Systems, a Boston-based provider in claim reporting solutions, and Atlanta-based Alacrity Services' ptc-NET managed contractor network, a structural loss estimating service and direct repair program, have formed a strategic alliance that unites the strengths of the two companies. The joint offering lets policyholders choose a contractor to repair property damage at the time they report their claims.
Enterprise Solutions Inc., Rochester, N.Y., has become an implementation partner and integrator of Austin, Texas-based The TableLogic Group's artificial intelligence-based products. Enterprise Solutions is a management and systems consulting firm.
XN Holdings Inc., Boca Raton, Fla., an online provider of insurance and financial products designed for expatriates, has formed a strategic partnership with Radnor, Pa.-based HTH Worldwide to provide members with greater access to a wide range of global health information and services. XN offers both corporate- and association-sponsored expatriate employees around-the-clock access to personalized insurance and financial information from any location in the world, through the Web and a multilingual call center.
