MFXchange US, Inc. (MFX), a Parsippany, N.J.-based provider of technology solutions to the insurance industry, is launching a new business process outsourcing service called ProcessSure. The initial ProcessSure offering includes statistical reporting (bureau reporting and state calls for P&C lines of business, including workers' compensation), rate, rule and form compliance, and runoff company transition planning.
"The business process outsourcing market is the single-fastest growing area of the IT services sector," said Raymond A. Roy, chairman and CEO of MFX. "Insurance companies often find that backroom processing and statistical reporting distracts them from their core competencies."
"By utilizing ProcessSure services, insurance companies take a proactive approach that can improve productivity and quality, reduce risk and change the cost model from fixed to variable with favorable results." said Ginny Ritchie, executive vice president. "The trend today for many insurance companies is to outsource functions that are not considered within their set of core competencies."
MFX is a subsidiary of Fairfax Financial Holdings Ltd.
Source: MFXchange US, Inc.
