PARSIPPANY, NJ--MFXchange Holdings, Inc. (MFX) announced the launch of its end-to-end application service provider (ASP) commercial lines solution. The comprehensive processing system is Web-based and features the many benefits of ASP-based products. MFX's Ray Roy, Chairman, explains, "MFX's founding mission is to build technology solutions specifically to meet insurance carriers' needs for increased productivity, shorter processing timeframes and lower costs. We provide this, in part, through ASP processing that does not require large capital outlays for hardware and software and is highly cost effective."
To make this solution a reality, Ray contacted Allen Barnett, CEO of Mayfare Software Solutions and Ray Simon, President of INSTEC to propose a three-way partnership utilizing the CL1X system as the "core" with MFX products and services filling out the offering.
CL1X is a comprehensive insurance software solution that is comprised of the INSTEC policy rate and issue system tightly integrated with the Mayfare policy administration, billing and re-insurance system. CL1X was announced earlier this year and is in production. To further round out the ASP offering, MFX provides its premier claims processing solution, ClaimsAssure, along with its Submission System, Data Warehouse, ASP services, and a single point of contact for management and customer support. The close integration between these proven solutions offers the users a single, content-rich, end-to-end offering through a low-risk and cost-effective ASP delivery.
According to Allen Barnett, Mayfare's CEO, "Mayfare is extremely pleased that MFX has selected our CL1X solution as an integral component of their ASP offering. We believe that the strength of this three-way partnership offers a tremendous breadth and depth of resources that will translate to outstanding services and technology for MFX's clients. With this new offering, the resulting solution is clearly greater than the sum of its parts."
Ray Simon, INSTEC's President adds, "INSTEC has long been a proponent of best-of-breed solutions and delivering solutions that you can build on. This latest offering from MFX serves as further validation of our approach to the market - that is, working in a collaborative effort with other best-of-breed vendors to deliver the absolute highest quality and function-rich solutions to the insurance market. The combination of CL1X with MFX's capabilities brings the best of all our disciplines together in one complete product, with the MFX customers as the ultimate winners."
MFXchange Holdings, Inc.
