MFX, a provider of technology and IT outsourcing services, has signed a contract with Toronto-based Munich Reinsurance Company of Canada to implement, manage and enhance its current corporate primary insurance processing system.
MFX will provide a 50-state P&C system which will combine web-based policy administration with claims processing and accounting in one integrated package that will be marketed throughout the US, Canada, Europe and Asia.
Originally developed by MROC, the system is used as their corporate policy administration system for primary business in Canada, as well as by its sister companies and MFX’s current customers, the insurers in the American Re group, in the US.
The system processes all major commercial lines of business including general liability, workers’ compensation, package & umbrella, and handles specialty lines such as boiler and machinery, and aviation. The application is web-based using Microsoft.NET and an Oracle back-end.
MFX says the system is totally scalable and its flexible architecture allows for adding lines of business easily. System edits are contained in tables simplifying the inevitable task of adding or changing business rules due to legislative changes or compliance needs.
Charles Fillizola, president of MFX, states MFX will fully manage, maintain and market this corporate system, which will be made available to customers online via an application service provider-based model. This will enable customers to establish variable pricing and will negate the need for heavy investment in IT infrastructure, upgrades, technical support and software licenses.