Predicting the partnership will reduce policy and claims cycle times and costs within the insurance industry, Broadbeam (Princeton, NJ), provider of a wireless data platform, and middleware provider iWay Software (New York), will combine Broadbeam's wireless platform Axio, and iWay's mobile application suite.
"I-Way has a middleware product and we wanted to extend that into a mobile computing platform," says Roger Panfil, vice president, mobile technology and data warehousing, iWay. "Broadbeam came to the top as someone who would be very interesting to work with. They bring very good encryption."
According to George Faigen, chief marketing and strategy officer, Broadbeam, although members of the insurance industry can speedily access information while they're in the office, once they leave their buildings, accessibility is lost.
"If you do business at the point of service and you take it on a digital platform, you don't need a data entry staff," says Panfil. "There are stats that show a seven to 10 percent error rate whenever information is collected on paper and then keyed," he says. "If you can digitize the workflow then you reduce error."