INSTEC (Naperville, Ill.), a provider of rating and policy administration software for the insurance industry, introduced application service provider (ASP) hosting services for its solutions. The delivery mechanism utilizes a technology infrastructure from MFX, a subsidiary of Fairfax Financial Holdings (Toronto) that provides e-business solutions for the insurance industry.
The service, which INSTEC is providing in partnership with MFX, is a Web-based, commercial lines processing system created for bureau and client-specific property and casualty insurance providers supporting all major lines of business in 50 states. All products are countrywide, multistate policy processing software applications that include policy history and a full set of policy cycle transactions - rate, quote, issue, endorse, cancel, reinstate, renew and audit.
The ASP model utilizes a pay-as-you-go pricing model targeted at insurance providers with time-to-market considerations that seek a more flexible total cost of ownership model. It allows customers to concentrate on core competencies while enabling MFX to provide ASP services, including hardware, backup, disaster recovery, maintenance, 24/7 support, network maintenance and security from a central data center, INSTEC says.
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