(NYSE MKT:COVR), leading provider of innovative and modern P/C insurance technology solutions, and
, a wholly owned subsidiary of Fairfax Financial Holdings LTD and a leading provider of hosted IT applications and outsourcing solutions, have announced a strategic alliance to offer Software-as-a-Service (SaaS) solutions for core system suite and data analytics to the P/C insurance marketplace using Cover-All Policy and Business Intelligence software. Cover-All’s robust policy administration, bureau lines of business, specialty lines of business and business intelligence offerings, when combined with MFX’s end-to-end Integrated Insurance Platform, will provide high quality SaaS service offerings to P/C insurance companies for a subscription fee.
Benefits of the new Cover-All/MFX offerings are:
- Robust and industry-leading policy administration including rating, quoting, underwriting, policy lifecycle management
- Production-ready bureau products as well as quick rollout of specialty products
- Intuitive business intelligence capability with pre-built dashboards, reports and P/C specific measures and dimensions
- Application hosting via three fully certified SAS70 SSAE16 data center facilities for customers looking for secure and scalable SaaS solutions
- Business process outsourcing (BPO), infrastructure, application support and outsourcing capabilities, statistical reporting and data administration services for carriers with back-office needs that require flexibility, cost-effectiveness, and responsiveness to changing business requirements and aggressive timelines.
"Our products have been designed with scalable, multi-tenant architecture for providing SaaS offerings to meet the unique needs of P/C insurance carriers,” said Manish Shah, president and CEO of Cover-All. "With our partnership with MFX, insurance carriers will have an attractive option that can truly fit their technology strategy. We are especially excited about the relationship with MFX because like Cover-All, the technology and services experts at MFX are customer oriented insurance professionals.”
"Cover-All Policy is a comprehensive option that draws on deep industry experience, a fitting addition to the MFX integrated software suite,” said Raymond A. Roy, CEO of MFX. “MFX has long recognized the importance of comprehensive reporting and analytics, so we are very excited to combine Cover-All’s Policy and Business Intelligence solution with our Integrated Insurance Platform. Cover-All’s BI product leverages our comprehensive enterprise-wide insurance data and the pre-built BI content, coupled with its collaborative, self-service capabilities, allows it to be used by all areas within a client company.”