(Image source: Caterpillar.)
Caterpillar Insurance Services Corporation, a subsidiary of heavy equipment manufacturer Caterpillar Inc. (Peoria), has selected Insurity’s (Hartford) Insurance Decisions Suite (Policy Decisions, Claims Decisions, and Billing Decisions) and its Insurance Enterprise View (IEV) software to modernize its data and core processing platforms, according to an Insurity statement.
Insurity’s agreement with Caterpillar is a significant win for the vendor for three reasons, according to Donald Light, director of Celent’s Americas Property/Casualty practice. “Caterpillar is licensing the complete end-to-end Insurance Decisions Suite, as well as reinsurance (through Insurity’s DataCede partnership),” Light notes. Secondly, he says, “Caterpillar is also licensing Insurity’s data platform, Insurance Enterprise View.” Finally, Light adds, “It gives Insurity a point of entry into the warranty insurance market.”
Insurity offers carriers the Insurance Decisions Suite as a target core systems platform along with Insurance Enterprise view, which enables the integration and exchange of data from multiple sources across the enterprise including from current systems, global dealers and multiple TPAs through software. Carriers implementing Insurance Decisions Suite also have the option to implement the CedeRight Reinsurance Solution, through Insurity’s partnership with DataCede.
“We are thrilled to have been selected by such a prestigious organization and household name as Caterpillar,” comments Lani Cathey, senior VP, Insurity. “Caterpillar Insurance Services Corporation’s holistic approach to modernization, tackling both the core insurance applications as well as the data components, perfectly aligns with Insurity’s view of what is required to solve today’s challenges while preparing for tomorrow .”