Property/casualty systems vendor Cover-All has entered into a strategic alliance with MFX, a provider of hosted IT applications and outsourcing solutions, to provide software-as-a-service (SaaS) solutions for core system suite and data analytics to the P&C insurance marketplace. Offered on a subscription basis, the solutions will combine Cover-All policy administration and business intelligence software and MFX’s Integrated Insurance Platform end-to-end processing capabilities.
The alliance represents another example of vendors seeking to take advantage of a growing appetite for SaaS solutions for core systems, says Chad Hersh, managing director of Novarica’s insurance practice. On the heels of the recent Guidewire/Capgemini announcement, this has a similar tone of providing a third-party solution for hosting and managing the solution on an ongoing subscription basis,” Hersh comments. “This is a good model for vendors that don’t have the infrastructure in place to handle SaaS on their own, or who want more global capabilities or other capabilities a partner might bring to the table.”
“Cover-All/MFX are making this particularly interesting by introducing the option to add BPO services to the mix for the Cover-All/MFX offering, Hersh adds. “This addresses two potential carrier desires in one fell swoop.”
The benefits of the combined offering include the following, according to a joint statement from the vendors:
- policy administration capabilities, including rating, quoting, underwriting, and policy lifecycle management;
- production ready bureau products, as well as quick rollout of specialty products;
- intuitive business intelligence capabilities with pre-built dashboards, reports and P&C-specific measures and dimensions;
- application hosting via three fully certified SAS 70 SSAE 16 data center facilities;
- BPO, infrastructure 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,” comments Manish Sha, 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.”
Raymond A. Roy, CEO of MFX (a wholly owned subsidiary of Fairfax Financial Holdings LTD) comments: “MFX has long recognized comprehensive reporting and analytics, so we are very excited to combine Cover-All’s Policy and Business Intelligence solution within our Integrated Insurance Platform.”