MFXchange Holdings, Inc. (MFX) announced the launch of its end-to-end application service provider (ASP) commercial lines solution. The comprehensive processing system is Web-based and features benefits of ASP-based products.
MFX’s Ray Roy, chairman, noted, “MFX’s founding mission is to build technology solutions specifically to meet insurance carriers’ needs for increased productivity, shorter processing timeframes and lower costs. We provide this, in part, through ASP processing that does not require large capital outlays for hardware and software and is highly cost effective.”
To make this solution a reality, Ray contacted Allen Barnett, CEO of Mayfare Software Solutions and Ray Simon, president of INSTEC to propose a three-way partnership utilizing the CL1X system as the “core” with MFX products and services filling out the offering.
CL1X is a comprehensive insurance software solution that is comprised of the INSTEC policy rate and issue system tightly integrated with the Mayfare policy administration, billing and re-insurance system. CL1X was announced earlier this year and is in production.
To further round out the ASP offering, MFX provides its claims processing solution, ClaimsAssure, along with its Submission System, Data Warehouse, ASP services, and a single point of contact for management and customer support. The close integration between the solutions offers the users a single, content-rich, end-to-end offering through a low-risk and cost-effective ASP delivery.
The ASP Solution
The system is a Web-based, end-to-end commercial lines processing system created for bureau and client specific property and casualty providers supporting all major lines of business in 50 states. A suite of comprehensive rate and issue software is included in the offering. All products are countrywide, multi-state 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.
MFX is a wholly owned subsidiary of Fairfax Financial Holdings Limited, a global financial services holding company. Through its subsidiaries, Fairfax is engaged in property, casualty and life insurance as well as reinsurance, investment management and insurance claims management.
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