Morristown, NJ — January 21, 2014 — MFX, a leading provider of hosted IT applications and outsourcing solutions for the P&C insurance industry, has announced a new cost-effective, on-demand policy administration solution focused on the specialty lines and excess markets, delivered through our secure virtual private cloud. MFX’s full lifecycle policy solution, integrating with carriers’ customized rating/pricing Excel workbooks, provides full support for rate, quote, bind and issue along with forms management. All data is available for use with the carrier’s target systems including, but not limited to, booking, general ledger, billing and reinsurance.
“We understand that rating workbooks created in Excel are the backbone of many carriers’ systems, and those intellectual properties are what distinguishes them in the marketplace. However, there have always been difficulties getting that information into the corporate systems,” said Mr. Raymond A. Roy, Chairman and CEO of MFX. “We recognize that this is an asset of key importance to insurers, yet using it often results in duplicate data entry, inadequate version and change control, and a lack of good governance and auditing. Additionally, compliance and data analytics have been more challenging to achieve.”
“We have long solved this problem within our end-to-end Integrated Insurance Platform,” Mr. Roy continued, “and are now offering our policy solution as a separate additional service. We welcome the opportunity to demonstrate our capability to carriers by integrating one of their existing Excel workbooks, risk-free.”
For more information about MFX and its services, please contact Diane Phillips, Director of Marketing at 973-254-5402.
Helping you meet your goals and needs is our culture and focus. Founded in 2001 and a wholly owned subsidiary of Fairfax Financial Holdings LTD, MFX combines the deep industry and technology experience of its employees with our culture of agility and business model flexibility to service all of our valued clients. MFX has two fundamental businesses:
• MFX is a seasoned provider of customized datacenter and infrastructure services including private cloud offerings, across all industries.
• MFX provides end-to-end commercial property and casualty insurance application and BPO solutions to the P&C industry.
Headquartered in Morristown, NJ, with additional locations in Toronto, ON, Dallas, TX, Ireland and India, MFX has two world-class datacenters in Ridgefield Park, NJ and Roanoke, VA. A third datacenter, also in Toronto, is focused on MFX cloud offerings.