i-flex to provide next-gen insurance solution to TMM

MUMBAI: i-flex solutions, a provider of enterprise solutions to the global financial services industry, has announced that Tokio Marine Management, Inc. (TMM) has signed a Letter of Intent (LOI) with i-flex to replace TMM's legacy commercial lines policy processing platform with a solution comprising best-of-breed components.

TMM is the U.S. Manager for the U.S. insurance operations of Tokio Marine & Nichido Fire Insurance Co Ltd. (Japan), Japan's oldest and largest property and casualty insurer.

The deal validates i-flex's strategic decision to enter into the insurance domain five months ago with the acquisition of a majority stake in Castek Software Inc. Castek offers core insurance-business processing systems for large- and mid-sized Property and Casualty (P&C) insurers.

In a move that is set to reshape the technology landscape in insurance, i-flex solutions and its partners have formed a consortium that has created a comprehensive yet flexible component-based solution for the P&C insurance industry.

The next-generation solution is centered on Castek's Insure3 processing platform and encompasses insurance product and process configuration, customer-focused, full-lifecycle policy administration, including agency and direct billing, a rating service and document publishing and printing. It will process TMM's commercial business for all states and territories in the USA.

Under the proposed terms with TMM, i-flex will take overall responsibility for implementing the policy administration, data warehousing and reporting solution, and will also provide managed services during the course of the implementation.