New Members - MFXchange US, Inc.
MFXchange US, Inc.
Contact: Jack Ramezzana
CenterPointe 1140 US Highway 22 East
Bridgewater, NJ 08807
For close to 20 years, MFX has proven to be a true business partner to the property and casualty insurance vertical. What makes us different is our ability to deliver a unique combination of homegrown and partner software solutions coupled with an understanding of the insurance business and vendor landscape. This provides our customers with critical knowledge when making important business transformation decisions. We can support system integrations along with technology and application maintenance allowing our customers to remain focused on their core insurance business concerns and agile in their “go to market” business planning.
- Description of Product or Services you would like to promote in the Association:
External Party Integration (EPI) Services:
This offering strengthens the relationship that exits between program administrators (MGA/MGU’s), TPA and insurance carriers. The EPI service bridges the data gap by addressing the following:
- Data collection from multiple business partners
- Merging and balancing of new and existing data
- Limited data access for critical reporting and analysis
- Unifying disparate systems
- Lack of process and audit capabilities
MFX’s Integrated Insurance Platform (IIP):
MFX supports the entire policy processing lifecycle for new business acquisition, policy administration, claims, reinsurance management, billing, general ledger, accounts payable, management reporting, business intelligence and compliance reporting.
Insurers can adopt MFX’s complete processing solution for rapid deployment or integrate key MFX solutions with insurer’s existing systems. Highlights of the MFX solution:
- Offered on a SaaS basis
- Best of all worlds approach to software deployment
- Predictable pricing model that allows carriers to grow with their solution
- Shorter implementation timeframes
- Tailored maintenance and services offerings based on customer needs
Additional Services Capabilities:
- Enterprise Application Integration (EAI) Services
- IT Integration & Project Management Services
- Technology Help Desk Services
- Application Developlment, Support & Maintenance Services
- How does your product or service specifically target/benefit Program Administrators:
We are working with clients every day and find many carriers chose to grow and manage their business through the utilization of External Party relationships. The management and building of those relationships is important for long term success. From our vast conversations with our clients and prospects we are finding that information transfer is perhaps the leading challenge carrier’s and program administrators face when working with one another. We have identified several data challenges that we specifically address:
- Data collection limitations – When external party data is not being ingested correctly, this can put the carrier at risk as they are unable to properly understand their financial position within an underwriting portfolio which in turn can cause undo exposure if not properly accounted for etc.
- Data cleansing – This is an arduous manual process for most carriers. It’s imperative for carriers to be able to account for their business as it’s on boarded. More importantly without a solution in place it can be subject to error if there are no repeatable processes and audit tracking in place.
- Limited reporting – With respects to reporting some carriers will simply topside incoming data to get it on the books making the data impossible to work with and in some instances useless. This can lead to under reporting, over exposure, audit concerns.
- Analyze data - Carriers need to understand how their external parties are performing and they need to see their data at a granular level for decision making purposes.
- Unifying disparate systems – Carriers need to have all their data in a unified format to their downstream systems such as Reinsurance, GL, Annual statement etc.
- What differentiates your product from others in the marketplace?
The MFX delivery model is designed to allow an insurance organization to leverage the best of all possible worlds when delivering solutions and services. We do this by offering:
- An integrated solution that can be delivered with a combination of MFX owned, third party applications and legacy solutions that carrier’s may want to continue to leverage.
- MFX offers our products through a software-as-a-service (SaaS) model.
- MFX takes great pride in working with a diverse client base of large and small sized organizations as well as start-up companies.
- As a global organization we are flexible in our pricing and delivery model utilizing a blended approach of on and offshore resources to right size each engagement. This strategy allows us to offer a true sense of partnership.
- What services/benefits are available specifically for members of Target Markets?
Information to be provided.