BRIDGEWATER, N.J., June 21, 2018 /PRNewswire/ -- MFX Services, a specialized global vertical system integrator and digital transformation leader for the P&C Insurance industry, announces the launch of a new SaaS based offering, "External Party Integration ("EPI")", driven by MFX's proven industry specific "Insurance Data Hub ("IDH").
As Carriers continue to leverage industry specialists and expand geographically through MGAs, TPAs, and other External Parties, an insurance focused integration service, catering to the nuances of this business model is no longer a nice-to-have – it's a necessity. At the core of the offering is MFX's IDH, rich with over 15 years of insurance specific intelligence designed to optimize the quality of data and streamline the integration process. IDH provides carriers with a consolidated, consistent and most importantly accurate view of all data sources. As the "single source of truth", IDH eases the arduous task of statutory reporting, gauging partner performance based on measurable statistics and ultimately distribution of consistent data to multiple downstream targets.
Quote from MFX sponsor executive: "Many carriers rely on multiple channels through which they reach their end customer. Whether it's using MGA's to enter new markets, launch new products or as their sole distribution source and / or working through TPA's for a sub-set of claims or possibly all claims handling, the data that is captured by these External Parties needs to reach back to the carrier." says Matthew Simmers, MFX's Senior Vice President of Application Services. "The capability of external parties to produce consistent, accurate data for consumption into a Carriers eco-system varies. With our EPI Service, we have bridged the data-chasm between External Party and Carrier allowing each to focus on their respective businesses."
About MFX Services
MFX is a fully-owned subsidiary of Quess Corp Limited, a step down subsidiary of USD 10+ billion Multinational Fairfax Financial Holdings. MFX is a specialist vertical system integrator for insurance industry and a leading provider of digital transformation services covering PaaS, Infrastructure, ADM, BPO, Analytics and GRC services. Headquartered in Bridgewater, NJ, MFX has additional locations and datacenters in Virginia, Texas, Toronto and multiple development centers in India. MFX provides critical support and business applications to the property and casualty insurance industry, processing more than $2.7 billion in insurance premiums annually for customers on its systems and supporting customers core insurance applications, infrastructure and business processes.
SOURCE MFX Services