NEW CANAAN, Conn., April 2, 2013 /PRNewswire/ -- Prevail Consulting, Inc., a leading insurance technology and services provider, and MFX, a leading provider of hosted IT applications and outsourcing solutions for the P&C insurance industry, today announced an agreement whereby MFX will provide the Prevail Reinsurance System as a component of MFX's Integrated Insurance Platform, a comprehensive, on-demand, end-to-end solution suite for the P&C industry. The Prevail system will also be offered as part of MFX's Business Process Outsourcing services.
"The integration of the Prevail Reinsurance System into MFX's robust end-to-end software suite aligns perfectly with our strategic focus in delivering world class technology and services to our clients," said Raymond A. Roy, Chairman and CEO at MFXchange Holdings. "After a thorough review of the marketplace, I believe that the Prevail reinsurance solution is a functionally rich addition to our suite of integrated components."
The Prevail Reinsurance System fully automates the management of reinsurance data for insurance and reinsurance companies. It automatically creates cessions, payables and recoverables from direct and assumed premium and loss data and returns the data to the original source systems. The Prevail Reinsurance System generates and manages statutory reports, including Schedule F. Built on state-of-the-art web technology, it can be accessed world-wide. It is a robust rules-based, table-driven, multi-currency solution providing immediate savings by significantly increasing efficiency, improving information access and reducing total cost of ownership.
Founded in 2001 as a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a multi-billion dollar financial services holding company, MFX Fairfax combines the deep P&C processing experience of its employees with our culture of speed and business model flexibility to service both start-up and established insurers seeking to 'move at the speed of opportunity'. Headquartered in Morristown, N.J., MFX has data centers in N.J., Va. and Canada. MFX's core product is the Integrated Insurance Platform, an on-demand, end-to-end P&C processing backbone, supplemented with related Business Process Outsourcing services. MFX also performs hosting, applications, and network management for numerous global organizations. For more information visit: www.mfxfairfax.com.
Since 2000, Prevail has been providing reliable and innovative technology solutions exclusively to the insurance industry. Prevail is recognized by its clients for business expertise, commitment, and delivering quality work products in a cost-effective manner, no matter how complex the requirement. In addition to the Prevail Reinsurance System, Prevail provides Application Development and Support; Business Analysis; Independent Quality Testing; Data Migration and Integration; and P&C Insurance Systems and IT Assessment. For more information visit: www.prevailconsulting.com.
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SOURCE Prevail Consulting, Inc.