| | Release date: 28th July 2006
Formicary Ltd, an IT consultancy firm specialising in providing solutions for the Financial Services industry, today released the latest case study on Formicary™ Portal Solution for Arch Travel Insurance Europe.
Arch Insurance Company (Europe) Ltd (Arch Europe) is a subsidiary of Arch Capital Group Ltd., which provides insurance and reinsurance on a global basis through its operations in Bermuda, the United States, Canada and Europe. Arch Europe was formed in May 2004 to provide a route for Arch customers to access the London insurance market.
The travel underwriting team joined in December 2005 and wished to create multiple web sites to enable their brokers to sell travel insurance online to their clients. All of the sites would be based on a single back-end to ensure maximum coverage with minimal input.
To achieve this initiative, the Arch Europe team needed a progressive solution that was both flexible and robust enough to allow for multiple individually branded sites, all based on a sophisticated yet flexible pricing engine. The solution also needed to be easy to implement and simple to manage, whilst being fast, efficient and scalable, in order to handle the anticipated increase in traffic volumes.
Formicary™ Portal provided the framework for a complete solution that was fully expandable. It supported the underlying structure, pricing engine and accounting tools, whilst allowing for multiple companies to have their own community sites on top - all of which could be centrally managed by Arch Europe.
The structure of the sites is simple and accessible enabling users to choose from a selection of pre-defined variables to configure the policy; the quote is then calculated using a sophisticated pricing engine. If a user has identified a medical condition, they are then asked to fill in the relevant form which is reviewed by a member of a medical company to ensure it meets their requirements.
Each company/community site is individually tailored in terms of the look and feel to reflect the corporate identity. Policy variables and discounts can also be customised by adding, editing or deleting the appropriate fields.
Brokers have been keen to sign up to this new offering by Arch Europe for a variety of reasons: one, they get newer, better, more efficient and flexible software, two, they can have policy variables easily tailored to create as many policy types as they require, three, they can get Arch Europe to tailor the look and feel of the site and finally they can get Arch Europe to enable any multiple of sub-users to have access to the software, ensuring they too get a larger share of the market.
Several alternatives were shortlisted, but Formicary™ Portal solution was chosen as the most cost-effective solution due to its ease of use, multiple authorisation levels, the extensibility provided by its community structure and user groups and the overall design flexibility features.
Formicary™ Portal has provided Arch Europe with a new, easily managed solution that is both scalable and flexible in design. It has allowed Arch Travel Insurance the freedom to make many additions to the portal and they now have 7 main companies or community sites that are in turn used by hundreds of smaller brokers.
Consequently, Arch Europe has been able to provide its brokers with a unique online resource that gives them a competitive edge and helps establish Arch as a key new player in the travel insurance market.
Dipesh Patel, Travel Underwriter, Arch Insurance Company, said "Formicary™ Portal has provided us with a progressive, scalable and cost effective portal solution which has enabled us to set the standard for online policy issuance in the UK travel insurance arena."
About Formicary
Formicary is an information technology consultancy that specialises in building integrated applications/solutions to maximise business efficiency and streamline business processes for the Financial Services industry.
Founded in 2000, Formicary brings together a world class team of talented and dedicated professionals with industry experience and understanding covering front to back office in equities, fixed income and derivatives. Hani Suleiman, Formicary’s CTO, is also represented on the influential Java Community Process (JCP) Executive Committee. This knowledge, coupled with technical excellence ranging from legacy client/server to cutting edge technologies, enables Formicary to offer innovative and sophisticated solutions to help clients improve their productivity and increase their return on investment.
Formicary has offices in Europe and North America. For more information, please visit www.formicary.net or contact us at info@formicary.net
About Arch Insurance Company (Europe)
Arch Insurance Company (Europe) Ltd (Arch Europe) is a subsidiary of Arch Capital Group Ltd., which provides insurance and reinsurance on a global basis through its operations in Bermuda, the United States, Canada and Europe. Arch Europe was formed in May 2004 to provide a route for Arch customers to access the London insurance market. For further information please refer to www.archinsurance.com.
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