CATEX Grants License to SCOR for Data Vera System

PRINCETON, NJ--(Marketwired - Jan 29, 2015) - CATEX announced its grant of a worldwide license to SCOR to Data Vera, a key component of the CATEX Pivot Point Transaction System.

The Program Business team of SCOR Global P&C Americas will implement Data Vera to enhance its ability to manage its direct insurance portfolio, through customized automated reports, for an overall improved reliability and timeliness of reporting.

CATEX CEO Frank Fortunato said, "SCOR is one of the top five reinsurers in the world, and SCOR's teams in Paris, London, New York and Chicago are well known to us. We are confident that we will make SCOR's implementation of Data Vera a significant success for them."

Data Vera is a SaaS application that imports unstructured spreadsheets of all shapes and sizes, analyzes and validates every single data cell based on configured rules or learned behavior, and auto corrects data automatically based on learned behaviors without having to setup or manage cumbersome templates and/or having to manually pre-process the incoming spreadsheets. Data Vera maintains a strict audit log that tracks any changes made to the incoming data by either the user or auto corrected by the system.

Once data is validated and cleansed Data Vera can export the data in virtually any format (XML, CVS, Excel, Word, PDF, etc.) to support a variety of business activities including exposure modeling, ratings, industry reporting standards (Lloyds/Acord), and system integrations.

Data Vera also provides in-depth graphical analysis of the incoming risks and their impact on existing data. For example, the user can track aggregates/deductibles in real-time across the system as data is analyzed and validated. Data Vera analytics can provide another layer of data quality assurance before the data moves to modeling.

The Pivot Point platform currently supports client operations in 20 countries; processes premium volumes of more than USD $5.5 billion annually; settles transactions in 75 currencies; and distributes invoices in 6 languages. Data Vera is a critical component of the Pivot Point System permitting speedy and accurate data import of risks to be transacted through the overall system.

CATEX has been providing insurance and reinsurance software to clients since 1994.

For more information on SCOR, visit at www.SCOR.com

About CATEX

The Catastrophe Risk Exchange, Inc (CATEX) is a leading developer of web based insurance and reinsurance software. CATEX provides software as a service to brokers, agencies and reinsurers to manage all of their Treaty, facultative and commercial insurance needs. CATEX's flagship products, CATEX Pivot Point and Data Vera, are Microsoft .NET based solutions that provide placement, contract management, fiduciary accounting, ledger control, claims management, multi-currency settlements, bordereau processing, document management, data conversion, and comprehensive MI reporting functionalities. CATEX has been operating since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. In 2013 and 2014 Intelligent Insurer magazine named CATEX "Technology Provider of the Year" at the annual Rendezvous in Monte Carlo.

For more information visit us www.catex.com