PRINCETON, NJ--(Marketwire - February 25, 2009) - The Catastrophe Risk Exchange, Inc. (CATEX)
today announced the release of its Pivot Point 2.0 Reinsurance and
Insurance Transaction System platform, which features a .NET upgrade of the
entire web-based software platform and introduction of a client/market
extranet functionality enabling a firm's trading partners to access their
business data over the Internet. The Pivot Point 2.0 upgrade will support
all of the existing web-based Pivot Point 1.0 systems (Pivot Point Broker;
Pivot Point Agency; and Pivot Point Risk-Bearer), which currently serve
client operations in 20 countries; process premium and claim volumes of
more than USD 4 billion annually; settle financial transactions in 70
currencies; and post accounting invoices in 10 languages.
CATEX has targeted many of its Pivot Point 2.0 improvements at a range of
"front-office" placement functions, including marketing and CRM;
streamlined exposure data capture; pre-binder revenue projections,
specialized quotation and firm order placement forms; and most importantly
client/market extranet functionality for authorized external users. The
flexible Microsoft .NET technology now allows each company to code its own
system front-end for integration into the client services portal of its web
site.
"The .NET features afforded by 2.0 are apparent as soon as a user logs in,"
said CATEX CEO Frank Fortunato. "Rich, graphical data displays are pushed
before the user immediately," said Fortunato. "These integrated displays
combine the placement components with the traditional back office and all
business data information -- placement history, contract, statements,
claims, vouchers, and experience reports -- are conveniently displayed in
the same place, with the transaction."
Drawing extensively on feedback from its client base, CATEX has further
implemented the .NET technology upgrade for each existing back-office
module, including the accounting, claim, settlement and ledger
functionalities. By virtue of its seamless straight-through processing and
integrated data displays, the system re-design virtually eliminates the
long-standing operational distinction between the front-office and
back-office operations for system users. To meet the intensive reporting
needs of system users, Pivot Point 2.0 will continue to link directly to
the Pivot Point Mosaic reporting service, which includes a suite of data
cubes spanning every major module of the Pivot Point system.
Commenting on the back-office technology upgrade, Frank Sweeney, CATEX COO,
said, "By applying the simple benefits of greater automation, a firm can
continue to maintain strict internal control of its back-office processing
regardless of its chosen mode of operation." He added, "Pivot Point's
web-based flexibility will enable each client to perform either centralized
or distributed transaction processing with equal efficiency for all phases
of its reinsurance business."
A company may utilize Pivot Point 2.0 .Net by direct license; accessed as a
service via the Internet; or used on a transactional basis via the CATEX
Global Exchange. More information about Pivot Point 2.0 .Net is available
at
www.catex.com.
Key Features:
End-to-end process
100% web-based
Single data entry
Cube reports
Automated processing
Client/counter-party access
Microsoft .NET technology throughout
About CATEX:
CATEX is a leading developer of Internet-based software transaction
products and services for the global reinsurance and corporate insurance
markets. CATEX also operates the CATEX Global Exchange, an on-line
reinsurance marketplace, and CATEX TV, an on-line TV station that
broadcasts risk-related news over the web to a growing international
audience. The company has been in operation since 1994, and has offices in
Princeton, New Jersey and London. The company is licensed as a reinsurance
intermediary that acts in a neutral capacity by the New York Insurance
Department.
Contact Information: For more information, please contact:
Princeton Office:
Frank Fortunato
475 Wall Street
Princeton, NJ 08540
Tel: +1 (609) 683 0888
E-mail:
Web: www.catex.com
London Office:
Tom Bailey
10 Fenchurch Street
London, EC3M5BN
Tel: +44 (20) 7663 5656
E-mail:
Web: www.catex.com