Wakefield, Mass., and Jersey City, N.J., October 15, 2007 – Edgewater Technology, Inc. (NASDAQ: EDGW, “Edgewater”), a technology management consulting firm specializing in providing premium IT services, and ISO Insurance Technology Solutions (“ISO-ITS”), a premier provider of property/casualty policy and rating solutions, today jointly announced they have entered into a strategic alliance.
Under the agreement, ISO-ITS and Edgewater will develop joint business opportunities for the ISO-ITS AscendantOne® Policy Management Suite and ISO Rating Service®, as well as Edgewater’s systems integration and Corporate Performance Management/Business Intelligence services. This collaboration will provide insurers with a best-of-breed rating and policy administration system together with Edgewater’s services that provide tailored executive dashboards around various rating scenarios, underwriting timelines, claims portfolio management, and customer service performance.
ISO-ITS and Edgewater are uniquely suited to provide property/casualty insurers the ability to transition seamlessly from their current legacy applications to a more flexible environment where insurance products are created and managed more efficiently. In particular, Edgewater expertise enables customers to leverage Business Intelligence as an integral part of the policy administration process. By forming this relationship, each organization will leverage the other’s strengths in delivering and supporting solutions that provide greater operational and business flexibility at significantly lower cost — especially when compared with insurers’ legacy applications. Joint capabilities from Edgewater and ISO-ITS will also integrate robust data and predictive analytics.
“Property/casualty insurance carriers embarking on replacing or adding policy administration systems often put at risk a significant amount of time and dollars for such endeavors,” says Lawrence Fortin, vice president of Edgewater’s Insurance Practice. “Edgewater’s collaboration with ISO-ITS offers insurers a solution that leverages tools and techniques that will streamline their enterprises in such mission-critical components as claims, policy issuance, billing, financial management, data warehousing, and Business Intelligence.”
“Insurance companies traditionally have had to fend for themselves when it comes to rating and rate maintenance assimilation as well as policy management integration, into complex and multifaceted enterprise architecture environments,” states John Joly, chief operating officer, ISO Insurance Technology Solutions. “Edgewater’s strategic alliance with ISO-ITS enables a cohesive solution, coupled with technology services, to property/casualty carriers.”
About Edgewater Technology, Inc.
Edgewater Technology, Inc. is an innovative technology management consulting firm. We provide a unique blend of premium IT services by leveraging our proven industry expertise in strategy, technology, and Corporate Performance Management. Headquartered in Wakefield, MA, we go to market by vertical industry and provide our clients with a wide range of business and technology offerings. To learn more, visit www.edgewater.com, or call 1-800-410-4014.
About ISO Insurance Technology Solutions
ISO Insurance Technology Solutions (ISO-ITS), a division of ISO Strategic Solutions, Inc., delivers ISO Rating Service® and the browser-based quoting/underwriting and policy administration platform of AscendantOne® . The scalable, tool-based components of ISO-ITS let insurers cost-effectively and rapidly deploy property/casualty programs, automatically manage rates, conduct rules-based underwriting, perform online quoting, and administer full policy life cycles. The AscendantOne Policy Management Suite is a comprehensive policy management system, including rating, quoting, and underwriting for all property/casualty lines of insurance. ISO Rating Service is a comprehensive, automated rate management system featuring a powerful combination of advanced technology and product management tools.
ISO is a leading provider of products and services that help measure, manage, and reduce risk. ISO provides data, analytics, and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government, and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO’s services help customers protect people, property, and financial assets.
VP, Corporate Communications
Edgewater Technology, Inc.