8th Apr 2014 08:31
LONDON (Alliance News) - Quindell PLC said Tuesday that Zurich Canada, part of the Zurich Insurance Group, has contracted to use its regul8 technology to help it meet regulatory requirements.
The software, consultancy and technology outsourcing provider said that Zurich Canada has selected the statistical reporting solution in order to meet extensive requirements in reporting its policy and claims data to both the General Insurance Statistical Agency and the Groupement des assureurs automobiles.
"With system needs evolving, Zurich Canada was faced with a decision to continue to build and maintain in-house, or to move to regul8, the industry leading solution offered by Quindell Solutions. regul8 will integrate with the core Zurich transactional systems including PMS, ZIP and Guidewire Claims Center," said the firm in a statement.
The Zurich Insurance Group serves customers in more than 200 countries, including the US, Canada, Europe, Asia Pacific, and Latin America, with over 55,000 employees worldwide.
Quindell also serves the insurance technology space, focused in Europe and North America, providing telematics turnkey solutions in the market, helping insurers reduce the cost of claims, lower premiums, increase profit, and promote safer driving practices, it said.
The firm also said it is working with several other insurers on assessments to determine where regul8 can provide benefits such as streamlined reporting, early error detection and correction, reduced costs, and most importantly, peace of mind, working with a future-proofed solution. Quindell said the regul8 system is in use or in implementation for carriers with over USD7.5 billion in annual premiums, representing around 20% of the Canadian Insurance market.
"The choice of regul8 was straightforward; we are committed as an organization of ensuring the highest quality of statistical data reporting and building an in-house solution just could not be done in the time frame that we wanted. Regul8 also ensures that future stat changes are implemented correctly and on time. We are confident we will achieve both higher data quality and more streamlined operations while working with Quindell," said Kevin Hunter, Head of Information Technology at Zurich Canada.
Shares in Quindell were trading 4% lower at 42 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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