San Francisco, Calif. — Exigen Group today announced a further contract with Mid-Continent Group. The new implementation will automate and streamline the underwriting and claims processes supporting Mid-Continent's Commercial Property and Casualty line of business. The solution will also cross into other highly process-driven functions within the company including bonds, personal property and casualty, human resources, marketing, agency accounting, and corporate accounting functions. As a direct result of Exigen's technology implementation, Mid-Continent expects to significantly increase its current business from $200M to $260M in the next year targeting significant increases in profitability without expanding on existing resources.
Exigen's solution will interface with Mid-Continent's legacy IBM AS/400 and Content Manager application allowing Mid-Continent to capture, scan and index emails, faxes and business documents such as customer policies. More than 200,000 pages per month will be electronically captured reducing processing time by eliminating the need for manual intervention. In addition, the new system will offer added benefits delivering on strict audit and compliance requirements specific to state and industry regulations. Accurate electronic document tracking and online revision controls, identifying certain individuals to modify documents, will be integrated in the new system providing an immediate audit trail. In an industry where efficiency and accuracy are critical in maintaining and improving profitability, Mid-Continent aims to improve both business capacity and bottom line results leveraging automation.
"Exigen's technology solution will allow us to standardize and automate our functions so that we can achieve straight-through processing among our more than 500 agents," said Mike Coon, senior vice president of Commercial Lines at Mid-Continent. "As a direct result, we plan to increase our business by 30% in the next year, without an increase in labor costs."
"Cost reduction is essential to the health of any company, but is especially true in the highly competitive insurance industry," said Jim Logan, GM of Exigen's Insurance Solutions. "The challenge to managers will be to continually drive down costs while simplifying processes, maintaining quality, and improving customer service. Exigen can play an important role in meeting these objectives."
The first phase of the project involves implementation of Exigen's technology at Mid-Continent's Oklahoma City, Houston and Dallas service centers and is expected to be complete by the end of March involving 300 users.
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