i-flex acquires 34% stake in Castek Software

By agencies   |   Tuesday, 24 May 2005, 07:00 Hrs
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BANGALORE: i-flex Solutions Ltd, a provider of technology solutions to the global financial services industry, has entered into a strategic alliance with Castek Software Inc, a Toronto-based provider of insurance systems to the global Property and Casualty insurance industry.

As part of the alliance, i-flex has acquired 34 percent stake in the Canadian company.

i-flex CEO (International Operations and Business Development) R Ravisankar has joined Castek's Board of Directors.

Currently, the Property and Casualty industry is dominated by legacy systems, which inhibit response time in operational priorities such as supporting customer centered business models, flexible product management and deployment, claims processing and in business-support areas of risk and profitability metrics. Making changes to existing applications invariably took many months and was prohibitively expensive.

Castek's Insure suite, which addressed these challenges, is open standards driven and ensures new product definition, configuration and deployment across multiple states and for multiple lines in a fraction of the time. The solution integrates seamlessly into existing systems of insurance companies and can be adopted in both mature and fast growing markets.

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