|AMERICAN INTERNATIONAL TECHNOLOGY ENTERPRISES, INC. LAUNCHES MASSXPRESS TO STREAMLINE MASSACHUSETTS AUTOMOBILE INSURANCE PROCESSING|
NEW YORK--Dec. 15, 2003--American International Technology Enterprises, Inc. (doing business as AIG Technologies), a member company of American International Group, Inc. (AIG), today announced the launch of MassXpress(TM), a Web-based product designed to streamline the insurance application process for carriers writing personal automobile coverage in Massachusetts.
MassXpress integrates with key insurance reporting organizations in Massachusetts to help insurers improve processing times and reporting procedures. These organizations include the Merit Rating Board (MRB), Automobile Insurers Bureau (AIB), Commonwealth Auto Reinsurers (CAR), and the Massachusetts Registry of Motor Vehicles (RMV).
"Submitting automobile coverage applications can be a complex procedure, with state-specific rules and regulations creating efficiency challenges for insurers," said Paul Madarasz, President, AIG Technologies (AIGT). "MassXpress was created by AIGT to help alleviate these issues; the technology serves as a cost-effective tool that enables existing and new automobile insurance carriers in the state to work more effectively."
MassXpress provides quick access to both driver and vehicle information via a connection with the RMV and the state's Uninsured Motorist System (UMS). Through these connections, a majority of the data fields required to issue a policy are populated with minimal data entry. Other features include provisional re-rate, expert underwriting, and UMS inquiry and update.
Quincy Mutual Fire Insurance Company recently implemented MassXpress at its headquarters in Quincy, MA to reduce operating expenses and improve workflow efficiencies. "MassXpress has streamlined Quincy Mutual's workflow for its internal staff and agents," commented Mark A. Giuliani, Vice President, Information Technology, Quincy Mutual Fire Insurance Company. "We have been able to improve and simplify many of our processes while realizing a significant reduction in cost."
AIGT is a leading supplier of information technology solutions, including applications geared to the insurance industry, data center managed operations and consulting services. AIGT's data center facilities combine to form an innovative, world-class infrastructure that affords clients with extensive, on-demand processing power, data redundancy, disaster recovery and critical business contingency opportunities.
For more information on AIGT's products and services, please visit AIGT on the web at http://www.aigtechnologies.com, call 800.788.0144 or e-mail firstname.lastname@example.org.
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CONTACT: AIG Technologies Andrew Silver, 212/770-3141 SOURCE: American International Technology Enterprises, Inc.