Details

Last Funding Type

Series B

Last Funding Money Raised

$10M

Industries

Business Development,Enterprise Software,Insurance,Software

Founded date

Jan 1, 1990

Number Of Employee

101 - 250

Operating Status

Active

Castek is an enterprise software company, specializing in core-business processing systems for large and mid-size property and casualty insurance carriers. Recognized for the advanced architecture and flexibility of its products, Castek provides insurance carriers with a suite of flexible and scaleable business processing systems for insurance product and process configuration, policy administration, customer management, billing and claims management.

With their partners at i-flex solutions, Castek is offering a strategic, "best of breed" product solution, built on modern architecture and technology, with a pristine implementation track record backing up the strategy. Their intention is to not only support insurance carriers in terms of their "business as usual" operating requirements, but also provide the flexibility of allowing carriers to rapidly grow their businesses, enter new markets, and bring new products to market in a true customer-centered business model. Ultimately, it would allow carriers to change their competitive position very effectively with the new scope of offerings and level of service that could be offered to distribution channels and customers.

With Castek's award-winning, flagship software platform, Insure3(pronounced “Insure cubed”), an insurer can transform their business and:

• Rapidly enter new market segments and introduce new products, as a result of the extensive product and process configuration capabilities that are built into the platform;

• Offer web-based, self-service initiatives, in real-time, to agents and even customers across any desired portion of the entire business life cycle (quote, new business, endorsements, renewals etc.);

• Re-engineer policy-centric business models into one which is centered on customers;

• Materially reduce operational and IT costs by consolidating all lines of business and all products across the entire business life cycle onto one operational platform;

• Achieve scalability and access to the "best of breed" solutions, as a result of the modern architectural principles and industry standards (eg. SOA, Web services and ACORD XML) that are embedded in the Insure3 platform;)


• Achieve reduced implementation risk and very rapid ROI, as a result of Castek's investment into pre-configuring standard industry products and processes, and pre-integrating with other best of breed product partner solutions.

Castek is headquartered in Toronto, Ontario, Canada with activities and partners spanning the USA, Canada, Europe, South Africa, South Korea and China."