NEW YORK, May 11, 2006 (PRIMEZONE) -- Physicians Mutual Insurance Company has licensed the FJA-US product machine to facilitate the modeling and development of its insurance products based on IBM's Insurance Application Architecture (IAA) model.
"After an extensive search of the industry, we concluded FJA's product machine offered the most flexible product modeling capabilities to represent our business which allows us to integrate and leverage our existing technologies," said Physicians Mutual assistant vice president Roger Moeller.
Physicians Mutual took a commercially available software product and configured it to represent and support IBM's IAA constructs. The utilization of FJA-US's product machine, combined with IAA in the context of agreement modeling, allows for the efficient and expedient creation and maintenance of both product agreements and intermediary agreements. This approach allows agreements to be created and maintained by end users, using a common language, and minimal programming effort. It also minimizes rework, inaccuracies, and overhead associated with the ongoing maintenance of various agreements in a dynamic insurance environment.
About Physicians Mutual
Physicians Mutual Insurance Company and Physicians Life Insurance Company, a member of the Physicians Mutual family, provide a full portfolio of health and life insurance products, as well as financial products. The combined companies have assets of more than $2 billion. Both Physicians Mutual and Physicians Life consistently receive high grades from independent insurance analysts. They have an A.M. Best rating of "A (Excellent)," based on financial strength. Standard and Poor's(r) gives both Physicians Mutual and Physicians Life an "AA- (Very Strong)" rating. Weiss Ratings, Inc. gives Physicians Mutual an "A+ (Excellent)" rating and Physicians Life an "A- (Excellent)" rating. In addition, Physicians Mutual is one of only two companies to be ranked in the Wards' Top 50 for 15 straight years. Founded in 1902, Physicians Mutual's headquarters are in Omaha, Nebraska.
About FJA-US
FJA-US, Inc., a subsidiary of the FJH Group, combines expertise in actuarial science, business and technology to deliver packaged and custom software solutions for the insurance industry. Our core offering is the Product Machine, which helps companies shorten the time and reduce the cost of product development. In addition, the company offers Sales & Service, illustration/proposal, rating, and portal solutions. FJA also offers an extensive portfolio of services ranging from the design, implementation and testing of software through to data migration and consulting. FJA has expertise in all major product lines and has implementation in 20 countries around the world.
For more information this release, please visit the FJA-US website at www.fja-us.com or contact Marc Dutton via phone at 212-840-2618 or via email at marc.dutton@fja-us.com.