NEW YORK, NY--(Marketwire - Sep 6, 2011) - RACQ Insurance (RACQI), a leading provider of motor vehicle and household insurance throughout Queensland and Northern New South Wales, Australia, has selected FJA's Product Machine as its new pricing system. FJA is a provider of enterprise software and services to the insurance industry. And the Product Machine is a key element in RACQ's plans to rapidly transition all of its operations to its Group Enterprise Technology platform.
"We're grateful for this opportunity to help RACQI implement the Product Machine to facilitate the realization of their pricing strategy," said Marc Dutton, President and Managing Director of FJA-US. "The Product Machine's ability to integrate with existing enterprise and ancillary systems will enable RACQI to be more responsive to market changes and emerging opportunities."
"We implemented the FJA Pricing Engine to assist us with rating risk at a more granular level and implementing price changes with a quicker time to market than our mainframe legacy system permitted," said Bradley Heath, CEO of RACQ Insurance. "We haven't been disappointed. The Pricing Engine has more than lived up to expectations. We have found FJA to be a proactive IT systems partner with an in depth knowledge of the challenges inherent in rating risk in an insurance context. It is this knowledge of the insurance industry combined with demonstrable actuarial expertise that has forged the strong working relationship that we enjoy with FJA."
About FJA
FJA is a provider of software and services to the insurance industry. The company combines expertise in actuarial science, business, and technology to deliver applications for all lines of business. Its flagship offering -- the Product Machine -- allows all aspects and specifications of coverages, rates, benefits, products, rules, and calculations for all types of insurance and lines of business to be defined and stored as reusable components in a central repository. The repository integrates with all other systems, sources, software, and departments across the enterprise, turning the insurance company into a unified product platform. The Product Machine is deployed in 31 countries. To learn more, please visit http://fja-us.com, call 212-840-2618, or email advantage@fja-us.com.
About RACQ Insurance
RACQ Insurance, now returned as a wholly owned subsidiary of RACQ the Royal Automobile Club of Queensland, provides motor vehicle, household, pleasure-craft, and compulsory third party insurance (CTP) at competitive premiums, backed by a speedy claims service. RACQ Insurance is, arguably, the largest provider of motor vehicle insurance in Queensland and the second largest provider of household insurance. In total, RACQ Insurance provides cover to more than 1.4 million policyholders throughout Queensland and northern New South Wales. For more information, please visit www.racq.com.au/about_us/racqi.
Contact Information:
Contact:
Tiffany Holloway
646-998-1082