Hartford’s Insurity Inc. signed a 10-year deal with Japan’s No. 2 insurer to upgrade automated claims-processing and other information technology systems for the insurer’s U.S. arm.
Terms of the pact with Sompo Japan Insurance Co. of America weren’t disclosed.
Sompo America executive Ellen Caldwell said the New York City property-casualty underwriter already uses one of Insurity’s IT packages.
But under the new deal, Insurity agreed to replace a separate 15-year-old system for financial reporting, statistical analysis and certain underwriting and policy processing, among other functions, with Insurity’s proprietary setup.
Privately held Insurity provides claims- and data-processing software and services to at least 100 insurers worldwide.
Sompo Japan, based in Tokyo, is that Asian nation’s second-largest property-casualty insurer, after Tokio Marine. Its assets total $90.8 billion (7,245.5 trillion Japanese yen).
