|[February 01, 2011]
Blue Cod Technologies Bucks Market Trends and Grows Business Despite Down Economy
MARLBOROUGH, Mass. --(Business Wire)--
Cod Technologies, Inc., the leading provider of technology-enabled
services for the property and casualty (P&C) insurance industry, today
announced several significant growth milestones in 2010 including the
expansion of operations in the Southeast, a regionalized sales team to
support continued U.S. growth and improved service efficiencies through
"Regardless of economic dynamics, Blue Cod will always invest in the
company's growth," said Jeff Brown, CEO, president and co-founder, Blue
Cod Technologies, Inc. "In 2010 we continued to develop our business and
invest in our people, technology and operations. These strategic
decisions have positioned Blue Cod to deliver better solutions to our
customers, while also increasing our business opportunities in 2011."
Cod Technologies' customers represent start-up, SMB and
enterprise-class insurance providers in the Homeowner, Auto, Farmowners,
Earthquake and Commercial Package markets. The company provides both
custom and packaged on-shore Business
Process Outsourcing (BPO), Professional
Service and Information
Technology Outsourcing (ITO) offerings that enable carriers to
address their specific insurance service, support and/or technology
needs. Growing demand for on-shore facilities, improved operational
efficiencies, automated functionality and updated systems will continue
to drive business for Blue
Cod Technologies across the company's core service offerings in 2011.
"Blue Cod has set an aggressive sales plan and business objectives for
2011," said Darren Horn, vice president, business development, Blue Cod
Technologies, Inc. "With the current market demand for high-end
insurance services combined with a healthy sales pipeline, we are
confident in our ability to achieve our goals in the coming year."
Key achievements in 2010 include:
Cod Technologies' BPO operations with a facility in Savannah, Ga.
The new facility enables Blue
Cod Technologies to support growing customer demand in the
Southeast and provide redundancy for existing customers.
Regionalized its sales force, adding support in the Southeast and
Increased core-BPO transactions by 18 percent as compared to 2009
Increased BPO efficiencies by 16 percent as compared to 2009 through
enhanced automation capabilities and ongoing staff training.
Increased policies under management by 25 percent as compared to 2009.
Exceeded BPO SLAs, reporting a 99.9 percent accuracy rate and a 99.8
percent timeliness rate for all work processed.
Introduced a new Professional Services offering that streamlines and
simplifies ISO and other statistical reporting needs.
Signed strategic partnerships with: CIS Inc. and Yodil, Inc. (formerly
Advanced Systems Design (ASD), Inc.).
Continued active participation with key industry organizations
including: the National IASA, ACORD and the Buffalo Big I.
Added industry visionaries Shiv Kumar, an innovative entrepreneur and
Anandh Hari of GE Asset Management, to Blue
Cod Technologies' board of directors.
Grew its employee roster by 14 percent, dramatically increasing both
its engineering and sales teams.
Maintained an employee retention rate significantly higher than the
industry standard of 70 percent.
Reported that 80 percent of its BPO staff have secured P&C industry
certifications including: CPCU, FLMI, FIMA, INS, CISR, AAI, ACS (News - Alert), AIA,
AIAA, AINS, AIS, among others.
Cod Technologies continues to be recognized as a leader in the
insurance technology and services market for its ability to address
complex insurance issues rapidly and cost effectively. In 2010, the
company received significant industry recognition for its financial
performance, technology innovation and leadership position in the
insurance technology and services market. Significant industry accolades
in 2010 include:
Ranked a 2010
Red Herring Global 100 company.
Secured top ranking for the third consecutive year on the Inc.
5000 list as one of America's fastest growing private companies.
Ranked a Red
Herring 100, North America company.
Named to the "Top Software & Hardware Companies in Central
Massachusetts" list by The Worcester Business Journal.
About Blue Cod Technologies, Inc.
Cod Technologies, Inc. delivers technology-enabled services for the
property and casualty (P&C) insurance industry. The company offers
Process Outsourcing (BPO), Professional
Services and Information
Technology Outsourcing (ITO) to address the service, support and
technology needs of start-up, SMB and enterprise-class insurance
providers in the Homeowner, Auto, Farmowners, Earthquake and Commercial
Package markets. Blue Cod's team of experienced insurance, technology
and implementation specialists deliver high-end insurance services at a
lower operational and capital expense than can be achieved through an
organization's internal staff. Blue
Cod Technologies offers customers the ability to create customized
solutions or take advantage of specialized programs such as CEA Process,
FAIR Plan Process, Assigned Risk Auto and Coastal Homeowner that bundle
services to address common insurance challenges.
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