The University of Alabama and Insuresoft, a leading provider of insurance policy administration software, are pleased to announce an agreement to pursue cooperative projects relating to data warehousing and predictive modeling.
The initiative will advance the mission of UA’s Bama Technology Incubator, created to help promote sustained local economic growth by boosting the number of tech companies in Alabama, administering programs to assist those companies, and facilitating access to technologies developed in UA’s laboratories.
“This proposed collaboration between the University of Alabama and Insuresoft will be invaluable to our information technology and data mining programs,” said Dr. Robert E. Witt, president of the University of Alabama. “It will also support our outreach efforts to the business community and will be another step in developing the kind of high-tech initiatives that are becoming so much a part of today’s economic research scene, as well as raise the University’s profile as a major participant in the production of commercialized technology.”
The cooperation between UA and Insuresoft will leverage both University data experts and Insuresoft industry experts to further enhance the company’s robust data warehousing application. “We’re extremely excited about working with subject matter experts from the University of Alabama on this project. The use of predictive modeling techniques is becoming increasingly popular among insurance companies because of its potential to give insurers – especially personal lines insurers – an edge in competitive markets,” said Insuresoft’s president and CEO, Tony Villa.
“Insuresoft offers a flexible approach that meets the needs of today’s insurance industry, which faces an increasingly complex operating environment,” said Dr. Michael Hardin, professor of statistics and assistant dean of research at the University of Alabama’s Center for Business and Economic Research. “The use of data mining and business intelligence made possible through today’s computer hardware and software means firms like Insuresoft can meet the unique needs of insurance carriers much more quickly than in the past, and give them the information they need to determine and implement rates. I look forward to working with them.”
While the close cooperation will provide Insuresoft with access to a highly qualified talent pool of UA students and alumni to fill positions produced by the company’s growth, the relationship will also be a boon to the Downtown Tuscaloosa revitalization effort. Insuresoft recently purchased the historic Financial Center building and plans to rename it to the Technology Center. “The Technology Center will be used by Insuresoft to house the company’s future growth, as well as host and mentor companies as an extension of the Bama Technology Incubator,” said Villa.
The collaboration between UA and Insuresoft will not only create more job opportunities in the highly-prized high-tech sector, but it will also encourage other high-tech companies to take up residence downtown, having a ripple effect on the economy by supporting other local businesses like restaurants, stores and professional services.
“Insuresoft’s investment into the heart of our central city is a significant milestone for our downtown revitalization initiatives and our efforts to create a diverse and vibrant economy,” said Mayor Walt Maddox. “Insuresoft brings to Tuscaloosa a reputation for innovation which will be strengthened by their partnership with the University of Alabama. Insuresoft’s decision to locate in Tuscaloosa will also serve notice that we are committed to transforming our community into one of the most livable cities in the nation.”
“I am continually impressed by the resources that both the City of Tuscaloosa and the University of Alabama have made available to us,” added Villa. “Both Mayor Maddox and Dr. Witt have a clear vision of the future for their respective constituents, as well as great teams focused on executing tactical plans. We hope this initiative will create an exemplar for future public-private partnerships in Tuscaloosa.”
“Insuresoft represents an exciting ‘new generation’, technology-driven investment for Downtown Tuscaloosa, and reflects the vision for a vibrant, revitalized central business district,” said Johnnie Aycock, president of the Tuscaloosa Chamber of Commerce. “Insuresoft will provide a dynamic stimulus for future private-sector investment, business leadership, and economic vitality for the heart of our community and beyond. The horizon of possibilities is very bright for Tuscaloosa and this new, creative initiative will certainly contribute to expanding public-private partnerships and enhancing our community’s livability.”
About the University of Alabama: The University of Alabama, a student-centered research university, is in the midst of a planned, steady enrollment growth with a goal of reaching 28,000 students by 2010. This growth, which is positively impacting the campus and the state’s economy, is in keeping with UA’s vision to be the university of choice for the best and brightest students. UA, the state’s flagship university, is an academic community united in its commitment to enhancing the quality of life for all Alabamians.
About Insuresoft, Inc.: Insuresoft is a leading policy processing systems provider for the property and casualty insurance industry. Insuresoft offers a suite of products and services that meet the unique automation needs of managing general agents and insurance companies in North America. Insuresoft is a privately held company headquartered in University Park, Illinois, with offices in Alabama, Florida and Minnesota. Insuresoft employs over 90 insurance automation specialists.