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TMCNet:  Blue Cod Technologies Bucks Market Trends and Grows Business Despite Down Economy

[February 01, 2011]

Blue Cod Technologies Bucks Market Trends and Grows Business Despite Down Economy

MARLBOROUGH, Mass. --(Business Wire)--

Blue 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 increased automation.

"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."

Blue 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:

  • Expanded Blue 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 Midwest.
  • Increased core-BPO transactions by 18 percent as compared to 2009 activity.
  • 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.

Blue 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.

Blue Cod Technologies, Inc. delivers technology-enabled services for the property and casualty (P&C) insurance industry. The company offers on-shore Business 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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