(MassMutual’ s headquarters on State Street in Springfield, Mass. Source: MassMutual.)
MassMutual (Springfield, Mass.) has implemented Eagle Investment Systems’ (Wellesley, Mass.) insurance accounting and data management solutions to meet its future investment-information needs, according to a vendor statement. Eagle is a subsidiary of BNY Mellon (New York).
MassMutual initially engaged Eagle to implement a data management platform, which now serves as a single source of investment data that feeds into a centralized reporting ecosystem and supports the processing needs of the general account, Eagle reports. MassMutual also selected the vendor’s insurance accounting solution to replace its legacy system. Because of the range of capabilities and efficiency measures built into the latest version of Eagle’s insurance accounting system offers new capabilities and improved efficiencies, MassMutual’s GAAP, Tax, and Statutory books are now running on one integrated solution, the vendor says.
Throughout the project, Eagle leveraged the expertise of BNY Mellon’s insurance product specialists, who also use Eagle for their outsourcing insurance platform, the vendor says. Through collaborating with its parent company and MassMutual, Eagle reports that it developed added capabilities that incorporate tax accounting enhancements and new functionality around cash processing, amortization and income reporting needs.
“There is a tremendous sense of accomplishment that comes with completing a project of this size and scope that advances not only the capabilities available to MassMutual but also the solution set available to all Eagle clients,” comments Mal Cullen, CEO of Eagle. “This successful outcome really underscores what is possible when you couple the technology and resources of Eagle and BNY Mellon with the vision of forward-thinking institutions like MassMutual.”