(Image source: American Equity.)
American Equity Investment Life Insurance Company (West Des Moines, Iowa), an underwriter of fixed indexed annuities, has gone into production with Penn River’s (Newton Square, Pa.) ProductHub platform. The implementation is the first step in a comprehensive modernization program focused on the design, implementation and management of product rules utilizing Penn River’s state of the art platform, according to a Penn River statement.
“This critical first step in our modernization program solves for decreased product development time to market, while also enabling reduced cost of implementation and ongoing servicing, and reduction of operational risk,” comments Ted Hughes, SVP and Chief Information Technology Officer, American Equity Investment Life Insurance Company.
Penn River says that it developed its solution in recognition that the product development process is the heartbeat of all Life and Annuity companies. Designed for heads of technology and product development, the solution, designed to be comprehensive, solves for decreased time to market, reduced cost of implementation and ongoing servicing, and reduction of operational risk, according to the vendor. ProductHub fully manages the product development and implementation process, built from the ground up on a native cloud technology stack and design, the vendor says. Penn River says the solution solves a problem that plagues every Life and Annuity insurance company—the complexity of the product development process.
Digitizing Product Development and Rules Management
“American Equity has embraced our platform to address a critical need as a first step in their modernization journey,” comments David Shaw, Co-CEO of Penn River. “With this important step of digitizing their product development process and rules management, they’ve already begun to realize significant benefits. We couldn’t be more pleased to have helped American Equity achieve their product development goals.”
“ProductHub is an industry first solution that provides as much as a 30 percent reduction in time to market, and as much as a 25 percent reduction in carrier product development costs,” the Penn River statement says.