(Image source: GCU homepage.)
GCU (Beaver, Pa.), a fraternal benefit society providing life insurance, annuities and other products, has signed a multi-year agreement with Equisoft (Montreal) to support an initiative to consolidate all lines of business on a single, modern and agile policy administration system and offer an enhanced digital experience to members. The project will be deployed using the Equisoft Composite Cloud offering.
“In addition to our primary goal of enhancing the overall user experience for our members and agents, this project will allow us to keep up with ongoing regulatory and compliance requirements, as well as improve ease of business and our reporting and analytics capabilities,” comments Scott Schuetz, COO, GCU. “We felt that Equisoft’s extensive experience of the Oracle system, their proven implementation methodology and comprehensive Cloud solution offered the best combination to help us achieve our goals and digital transformation strategy.”
The initial phase of the project will focus on modernizing GCU’s core system by implementing and providing cloud services for the Oracle (Redwood Shores, Calif.) Insurance Policy Administration platform to support its final expense business, the vendor reports. The project will also provide an enhanced member and agent digital experience using the InsuranceElements solution from Equisoft. The multi-year engagement will also include the implementation of all GCU’s insurance and annuity products, the integration of leading-edge front-end tools (illustrations/quotes, e-app, agent and member self-service portals), and the data migration of GCU’s existing insurance policies.
Turnkey Solution for Modernization
“In today’s competitive landscape, life and annuity insurers are forced to streamline their operational processes and increase the speed and effectiveness of product development,” comments Mark DePhillips, Senior VP, Equisoft, USA. “To do this, they need access to all of their vital data, which can be a challenge when they have to cope with outdated infrastructure. That’s why our turnkey solution is the perfect answer for insurers who want to modernize with minimal risk and maximum flexibility.”
Equisoft describes Equisoft Composite as a cloud-based solution that supports all insurance product lines. It also includes agent-facing modules such as needs analysis, illustrations and sales strategies, electronic applications and customer self-service and agent portals, all of which integrate with Oracle Insurance Policy Administration for Life and Annuity.