(Logo of ivari, rebranded after Wilton Re acquired Transamerica Life from Aegon in July 2015.)
ivari (Toronto; formerly Transamerica Life) has completed replacement of its legacy claims system with a new SaaS claims platform based on the Oracle Insurance Policy Administration (OIPA) system, with Equisoft (Montreal) acting as the integrator, OIPA solution reseller and SaaS partner. The new platform will support claims processing for ivari Life, Accidental Death and Critical Illness products, including claims initiation, expense management, transaction ledgering, and claims settlement. The system also will be tightly integrated with the ivari reinsurance platform to enable real‑time interactions between the two systems, according to an Equisoft statement.
While OIPA can support a complete end-to-end policy administration life cycle, ivari will use the system in a modular fashion to focus on claims administration and integration with its policy administration platform, according to the statement. Equisoft explains that this strategy provides the carrier with a solid platform that enables modernization by functional area, an incremental transformation strategy that some insurers might prefer over the typical “big bang” methodology.
Best of Both Worlds
“Oracle is a trusted brand around the world and Equisoft has the most extensive track-record as an OIPA integrator, so we’re getting the best of both worlds,” says James Betton, SVP, CIO & Life Operations, ivari. “Equisoft has in-depth knowledge of the insurance space and we believe their solution will improve our customer experience during the claims process.”
Equisoft characterizes the initiative as falling into its approach to partnering with forward-looking life insurance companies such as ivari that seek to undertake digital transformations that will help them compete more successfully in today’s rapidly evolving marketplace.
Delivery in Six Months
“We pride ourselves on having the largest and most experienced OIPA integration team globally,” comments Luis Romero, founder and CEO, Equisoft. “So, we were ready when ivari entrusted us with the task of implementing the OIPA platform to manage their claims more effectively. We delivered the new system in only six months, which is far below the average timeline for such projects. This project is a very significant milestone for us, as it allows us to strengthen our presence in the Canadian insurance sector where we already have a solid client base.”