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Nassau Financial Group (Hartford. Conn.) has chosen SE2 (Topeka, Kan.) to transform administration of existing life and annuity blocks of business. The company will convert and manage existing policies across multiple legacy systems onto SE2’s Multi-tenant SE2 Aurum digital platform. The strategic partnership will further enable Nassau to deliver a best-in-class customer experience and drive down unit costs over time across a broad range of products, according to an SE2 statement. Nassau will maintain its in-house call center.
“We are looking forward to the partnership with SE2 as we leverage their innovative platform to enhance our best in class customer experience,” comments Phil Gass, Chairman and CEO, Nassau. “We expect the SE2 partnership will allow us to simplify our administration, optimize costs, enhance customer outcomes and launch new products more efficiently into the market.”
SE2 describes Aurum as the industry’s first end-to-end, multi-tenant and open-architecture digital insurance platform ecosystem, conceived by insurers for insurers. The solution provides insurance carriers with a rich, engaging, fully-digital environment that enables them to quickly launch new products, create cost efficiencies and acquire new customers across all distribution channels, the vendor asserts. The vendor pitches Aurum as a highly configurable platform offers the flexibility to seamlessly integrate with external data sources and an extensive partner ecosystem.
“We have invested significantly in building the best-in-class digital platform, and this is being recognized and appreciated by our clients who are able to enhance their customers’ experience while reducing time to market for new products,” comments Gautam Thakkar, CEO, SE2. “This deal comes at the back of multiple significant wins in the recent months and is a testament to our deep expertise and track record in the U.S. Life and Annuity Insurance Third Party Administration market.”
SE2 to Administer the Majority of Nassau’s L&A Products
Carved out of a leading insurance company in 2005 to specialize in third-party administration services for the U.S. life and annuities industry, SE2 currently manages over two million policies for more than 25 Life and Annuity Carriers and applies a proprietary, actuarial-driven conversion methodology to which the vendor attributes its market growth to date. SE2 reports that it will ultimately administer the majority of Nassau’s life and annuity products.