(Image source: Penn River.)
Penn River, a Newtown Square-based InsurTech has announced a strategic partnership with Mantissa Group (Burlington, Conn.) to introduce Penn River’s ProductHub platform. Penn River developed ProductHub as well as a new policy administration system for the U.S. life and annuities insurance industry. The company’s leadership team and key employees have experience in previous generations of successful platforms in the life policy administration system space.
Recognizing that the product development process is the heartbeat of all Life and Annuity companies, Penn River sought to introduce a service offering and software solution where no other solutions existed previously, according to a company statement. Designed for heads of product development, the solution solves for decreased time-to-market, reduced cost of implementation and ongoing servicing, and reduction of operational risk. ProductHub enables the initiation of a complete process review of the product develop lifecycle is initiated, and lets insurers institutionalize improvements. ProductHub can deliver as much as a 30 percent reduction in time to market, and as much as a 25 reduction in carrier product development costs, according to the vendor.
“I am excited to be part of this unique offering,” comments Don Desiderato, CEO, Mantissa Group. “Digitizing the product development process with such a comprehensive technology solution is not only long overdue but sorely needed—benefitting both heads of product development and CIO’s architecting their modernization journeys.”
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“During my career as CIO, I became frustrated with the inefficiencies of the product development process and decided to form a world-class team to design a fit for purpose solution for this unmet need,” comments David Shaw, Co-CEO, Penn River. “I am incredibly happy to be partnering with Mantissa on this market leading introduction of Penn River ProductHub.”
Penn River describes ProductHub as built from the ground up on a native cloud technology stack and design, and made to fully managing the product development and implementation process. The solution solves a problem that plagues every life and annuity insurance company, according to the vendor: the complexity of the product development process.