Seguros Banorte Drives Digital Transformation with Equisoft Policy Admin System

The go-live includes the migration of 27 million policies, from 31 products and 104 plans within Seguros Banorte’s Group Life Insurance business division.

(Image credit: David Liceaga/Unsplash.)

Seguros Banorte (Monterrey), one of Mexico’s largest insurance companies, has implemented Equisoft’s (Montreal) Equisoft/manage policy administration system, which uses OIPA (Oracle Insurance Policy Administration) as its core. The go-live includes the migration of 27 million policies, from 31 products and 104 plans within Seguros Banorte’s Group Life Insurance business division, according to an Equisoft statement.

Mauricio Monroy, VP, LATAM and Spain, Equisoft.

With the implementation of Equisoft/manage, many of Seguros Banorte’s complex manual processes have been eliminated, and the new system has notably streamlined and automated the company’s business operations, Equisoft reports. This has accelerated the flow of business, reduced bottlenecks, lowered operational costs, and ultimately improved customer and agent experiences.

Equisoft also notes that the introduction of monitoring and validation tools ensured data accuracy and increased fraud prevention capabilities. The agility of the new core system provides Seguros Banorte with autonomous control over product changes and gives them a modern platform on which to build future innovation that drives growth, the vendor says.

Maximizing the Value of Digital Transformation

“Replacing the core system of an insurance company of the caliber of Seguros Banorte and migrating millions of policies are not easy tasks,” comments Mauricio Monroy, VP, LATAM and Spain, Equisoft. “But we are thrilled to have successfully completed the first phase of the project. Our team of experts with many years of industry knowledge enabled us to help Seguros Banorte maximize the value of their digital transformation.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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