Equisoft proudly announced the successful implementation of their SaaS policy administration offering, Equisoft/manage, including their electronic application software, Equisoft/apply, for GCU.
The new solution, which is built on the Oracle Insurance Policy Administration (OIPA) platform, was rolled-out for GCU’s Final Expense products, creating an enhanced experience for e-applications, new business, automated underwriting, agency compensation, policy changes, billing & payments, claims, workflow, correspondence and operational reports.
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Located in Beaver, Pennsylvania, GCU is a 128-year-old fraternal benefit society offering innovative Life & Annuity products to their clients in United States. GCU embarked upon this strategic initiative in late 2018 and subsequently entered into a multi-year agreement with Equisoft to upgrade their technology, implement new products, and sunset their legacy PAS by migrating their policies to the Equisoft/manage solution.
“It is our strategic vision to create a world-class digital customer experience that started us on this transformation journey,” said GCU’s COOÂ Scott Schuetz. “The aging core system was hindering our ability to effectively serve our members, and to build the type of experience that is crucial to GCU’s future growth. Equisoft’s solution alleviates our technology burden, so we can deliver exceptional value and service to our members and agents, the cornerstones of our business. We get the full cloud advantages, without the complexity and upfront costs.”
Designed for small- to mid-sized life insurers, Equisoft/manage is a SaaS policy administration solution using low-risk, production ready digital business processes. It includes agent-facing modules such as needs analysis, illustrations and sales strategies, electronic applications as well as customer self-service and agent portals—all of which integrate seamlessly with Oracle’s OIPA, currently ranked amongst the best PAS systems in North America. This configurable and scalable platform enables insurers to easily launch new products, enhance customer experience and lower total cost of ownership, which significantly improves their competitive capabilities.
“This go-live marks a major milestone in GCU’s modernization journey,” said Mark DePhillips, Senior VP at Equisoft. “Implementing OIPA and integrating with Equisoft’s front-end suite enables GCU to effectively and efficiently develop, sell and administer new products in a very competitive market space. We are proud to be their strategic partner in this endeavor.”
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