CalcFocus Welcomes Another Third-Party Administrator Using Achieve Policy Administration to Support Insurance Carriers
08 Agosto 2024 - 4:22PM
CalcFocus is proud to announce a leading Third-Party Administrator
(TPA) for the Life, Accident and Health market is implementing the
CalcFocus Achieve policy administration. The TPA is migrating a
carrier’s closed blocks of business from legacy systems. Several
TPAs leverage Achieve to manage their customers’ business and also
use CalcFocus Forecast to support their illustration and annual
reporting needs.
“Our TPA customers come to us for our robust and flexible
systems that can support a wide range of products and markets,
while enabling fast, cost-effective on boarding of their customers.
TPAs require efficiency, deep functionality, and calculation
accuracy to meet their customers’ needs and very aggressive
timeframes” said Kevin Walma, Chief Revenue Officer at CalcFocus.
“TPAs are a significant part of our growing customer base which
shows we are meeting their need for speed, accuracy, and
flexibility to support their wide variety of customers by building
a strong foundation of repeatable processes and standardized
integrations .”
Carriers engaging in M&A and digital transformations must
free internal IT and business resource bandwidth that would
otherwise need to support existing closed blocks of business or
business as usual for the current product portfolios. TPAs backed
by an efficient and comprehensive administration system like
Achieve, can manage the day-to-day operations for existing business
enabling carriers to focus on strategic distribution expansion,
M&A, innovation and even market disruption.
Achieve is a comprehensive Individual and Group Life, Annuity,
Accident & Health cloud-based policy administration system with
a full suite of integrated software components which can be
deployed as an end-to-end solution. This implementation leveraged
an existing CalcFocus Forecast illustration installation at the
carrier, using the in-place CalcFocus common calculation engine
with existing product definitions, and the large set of
out-of-the-box insurance capabilities CalcFocus Achieve contains to
dramatically accelerate the Achieve implementation.
Some Key Benefits of Using CalcFocus Products:
- Efficient Legacy Management: Streamlined processes
and advanced analytics for managing and optimizing legacy blocks of
business.
- Accelerated Time to Market: Rapid development and
deployment of new products, reducing time frames and increasing
competitive advantage.
- Enhanced Accuracy: Improved accuracy in actuarial
and financial modeling, ensuring reliable and precise outcomes for
clients.
- Cost Reduction: Significant reductions in
operational costs through automation and efficient resource
management.
About CalcFocusCalcFocus, founded in 2013 by insurance
technology veterans, offers cloud-hosted web services that augment
or replace legacy illustration and policy administration
functionalities. The Achieve platform is designed for
configurability and quality, providing a comprehensive enterprise
solution for policy administration and illustration needs. Learn
more at www.calcfocus.com.
Kevin Walma
Calcfocus
3159357806
kevin.walma@calcfocus.com