MONTREAL, Oct. 23, 2017 /CNW Telbec/ - Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, is pleased to announce its very first implementation of a SaaS claims solution for ivari, a major player in the Canadian insurance space based in Toronto. The new platform, which replaces ivari's legacy system, went live in October 2017.
Equisoft's core SaaS solution for insurance is the first of its kind in Canada. The new platform is based on the Oracle Insurance Policy Administration (OIPA) system. It will support claims processing for ivari Life, Accidental Death and Critical Illness products, including claims initiation, expense management, transaction ledgering, and claims settlement. In addition, the platform will be tightly integrated with the ivari reinsurance platform to enable real‑time interactions between the two systems.
OIPA for Claims tailored to ivari's needs
While OIPA can support a complete end-to-end policy administration life cycle, ivari will be using the system in a modular fashion to focus on claims administration and integration with their policy administration platform. This strategy provides the carrier with a solid platform that enables modernization by functional area, an incremental transformation strategy that some insurers might prefer over the typical "big bang" methodology."
"Oracle is a trusted brand around the world and Equisoft has the most extensive track-record as an OIPA integrator, so we're getting the best of both worlds," says James Betton, SVP, CIO & Life Operations at ivari. "Equisoft has in-depth knowledge of the insurance space and we believe their solution will improve our customer experience during the claims process."
Helping insurers compete more successfully
Equisoft partners with forward-looking life insurance companies like ivari who seek to undertake digital transformations that will help them compete more successfully in today's rapidly evolving marketplace. For the ivari project, Equisoft is acting as the integrator, OIPA solution reseller and SaaS partner.
"We pride ourselves on having the largest and most experienced OIPA integration team globally," says Luis Romero, Equisoft founder and CEO. "So, we were ready when ivari entrusted us with the task of implementing the OIPA platform to manage their claims more effectively. We delivered the new system in only six months, which is far below the average timeline for such projects. This project is a very significant milestone for us, as it allows us to strengthen our presence in the Canadian insurance sector where we already have a solid client base."
With a national network of thousands of independent advisors, ivari provides a full range of insurance products designed to help Canadians make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. Through our commitment to being approachable and transparent in everything we do, we are dedicated to starting a fresh, new conversation about insurance. Website: ivari.ca
Founded in 1994, Equisoft offers advanced digital business solutions to its clients in the insurance and wealth management industries to support their growth. The firm develops and markets innovative front-end applications (InsuranceElements and WealthElements) featuring industry-leading user interfaces and state-of-the-art technology. In addition, Equisoft is an Oracle Insurance Policy Administration integration partner for some 20 carriers globally. To complete this unique offering, Equisoft brings extensive experience in data migration through its subsidiary Universal Conversion Technologies (UCT). Equisoft has a growing team of nearly 300 specialized resources based in the US, Canada, Latin America, South Africa and India. Website: equisoft.com
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