MONTREAL, Nov. 14, 2017 /CNW Telbec/ - Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, is pleased to announce that it has been hired by UL Mutual to completely transform its technology ecosystem, including the implementation of the Oracle Insurance Policy Administration (OIPA) platform.
Based in Drummondville, Quebec, UL Mutual is a well-established insurance company in Canada. "It's not every day that you replace an office system, so we're choosing proven solutions," says Jean-Mathieu Sigouin, Senior Vice President, Information Technologies at UL Mutual. "Equisoft is a globally recognized provider of insurance technologies, and the Oracle solution is the best rated by analysts. I think we've made the best choices to ensure our future growth."
A modern system for increased efficiency
By upgrading its back-office system, UL Mutual intends to optimize all the steps related to administrating its products, including individual life insurance and critical illness insurance. The company is also counting on this new, more flexible and performing platform to increase speed to market of new products.
Equisoft is acting as the reseller and integrator of the OIPA system for the UL Mutual project. It is also overseeing every aspect of data migration through its subsidiary Universal Conversion Technologies, which has managed over 175 migration projects in the insurance industry to date.
Undeniable benefits to help carriers stand out
Equisoft serves forward-looking insurance companies that, like UL Mutual, wish to embark on a digital transformation in order to become more competitive in a constantly evolving market. Integrating the OIPA platform leads to undeniable benefits, including an all-in-one system that offers the complete range of administrative functions, unparalleled configurability and client autonomy.
"For UL Mutual, continuously improving its offering and fostering innovation in terms of distributor and customer experience is a must," says Olivier Lafontaine, Vice President, Insurance at Equisoft. "Achieving this goal means going through a transformation of the policy administration and compensation management systems to overcome the existing system's limitations. We are proud to have been appointed by UL Mutual and to have earned the trust of another key player in the Canadian insurance industry."
About UL Mutual
Founded in 1889, UL Mutual is one of Canada's oldest insurance company. Benefiting from assets that have been growing for more than 25 years, UL Mutual is recognized in the insurance and financial services market for its financial strength and exceptional customer service. It offers a range of products in individual and critical illness insurance, group insurance and investment and retirement products. The company, headquartered in Drummondville, employs 140 people. It serves the Canadian market, particularly Quebec, Ontario and New Brunswick.
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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