Policy Administration

Examples of Our Work

Migration of Universal Life/Bank-Owned Life Insurance (UL BOLI) products: To consolidate policy administration processes into a strategic platform.

  • Migrated a closed book of business comprising 120,000 policies (UL, Equity-Indexed UL, Single -premium Whole Life and BOLI) products. The strategic move from a third-party policy administration system to a VANTAGE-ONE® based, policy-administration platform eliminated existing manual processes and added functional features. Result was a reduction in overall total cost of ownership.

Variable annuity fund-administration consolidation: Migration of a large fund-administration system for variable annuity contracts.

  • The system’s key functions include financial transaction processing (ledger accounting), fund balance and separate-account processing, and fund-balance reporting.

Redesign of Pensions Administration Platform:To Web-enable transaction processing for pension plans with $36.8 billion in assets.

  • Executed a large, turnkey initiative that redesigned an existing legacy platform to Web-enable plan administration and transaction processing for pension products and group annuities. The redesigned platform allowed outsourcing of transaction processing for pension-plan administration

Integrated long-term care application: Support 570,000 enrollments and manages $1.5 billion in premium income, as well as $423 million in payouts.

  • The system supports new business, policy administration/policy service, and claims billing.

Integrated solution for group universal and term-life policies: To provide system maintenance and enhancement for leading U.S. and Canadian companies.

  • This system supports 500,000 GUL certificates and 100,000 group term certificates for employees of the companies. It also addresses policy enrollment, policy service, billing-remittance accounting, internal and external reporting, and tax reporting.

Annuities administration system: Comprehensive system for the accumulation phase of flexible-premium, deferred annuity products.

  • This supports qualified and non-qualified markets, group and individual accounts, and variable and fixed annuity products, as well as administering 250,000 group and 1 million individual annuity contracts. Each day, an average of 4,100 transactions are processed.