New York Life Insurance Company, founded in New York City in 1845,
is one of the largest life insurance companies in the United States and the world. New
York Life International, the overseas arm of New York Life Insurance Company, offers
insurance products through its subsidiaries and affiliates in Argentina, Hong Kong, India,
Indonesia, Mexico, the Philippines, South Korea, Taiwan and Thailand. In addition, New
York Life International has representatives in Beijing, Shanghai, Guangzhou and Chengdu in
the People’s Republic of China and in Hanoi, Vietnam.
In 1998, New York Life International set out on a mission
to identify a multilingual, multi-currency software solution that could be readily
implemented anywhere in the world, for any product. After a prolonged and exhaustive
search and evaluation process, New York Life International selected Sherwood
International’s Amarta LIFE solution in January 2000. New York Life International will
deploy Amarta LIFE on a global scale for new business, policy administration, agency
management and claims processing. By implementing Amarta LIFE, New York Life International
will be able to achieve rapid deployment to the marketplace, maintain efficient
operations, and significantly reduce the costs associated with selling and servicing
insurance contracts. They have committed to deploy Amarta LIFE in eight countries throughout the world.
In April 2001, New York Life International successfully
implemented Sherwood International’s Amarta LIFE solution for its newly formed insurance
operations in India. As one of the world’s largest markets for life insurance, India
presents an enormous business opportunity. New York Life International recently introduced
five market-specific life insurance products and seven riders in the major Indian cities
of New Delhi, Mumbai (Bombay), Kolkata (Calcutta), Chennai (Madras), Ahmedabad, Hyderabad,
Bangalore and Pune, representing a combined population of over 50 million. The success in
India was followed by an additional Amarta LIFE implementation in the Philippines, in September 2001.
The implementation of Amarta LIFE provides New York Life
International with the ability to offer multilingual and multi-currency products to its
affiliates and agents, thus enabling the company to serve customers better and more
efficiently. Customized features also provide a local competitive market advantage, while
consistent business processes and shorter product-to-market cycles result in lower
administrative costs. Because Amarta LIFE is adaptable to New York Life International’s
evolving business requirements, it will enable the company to avoid the common problem of
having to bend and contort business processes to fit restrictive software packages.
Mervyn Wallis, Chief Information Officer of New York Life
International, related his reasons for choosing Sherwood International and Amarta LIFE:
“In just a few months, Sherwood quickly grew to understand our international business
and scaled Amarta LIFE to meet the specific needs of the marketplace in India. Sherwood’s
innovative approach to integrating our re-engineered operational processes with its
enhanced software solution enables us to rapidly design and deploy a system that best fits
the unique way we conduct business. We are confident that with its multilingual and
multi-currency capabilities, the use of Amarta LIFE in other countries will be as
successful as it has been in India and the Philippines. The Amarta LIFE solution has
become a key component of our overall business strategy.”
Amarta LIFE is a rules-based software
solution pre-populated with workflow models and templates supporting the life insurance,
health and annuities industries. By providing a core set of office processes that are
commonly used by insurance companies worldwide, Amarta LIFE provides flexibility and
reusability that go beyond traditional pre-packaged software products. Additionally,
Amarta LIFE is built on a multi-tiered platform and is scalable to accommodate any volume
of processing. Its multilingual and multi-currency functionality enables insurance
companies to develop automated business processes that are adaptable across borders, and
the unique business modeling approach ensures that the system continually adapts to
business change with minimal ongoing cost.
Sherwood International‘s clients include
international blue-chip companies in the Reinsurance and Retail Insurance industries. In
the Life & Annuities industry, clients include Old Mutual, Swiss Life, Abbey National
Financial and Investment Services and Northwestern Mutual. In the P & C Insurance and
Reinsurance sectors, clients include CNA, ACE and CIGNA.
If you would like to learn more, simply call the number listed below.
For more detailed information, or brochures on any of Sherwood’s solutions and services, please visit our website
at www.sherwoodinternational.com.
Sherwood International
200 Business Park Drive
Armonk, NY 10504
Attention: Marketing Department
Tel: 1.914.273.1717
[email protected]
