Philadelpha, PA (Apr. 1, 2019) – Equisoft and GCU are pleased to announce the signing of a multi-year agreement that will allow GCU to consolidate all lines of business on a single, modern and agile policy administration system and offer an enhanced digital experience. The project will be deployed using the Equisoft Composite Cloud offering.
The initial phase of the project will focus on modernizing GCU’s core system by implementing and providing cloud services for the Oracle Insurance Policy Administration platform to support their final expense business. The project will also provide an enhanced member and agent digital experience using the InsuranceElements solution from Equisoft. This multi-year engagement will also include the implementation of all their insurance and annuity products, the integration of leading-edge front-end tools (illustrations/quotes, e-app, agent and member self-service portals), and the data migration of GCU’s existing insurance policies.
“In today’s competitive landscape, life and annuity insurers are forced to streamline their operational processes and increase the speed and effectiveness of product development,” says Mark DePhillips, Equisoft Senior Vice President, USA. “To do this, they need access to all of their vital data, which can be a challenge when they have to cope with outdated infrastructure. That’s why our turnkey solution is the perfect answer for insurers who want to modernize with minimal risk and maximum flexibility.”
“In addition to our primary goal of enhancing the overall user experience for our members and agents, this project will allow us to keep up with ongoing regulatory and compliance requirements, as well as improve ease of business and our reporting and analytics capabilities,” says Scott Schuetz, COO at GCU. “We felt that Equisoft’s extensive experience of the Oracle system, their proven implementation methodology and comprehensive Cloud solution offered the best combination to help us achieve our goals and digital transformation strategy.”
Equisoft Composite is a cloud-based solution that supports all insurance product lines. It also includes agent-facing modules such as needs analysis, illustrations and sales strategies, electronic applications and customer self-service and agent portals—all of which seamlessly integrate with Oracle Insurance Policy Administration for Life and Annuity, currently ranked the best policy administration platform according to recent analyst surveys.
GCU is a 127-year-old fraternal benefit society that has been making a positive difference in communities since 1892. GCU actively protects families by offering insurance products that insure the lives of its members. They also offer annuity products to safeguard a family’s financial future. GCU is located in Beaver, Pennsylvania and has assets of $1.8 billion and 60,000+ active clients. More info at www.gcuusa.com.
Founded in 1994, Equisoft is a global provider of advanced digital solutions in life insurance and wealth management. Recognized as a valued partner by over 50 of the world’s leading financial institutions in 15 countries, Equisoft offers innovative front-end applications, extensive back office services and a unique data migration expertise. The firm’s industry-leading products include CRM, financial needs analysis, asset allocation, quotes and illustrations, electronic application, and client & agent portal. Equisoft is also Oracle’s main global partner for the Oracle Insurance Policy Administration platform. With its business-driven approach, deep industry knowledge, state-of-the-art technology, and a growing team of over 400 specialized resources based in the USA, Canada, Latin America, South Africa and India, Equisoft helps financial institutions tackle any challenge in this new era of digital disruption. For more information, visit equisoft.com.
Source: EquisoftTags: Cloud, Core Systems Modernization, Equisoft