MONTREAL, Feb. 23, 2017 /PRNewswire/ - EquiSoft proudly announces that it has recently entered into a multi-year service agreement with Family Guardian Insurance Company to implement the Oracle Insurance Policy Administration system, a state-of-the-art system that will support their future product developments and sustained efforts in providing first-class services to their customers.
One of the major life and health insurance companies in The Bahamas, Family Guardian offers a broad range of insurance and investment products through three sales divisions: Home Service, Financial Services, and Group Life and Health. This integration and migration project, which will span over a 2-3-year period, will initially focus on the Home Service products, and will eventually extend to other individual and group insurance products.
Oracle Insurance Policy Administration (OIPA) is a rules-based solution for individual and group business that supports policy issuance, billing, collections, policy processing, and claims. This investment in technology is of strategic importance for Family Guardian as it will strengthen their competitive positioning and enable them to rapidly adapt to evolving regulatory requirements and market demand for new and improved products.
"Oracle is a trusted brand around the world, and Equisoft has a proven track-record as OIPA integrator, extensive knowledge of the insurance business and a deep expertise in data conversion.", said Family Guardian President Lyrone Burrows. "We trust that we have selected the most appropriate solution to secure our growth, and the best partner to implement that solution effectively and safely."
"OIPA has been tested with over 100 million policies and it's the only system that supports multiple lines of business on the same platform: life, annuities, property and casualty, health and investment-linked products.", stated EquiSoft's Founder and CEO Luis Romero. "We pride ourselves on having the largest and most experienced OIPA integration team globally, but being trusted by Family Guardian for this important project makes us even prouder since it's the first project where we act both as integrator and reseller of the OIPA solution. This project will also help us to strengthen our presence in the Caribbean where we already have a solid client base."
About Family Guardian Insurance Company
Family Guardian was founded in 1965 and for more than 50 years, has helped Bahamians plan for their future with a broad range of life insurance and investment products offered through its three sales divisions: Home Service, Financial Services and Group Life and Health. With nine sales offices in New Providence, Grand Bahama, Abaco, Exuma and Eleuthera, Family Guardian also has resident sales representatives in Andros, Long Island, Cat Island, San Salvador and Acklins. Family Guardian is a wholly-owned subsidiary of FamGuard Corporation Limited, a publicly traded company listed with the Bahamas International Securities Exchange (BISX). Website: www.familyguardian.com.
About EquiSoft Inc.
Founded in 1994, EquiSoft offers innovative business solutions to its clients in the insurance and wealth management industries to support their growth by taking advantage of new technologies. The firm develops and markets innovative front-end applications (InsuranceElements and WealthElements) recognized as having industry-leading user interface and state-of-the-art technology, in addition to being an Oracle OIPA integration partner for more than 15 carriers globally. To complete this unique offering, EquiSoft also brings extensive experience in data migration through its subsidiary, Universal Conversion Technologies (UCT). Recipient of the 2016 Outstanding Service Provider Award by Wealth Professionals and finalist for the 2016 Outstanding Service Provider Award by Insurance Business, EquiSoft has a growing team of nearly 250 specialized resources based in Canada, the US, Latin America, South Africa and India. The firm is currently implementing life insurance systems in multiple countries. Website: www.equisoft.com/insurance