PHILADELPHIA, Nov. 18, 2019 /PRNewswire/ - Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, announced today that it has been selected by National Western Life Insurance Company to replace its core legacy policy administration system to support its digital growth initiatives.
As part of this modernization project, Equisoft will implement and provide cloud services for the Oracle Insurance Policy Administration platform. This multi-year engagement will also involve a major data migration of National Western Life's existing life and annuity policies from their existing legacy platforms.
"Implementing a new core policy administration platform is a key component of our modernization efforts and growth initiative," said Greg Owen, SVP & CIO at National Western Life. "The flexibility of a modern, configurable and scalable solution such as the Oracle platform certainly impressed us and the depth of experience that Equisoft brings to a project was also key in helping us make our decision."
"We are excited to have National Western Life as a client. They are clearly committed to transforming their business into a digital model," added Mark DePhillips, Equisoft's Senior Vice President, USA. "We look forward to working with their team to deliver a successful project and ensure that they achieve their goals."
About National Western Life
National Western Life Group, Inc. ("Company") is the parent organization of National Western Life Insurance Company (NWLIC). Founded in 1956, NWLIC is a stock life insurance company offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. NWLIC has approximately 280 employees and 27,500 contracted independent agents, brokers, and consultants. At September 30, 2019, the Company maintained consolidated total assets of $12.6 billion, stockholders' equity of $2.1 billion, and life insurance inforce of $23.7 billion.
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, agency management systems, as well as customer, agent and broker portals. 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 organization tackle any challenge in this new era of digital disruption.