Family Guardian Picks EquiSoft to Enhance Technology
Staff Writer | February 27, 2017
EquiSoft announces it has entered into a multi-year service agreement with Family Guardian Insurance Company to implement the Oracle Insurance Policy Administration system, which 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 two to three 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,” says 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,” says 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.”
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