CalcFocus Welcomes Another Third-Party Administrator Using Achieve Policy Administration to Support Insurance Carriers
CalcFocus gains popularity among Life, Accident, and Health Third Party Administrators for its efficient and cost-effective policy administration system.
Philadelphia, Aug. 08, 2024 (GLOBE NEWSWIRE) — CalcFocus is proud to announce a leading Third-Party Administrator (TPA) for the Life, Accident and Health market is implementing the CalcFocus Achieve policy administration. The TPA is migrating a carrier’s closed blocks of business from legacy systems. Several TPAs leverage Achieve to manage their customers’ business and also use CalcFocus Forecast to support their illustration and annual reporting needs.
“Our TPA customers come to us for our robust and flexible systems that can support a wide range of products and markets, while enabling fast, cost-effective on boarding of their customers. TPAs require efficiency, deep functionality, and calculation accuracy to meet their customers’ needs and very aggressive timeframes” said Kevin Walma, Chief Revenue Officer at CalcFocus. “TPAs are a significant part of our growing customer base which shows we are meeting their need for speed, accuracy, and flexibility to support their wide variety of customers by building a strong foundation of repeatable processes and standardized integrations .”
Carriers engaging in M&A and digital transformations must free internal IT and business resource bandwidth that would otherwise need to support existing closed blocks of business or business as usual for the current product portfolios. TPAs backed by an efficient and comprehensive administration system like Achieve, can manage the day-to-day operations for existing business enabling carriers to focus on strategic distribution expansion, M&A, innovation and even market disruption.
Achieve is a comprehensive Individual and Group Life, Annuity, Accident & Health cloud-based policy administration system with a full suite of integrated software components which can be deployed as an end-to-end solution. This implementation leveraged an existing CalcFocus Forecast illustration installation at the carrier, using the in-place CalcFocus common calculation engine with existing product definitions, and the large set of out-of-the-box insurance capabilities CalcFocus Achieve contains to dramatically accelerate the Achieve implementation.
Some Key Benefits of Using CalcFocus Products:
- Efficient Legacy Management: Streamlined processes and advanced analytics for managing and optimizing legacy blocks of business.
- Accelerated Time to Market: Rapid development and deployment of new products, reducing time frames and increasing competitive advantage.
- Enhanced Accuracy: Improved accuracy in actuarial and financial modeling, ensuring reliable and precise outcomes for clients.
- Cost Reduction: Significant reductions in operational costs through automation and efficient resource management.
About CalcFocus
CalcFocus, founded in 2013 by insurance technology veterans, offers cloud-hosted web services that augment or replace legacy illustration and policy administration functionalities. The Achieve platform is designed for configurability and quality, providing a comprehensive enterprise solution for policy administration and illustration needs. Learn more at www.calcfocus.com.
CONTACT: Kevin Walma Calcfocus 3159357806 [email protected]
