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EquiSoft has implemented an SaaS claims solution for Toronto-based ivari, helping replace the life insurance carrier’s legacy system.
ivari’s new platform went live this month, a release said. The new platform is based on the Oracle Insurance Policy Administration (OIPA) system, and it will support claims processing for ivari’s life, accidental death and critical illness products. These products include claims initiation, expense management, transaction ledgering, and claims settlement.
Additionally, the platform will be integrated with ivari’s reinsurance platform to enable real-time interactions between both systems.
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Although OIPA can support an end-to-end policy administration lifecycle, the insurance carrier will be using the system in a modular fashion, focusing on claims administration and integration with its policy administration platform.
“Oracle is a trusted brand around the world and Equisoft has the most extensive track-record as an OIPA integrator, so we’re getting the best of both worlds,” commented ivari SVP, CIO & life operations James Betton. “Equisoft has in-depth knowledge of the insurance space and we believe their solution will improve our customer experience during the claims process.”
EquiSoft served as the integrator, OIPA solution reseller and SaaS partner in ivari’s system implementation.
“We pride ourselves on having the largest and most experienced OIPA integration team globally,” said EquiSoft founder and CEO Luis Romero. “So, we were ready when ivari entrusted us with the task of implementing the OIPA platform to manage their claims more effectively. We delivered the new system in only six months, which is far below the average timeline for such projects. This project is a very significant milestone for us, as it allows us to strengthen our presence in the Canadian insurance sector where we already have a solid client base.”
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