By providing a high degree of flexibility, configurability and automation, the new end-to-end solution will enable the Cypriot insurer to easily evolve its product offering, drive operational efficiency and streamline customer experience, while keeping up with regulatory compliance.
Cyprus, January 25, 2022 – Equisoft, a global technology company with over 25 years of success in the insurance and wealth management industries, proudly announced today the successful implementation of its modern, end-to-end policy administration platform for Cypriot life insurer, Hellenic Life.
Hellenic Life is the life insurance arm of Hellenic Bank Group, one of the largest banking and financial institutions in Cyprus with over 20 years of experience in the market. The company proposes a comprehensive product offering across a wide range of business lines.
The first phase of the project, in which Equisoft was also responsible for the Data Migration of over 80,000 policies from multiple source systems, was successfully achieved in collaboration with Oracle, as well as Newcytech, a leading IT systems integrator in Cyprus, and Inplenion.
The new platform features Equisoft’s advanced front-end tools for quotes and illustrations (Equisoft/illustrate), electronic application (Equisoft/apply) and self-service portal. Our core administration capability is enabled by the Oracle Insurance Policy Administration (OIPA) system, along with an enterprise document generation solution, Oracle Documaker. The solution delivery also includes a new accounting system, Netsuite. All of these facilities were deployed in the Oracle Cloud. Collectively these capabilities have created a seamless and scalable solution to support the entire policy lifecycle, from client on-boarding, to new business, policy services, claims, reinsurance, reporting, commission, as well as financial reporting.
“We are very proud of our transition to the digital era. It’s our strategic vision for delivering product innovation and customer satisfaction which served as the catalyst for this digital transformation initiative.” said Hellenic Life’s General Manager, Mr. Andreas Papadatos. “Looking ahead, we did not want our existing systems to limit our efforts to meet customer evolving expectations and lifestyle needs. We wanted to be agile and improve our overall flexibility and functions. That is why we opted for a modern and scalable solution that would provide us full control of our product lifecycle and help us streamline our operations and customer journey.”
“Customer experience has become a key driver for digital transformation across the insurance industry,” said Simon Richardson, Vice President, EMEA & APAC, Equisoft. ‘’This is what motivates insurers to improve their productivity, accelerate new product launches and offer a more flexible and modern experience. Following the arrival of Equisoft in the United Kingdom in 2021, with the acquisition of pension and investment powerhouse Altus, this new partnership with Hellenic Life strengthens Equisoft’s resolute focus and commitment to the European financial industry. That is why we are extremely proud of the platform that we’re delivering for Hellenic Life and honored to be partnering with them on this exciting initiative.”
About Hellenic Life
Hellenic Life is the life insurance company of Hellenic Bank Group. It was established back in 2001, as a result of the strategic partnership between Hellenic Bank and ALICO (AIG) – today MetLife. Their participation in the share capital of the company was 72.5% and 27.5% respectively. This partnership constituted the first bancassurance initiative in Cyprus.
In the last quarter of 2019, Hellenic Bank purchased Metlife’s share holding (27.5%) in the company and the company was renamed from Hellenic Alico Life to Hellenic Life. Hellenic Life is now 100% subsidiary of Hellenic Bank. Hellenic Life is licensed to transact business under the Life, Accident and Health classes of insurance. The Company currently offers and promotes its products through the branch network of Hellenic Bank.
Its vision is to create a long-lasting relationship of trust with its clients and be recognised as the Company that can inspire confidence and serenity through its financial strength, credibility, professionalism and excellent service. The Company’s strategy focuses on recognizing and exploiting development opportunities to provide comprehensive solutions to the insurance needs of its clients.
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 220 of the world’s leading financial institutions in 16 countries, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back-office services and unique data migration expertise. The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and expert teams based in Canada, USA, UK, Chile, Colombia, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information about our products and services, please visit www.equisoft.com.
Jean-François Parent, Manager, Communications and Public Relations
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