Pan-American Life Insurance Company has selected SOLCORP’s life administration system, SOLCORP / INGENIUM to replace its existing legacy systems for both its US and Latin American operations.
Initially, Pan-American Life will process all US and international new business through INGENIUM before migrating all the company’s universal, whole and term life policies to the INGENIUM system. The INGENIUM implementation forms part of a wider initiative at the company to upgrade its technology infrastructure to improve service to its customers, gain greater flexibility and efficiency, and support its expansion into new markets.
With its existing infrastructure becoming increasingly cumbersome and costly to maintain, Pan-American Life was keen to implement a more flexible, technologically advanced architecture to respond more quickly to customer’s needs and market trends.
Thin-client architecture has become a key enabler at Pan-American with the use of the Internet technology. In deploying internet, intranet and extranet solutions, the company is pushing more business information to its customers, business partners and business areas. Pan-American has established new development standards and dramatically shortened its deployment time as the traditional development life cycles have been compressed into the ‘web year’.
“The INGENIUM solution is a good fit with Pan-American’s thin-client methodology,” said W. Ob Soonthornsima, senior vice president and chief information officer of Pan-American.
INGENIUM was chosen following a nine-month evaluation of the leading software suppliers, according to Soonthornsima. INGENIUM’s ability to provide multi-language, multi-currency and multi-platform functionality was critical in the company’s choice, as was the system’s browser-based interface and the robustness of its underlying architecture.
“Our technology strategy is based on leveraging a common business information platform, and sharing of functionality and capabilities across multiple business lines. INGENIUM will dramatically increase efficiency through shared infrastructure,” said Soonthornsima.
Pan-American Life will use INGENIUM’s multiple language capabilities to concurrently support Spanish and English from a single version of the system. INGENIUM 6.0 will be implemented on a centralised platform at the New Orleans headquarters. The browser interface will enable Pan-American Life’s Latin American affiliate offices to access the solution via a web browser.
SOLCORP, a wholly owned subsidiary of EDS, provides software solutions and consulting services worldwide for the life insurance and bank assurance industries. Customers range across the United States, Canada, the United Kingdom and Europe, South America and Asia Pacific.
Pan-American Life Insurance Company is one of the top 40 mutual life insurance companies in the US. The company markets life insurance, retirement planning and investment products in the US in addition to life and group health insurance products in seven Latin American countries. Founded in 1911 and based in New Orleans, Louisiana, with regional offices and affiliates in Latin America, Pan-American Life has assets and adjusted surplus totalling $2 billion and $241 million respectively.
EDS is a recognised global leader in providing e-business and information technology services to 9,000 business and government clients in more than 50 countries around the world. Having founded the IT services industry more than 35 years ago, EDS delivers high value management consulting, electronic business solutions, business process management and systems and technology expertise to help clients simplify complexity and achieve superior value in the digital economy.