Penn River Partners with Life Insurance Carrier to Transform Digital IUL
Penn River Partners with Life & Annuities Carrier for Digital IUL Advancement
Penn River, Inc., recognized for its cloud-based policy administration solutions, has announced a collaboration with a leading Life and Annuities insurer to deploy Penn River’s platform for developing Indexed Universal Life (IUL) products. This strategic move enhances the carrier's operational agility and market competitiveness, addressing regulatory compliance requirements across the insurance industry.
Industry trends highlight the need for modernization, prompting insurers to adopt innovative solutions that overcome outdated systems. By integrating Penn River’s advanced cloud-native infrastructure, the partnering carrier aims to optimize policy management processes, significantly reducing operational costs while improving service delivery to both agents and policyholders.
David Shaw, CEO of Penn River, emphasized the transformative potential of this partnership, stating, "Our collaboration marks a significant milestone in evolving the Life and Annuities sector's approach to IUL products. The flexibility and transparency our platform provides will enable carriers to swiftly adapt to evolving market demands and regulatory changes."
The decision to adopt Penn River’s platform followed a comprehensive evaluation of the carrier's innovation objectives, focusing on agility, transparency, and scalability. These criteria ensure the carrier's ability to make swift adjustments to market dynamics and provide real-time insights into the policy lifecycle, supporting a seamless expansion of product lines.
Following the successful rollout of the IUL products, the partnership anticipates further integration of additional insurance offerings onto the Penn River system. This forward-thinking approach signifies the insurer's commitment to a progressive and sustainable digital transformation strategy, well-aligned with industry standards and regulatory requirements.
About Penn River
Penn River specializes in Policy Administration Systems tailored for the Life and Annuities sector. Leveraging cloud-native, software-as-a-service technology, Penn River supports insurers in accelerating product development and reducing time-to-market for new offerings. The platform’s comprehensive visibility into product processes aids insurers in mitigating risks and maintaining compliance, backed by a team with extensive industry knowledge. For further details, visit pennriver.com.