Leading TPA Implements CalcFocus Solutions to Transform Life & Annuity Administration

A prominent Third-Party Administrator (TPA) in the U.S. Life, Accident, and Health insurance market is adopting CalcFocus's Achieve policy administration system along with CalcFocus Forecast illustrations. This implementation targets Individual and Association Life and Annuity products such as Term Life, Universal Life, Whole Life, and various Annuity forms, including Immediate Annuities and Structured Settlements.

The CalcFocus solution will facilitate comprehensive policy lifecycle management, including sales illustrations, new business processing, billing and premium collection, commissions, and claims management. By employing a unified rules and calculation engine, the platform ensures consistency and accuracy in product and customer data across all stages.

The TPA aims to modernize its core systems to boost operational efficiency and enhance digital engagement by providing policyholders with online self-service capabilities. This transformation is expected to improve customer service, reduce operational costs, and accelerate time-to-market for complex insurance products.

Achieve, CalcFocus's cloud-based administration system, integrates with Forecast illustrations and utilizes the CoreCalc calculation engine for expedited product deployment and seamless integration with insurer ecosystems. Key benefits include streamlined legacy business management, enhanced actuarial modeling accuracy, and significant operational cost reduction through automation.

The TPA involved manages extensive employee benefits and insurance services for employer groups and associations and collaborates with leading carriers. CalcFocus, founded in 2014, specializes in cloud-based insurance technology solutions that replace or augment legacy policy administration and illustration systems, catering to the evolving needs of insurers.