Highlights: Licensed Client Solution

Licensed the VPAS^® Life application to consolidate administration

Implemented 20 insurance products in 24 months

Successfully converted existing legacy systems to the VPAS^® Life application in 24 months; one in progress

Added 4 - 6 new products each year

Re-priced VUL in 7 weeks

Challenge

An independent consultant recommended that Client C consolidate their policy administration systems by adding a new system with greater functionality and flexibility. None of the existing systems could support all of the in-force or new and complex products. Also, Client C's legacy systems, many of which were obsolete, would require a significant investment in time and resources, which was not feasible.

Evaluation

Client C searched for a policy administration system that offered product design flexibility, comprehensive functionality and the capability of performing bulk conversions for existing blocks of business.

Solution

In 1999, Client C contacted McCamish Systems and concluded that their VPAS^® Life application could satisfy the conversion requirements, while providing insurance product flexibility and rapid product deployment. Though Client C licensed VPAS^® Life in 1999, experienced technicians were scarce because of Y2K projects. As a result, McCamish Systems offered to staff a dedicated team of professional analysts and developers during the initial phases of conversion and product development.

Benefits

The McCamish team's depth of knowledge and experience was a key factor in the successful completion of Client C's deliverables. Within the first two years of the installation and implementation of the VPAS Life^® application, Client C administered over 20 insurance products. To date, three successful conversions from other systems are complete, and a fourth conversion is underway. Client C has added four to six new insurance products each year, which is over four times the rate before the introduction of the VPAS® Life application. The dedicated team also has upgraded the VPAS^®Life application and the platform on which it runs.

The McCamish dedicated team has enabled Client C to successfully design and deploy new products. The experience of the team and sense of continuity that McCamish Systems as a company provides have fostered credibility, respect and confidence. By working in an open, cooperative environment and coordinating end-to-end processes, Client C and McCamish Systems have overcome the challenges related to complex product conversions and rapid product introduction. Client C has also reduced their operating expenses by eliminating the costs of hardware and software associated with the legacy systems that have been replaced by the VPAS^® Life application.

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