McCamish
Systems Announces
Canada Life - US Division
as New VPAS® Life Customer
Canada Life to use Release 3.2 of New VPAS® Life to expand presence in variable universal life insurance marketplace
ATLANTA--(BUSINESS WIRE)--August 5, 2002--Canada Life - US Division has joined the growing list of companies to select McCamish Systems' VPAS® Life.
Canada Life will initially implement three variable universal life insurance products on VPAS® Life before the end of 2002. Plans are already underway to implement up to three additional products during 2003. Canada Life has an option to license the product, but will initially access VPAS® Life via a remote connection to McCamish Systems, which is literally just down the street from Canada Life's US Division headquarters.
"We are pleased to do business with McCamish Systems. We explored several options and selected McCamish Systems' VPAS® Life. This system will offer us the support we need for our existing products and the flexibility to continue to develop new products. We believe the VPAS® Life platform will deliver desired results and meet our aggressive schedule," said Ron Beettam, Vice President and Director, Canada Life - US Division.
"McCamish Systems is extremely pleased to have the opportunity to do business with Canada Life," said Sam Thomas, Executive Vice President, McCamish Systems. "They have an excellent reputation as a leader in the industry. Selection by Canada Life is further evidence of the unparalleled breadth of market functionality delivered by VPAS® Life."
VPAS® Life is a robust, client/server based system that provides a full range of life and annuity processing for fixed and variable products serving the individual and corporate markets. McCamish Systems is serving six of the ten largest life insurance groups in the United States (based on A.M. Best's ranking of Life/Health Groups by Net Premiums Written - 2000).
About Canada Life
The Canada Life Assurance Company, Canada's first domestic life insurance company, founded in 1847, has total assets under administration in excess of $43 billion. Headquartered in Toronto, the Company operates in Canada, the United States, the United Kingdom, the Republic of Ireland, Germany, Brazil, the Caribbean and Hong Kong.
Canada Life Assurance Company sold its first policy to a US resident in 1849, and opened its first branch office in the United States in 1889. Canada Life's United States Division was created to more effectively serve the needs of our US policyholders. Today the US Division, located in Atlanta, GA, is an autonomous business unit offering products that help protect you, your family and your retirement. We also offer products that protect groups and employees. For more information on Canada Life's US Division please contact 800-333-2542 or visit our web site at www.canadalifeus.com.
About McCamish Systems, L.L.C.
McCamish Systems' VPAS® (Variable Product Administration Systems) product family includes VPAS® Life and VPAS® Benefit Plan Administration as client/server based, relational database systems, which are scalable, feature rich and flexible enough to be customized to suit unique client requirements. McCamish Systems can deliver its solutions in one of three options: BPO (Business Process Outsourcing); Remote Processing; or License Agreements.
McCamish is currently providing administration solutions for six of the ten largest life insurers in the country and one of the top five banks.
VPAS® Life supports administration of variable and fixed annuities, variable and fixed universal life, private placement products and corporate- and bank-owned life insurance programs (COLI and BOLI). VPAS® Benefit Plan Administration provides record keeping capabilities for SERP, Split Dollar and other non-qualified benefit plans. All VPAS® products are Internet enabled, so that clients, sponsors, brokers, agents and participants have access to policy and plan information.
McCamish Systems is a privately held company based in Atlanta, Georgia.
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For more information about McCamish Systems, please contact our Sales & Marketing group at Solutions@McCamish.com or call 800.366.0819.