US-based National Western Life Insurance Company (NWLIC) has tapped Equisoft to replace its core legacy policy administration platform.
Under the agreement, Equisoft will offer cloud services for the Oracle Insurance Policy Administration platform.
The move is aimed at enabling the insurer’s digital transformation.
Commenting on the alliance, Equisoft senior vice president for USA Mark DePhillips said: “We are excited to have National Western Life as a client. They are clearly committed to transforming their business into a digital model.”
As part of the agreement, data of National Western Life’s existing life and annuity policies will be transferred from their legacy platforms.
National Western Life senior vice president and CIO Greg Owen said: “Implementing a new core policy administration platform is a key component of our modernisation efforts and growth initiative.
“The flexibility of a modern, configurable and scalable solution such as the Oracle platform certainly impressed us and the depth of experience that Equisoft brings to a project was also key in helping us make our decision.”
Part of National Western Life Group, NWLIC includes individual universal life, whole life, term insurance, among others, in its product suite.
Notably, NWLIC closed the acquisition of Ozark National Life Insurance Company and N.I.S. Financial Services earlier this year.
Meanwhile, Equisoft is a digital business solutions provider focusing on insurance and wealth sectors. This February, the firm snapped up Canadian insurtech AGEman Solutions.