New York-based TIAA-CREF ($350 billion in assets) selected NaviSys' (Edison, N.J.) Enterprise Platform 9.5, a straight-through processing package, to support its policy administration. "Our old system was just not able to accommodate our newest product features," says John Wesley, TIAA-CREF's product manager for after-tax annuities. "Our goal was to get a stable, scalable system that would help us speed new products to market."
Based on J2EE standards, the Web-based, rules-driven Navisys Enterprise enables insurers to add and reuse complex new insurance concepts utilizing upgraded configuration tools. Business users can create new financial concepts - from transactions to product features - through configuration of rules. "The product manager is rules-driven and lets you build the parameters of your contract through user configuration, rather than computer programming," explains Wesley.
Components of the platform cover illustration and quotation, application and forms, case management, underwriting, policy issue, customer service, and policy administration, according to NaviSys. The same product and business rules are used by all of the components, allowing for the seamless management of the entire policy life cycle, the vendor claims.
TIAA-CREF implemented the system in January and is using it for new business. The firm currently is in the process of migrating all existing contracts from its old system to the new one, notes Wesley, who adds, "This product has been easy to use and has helped add to the stability of our customer service."