Philadelphia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- CalcFocus continues our longstanding relationship with Unum to support both new product initiatives and system consolidation by using the CalcFocus Forecast Illustration and Achieve Policy Administration Systems.
CalcFocus, a provider of front and back-office Life, Health and Annuities insurance technology for both Group and Individual products, announced today that Unum Group (NYSE: UNM), a Fortune 500 international provider of workplace benefits and services, has implemented the CalcFocus Achieve policy administration platform to replace multiple legacy platforms and support Unum’s new Group Whole Life with long term protection product line. This will further enhance Unum’s portfolio of leading individual and workplace benefits and provide their customers with an enhanced digital experience.
“We deeply value our relationship with Unum, and we are proud of the value our products and services have brought them. We are insurance industry natives, and our customers appreciate the industry knowledge we have and our drive to give them great service,” said Tommy McCahill, CEO CalcFocus.
“We bring deep expertise and experience in insurance product design, system implementation and complex insurance block conversion. Our Forecast and Achieve products provide extensive out-of-the-box capability, including detailed industry specific calculations and workflows which greatly reduce the time and cost of implementation.”
CalcFocus has a longstanding relationship with Unum starting with the implementation of its Forecast Illustration System for both in-force policies and “smart” annual statements that provide customers the data they need to effectively manage their policies.
This work led to CalcFocus helping Unum by providing API-enabled calculation services to existing Unum administration systems, and ultimately to consolidate four existing policy books of business onto the CalcFocus Achieve Policy Administration System. The success of these initiatives laid the foundation for Unum to launch a new product initiative directly on the Achieve administration system.
“CalcFocus has a deep understanding of insurance products and processes. Their platform is robust and easy to navigate, which helps us serve the dynamic needs of our customers,” said Lou Ann White, Unum Group’s VP of Universal Life.
About CalcFocus
CalcFocus was founded in 2014 by a group of insurance technology veterans in response to seismic changes in the life and annuity industry landscape. CalcFocus Forecast Illustration and Achieve Administration products are cloud-hosted web services to augment or replace selected legacy illustration and policy administration functionality; and CalcFocus services may be orchestrated to become a comprehensive enterprise policy administration and illustration platform. The CalcFocus platform was designed with a pragmatic approach to configurability and a dogmatic approach to quality.
In 2023, the CalcFocus’ Forecast Illustration System won the Advanced Technology award and was placed in the Luminary Quadrant in Celents North American Illustration Systems Report, indicating the product excels in both Technology and Breadth of Functionality. The Achieve Policy Administration System also won the Advanced Technology Award in the same year.
Learn more at www.calcfocus.com.
