Tier One West Coast Insurer Licenses CalcFocus CoreCalc and Forecast to Enhance Innovation in The Selling Process

CalcFocus CoreCalc API-enabled calculation engine will be used to provide existing 3^rd party systems as a single source of product rules and calculations

Philadelphia, PA – (August 27, 2024) – CalcFocus is proud to announce a Tier One West Coast insurer has licensed CoreCalc and Forecast Illustrations to support a green-field approach to innovation in their sales and distribution organization. The insurer looks to mimic personal lines P&C and life insurance bundling, and create a simple, rapid personal insurance experience for consumers and the field.

Initially, the innovation program will use CalcFocus CoreCalc to add life insurance “quick quotes” to the insurer’s existing field support systems, enabling immediate and accurate life insurance options to the package, using out-of-the-box APIs.

The next phase will incorporate using CalcFocus Forecast for complete new business sales illustrations and statements, utilizing the same CoreCalc rules and calculations.

The insurer plans to use CalcFocus Forecast In-force Illustrations for new greenfield products and enable real-time support for existing products on the insurer’s current platform.

CalcFocus CoreCalc is a unique approach to solving the single source of truth problem for life insurance product rules and calculation. CoreCalc holistically encapsulates product rules and calculations, as it is designed to not only seamlessly integrate into the other CalcFocus products, it provides the same level of rules and calculations to 3^rd party systems using multiple modern API options. This open system approach is critically important to insurers dealing with the realities of driving digital transformation while running the day-to-day business on existing legacy systems.

“Our customer needs to provide a better packaged product experience to their customers and to the field force that services them. This requires innovative, out-of-the box thinking to cross lines between life and P&C product segments to provide a holistic customer experience.” said Kevin Walma, Chief Revenue Officer, CalcFocus. “CalcFocus CoreCalc makes it possible to easily add life insurance products to their existing customer and field service quick quoting systems through out-of-the-box APIs. Ultimately, they will share a single source of product and calculation information across all their systems, increasing product speed to market and accuracy of sales and ongoing customer service.”

Some Key Benefits of Using CalcFocus Products:

• Efficient Legacy Management: Streamlined processes and advanced analytics for managing and optimizing legacy blocks of business.
• Accelerated Time to Market: Rapid development and deployment of new products, reducing time frames and increasing competitive advantage.
• Enhanced Accuracy: Improved accuracy in actuarial and financial modeling, ensuring reliable and precise outcomes for clients.
• Cost Reduction: Significant reductions in operational costs through automation and efficient resource management.

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.