Concentrix Extends Relationship with Sagicor Financial Corporation
October 7, 2015 Staff Writer
Carrier uses GIAS for new business in the Caribbean
FREMONT, California – October 07, 2015 – Barbados-based Sagicor Financial Corporation (SFC) has extended the use of the Concentrix Insurance Solutions (Concentrix) GIAS platform to process new individual life insurance business in select Caribbean countries. The move allows Sagicor to explore new ways to configure its life insurance businesses across its various business units.
“We have been using GIAS successfully for some time in our US operations, but this is the first time we took advantage of the platform to run our business outside of the US, specifically in Barbados, Trinidad, and across the Eastern Caribbean countries,” said Ron Blitstein, Executive Vice President and Group Chief Information Officer at SFC. “What’s especially impressive is the way we can bring new products on stream faster.”
“Sagicor can now introduce new products faster across a landscape of various currencies and country-specific regulations,” Blitstein continued. “With GIAS we are able to offer new insurance products to our customers across the Caribbean region in a matter of weeks, not months, as it was with the legacy system.” Blitstein added, “The go-live date and the dates thereafter were a ‘non-event,’ during which we did not experience any service interruptions.”
For Sagicor, which does business across the Caribbean, Latin America, and the United States, GIAS enables the company to consolidate life insurance products onto a single platform with common business processes, security, client information, accounting and commission capabilities. Beyond these common controls, GIAS helps the company account for insurance regulations, currency systems, taxes and other factors that are unique to each country.
“Through GIAS, we have an upgrade path and the partnership and responsiveness of Concentrix made the transition to a new system easy,” said Teri Townsend, Sagicor Vice President of Technology. “We attribute the implementation success to the Sagicor and Concentrix project teams’ working relationship. A significant outcome for Sagicor is that GIAS enabled us to streamline and modernize the business.
“For Sagicor,” she added, “speed to market is essential. We expect to develop and introduce at least twice as many new products in a year compared to what we could introduce prior to GIAS.”
“The GIAS implementation for Sagicor reflects our mission to enable our client’s growth and business outcomes through the powerful and functionally-rich business solutions and services we provide,” said Robert Marino, Concentrix Insurance Solutions sales leader. “Our goal is to assist clients to act on growth initiatives and customer experience enhancements to reach the desired business outcomes by transforming the business.”
About Sagicor Financial Corporation
Sagicor is a leading provider of financial services in the Caribbean. Operating in 23 countries, including the USA and Latin America, Sagicor has total assets of US $6.2 billion, and $774 million in capital. The Sagicor Group offers a wide range of products and services including life insurance, annuities, banking and group and individual health. Sagicor is a widely-held publicly- traded company and is listed on the stock exchanges of Barbados, Trinidad and Tobago and London. (www.Sagicor.com)
About the Concentrix GIAS Technology Platform
Genelco Insurance Administration Solution™ GIAS is a next-generation, Java-based strategic solution for life and health insurance carriers. It has robust, component based administrative and claims processing functionality, a world class business rules engine, SOA and Web services capabilities. It is a Web-based application that is platform and database independent. It has been put into production in multiple environments in the US and China, and the Caribbean, and can be deployed in a license, SaaS or full third-party administration model.
A wholly owned subsidiary of SYNNEX Corporation (NYSE: SNX), Concentrix is a leader in high-value global business services. It partners with its clients to deliver end-to-end customer engagement services, technology innovations, analytics, process optimization, and business improvements. The global business services firm transforms the customer experience, and streamlines front and back office and industry-specific processes to provide the highest value from every customer interaction. Based in 24 countries with a staff of more than 54,000 who speak 40+ languages, Concentrix offers industry expertise in 10 industries: Banking & Financial Services, Healthcare & Pharmaceutical, Insurance, Technology, Consumer Electronics, Retail & e-Commerce, Government & Public Sector, Media & Communications, Automotive and Travel, Transportation & Tourism. For information and recent news, visit www.concentrix.com.
SYNNEX Corporation (NYSE:SNX), a Fortune 500 corporation, is a leading business process services company, optimizing supply chains and providing outsourced services focused on customer relationship management. SYNNEX distributes a broad range of information technology systems and products, and also provides systems design and integration solutions. Founded in 1980, SYNNEX Corporation operates in 25 countries around the world. Additional information about SYNNEX may be found online at www.synnex.com.
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