Penn River Inc. announced today that American Equity Investment Life Insurance Company (American Equity), a leading underwriter of fixed indexed annuities, is in production with Penn River’s ProductHub platform. The implementation is the first step in a comprehensive modernization program focused on the design, implementation, and management of product rules utilizing Penn River’s state-of-the-art platform.
“This critical first step in our modernization program solves for decreased product development time to market, while also enabling reduced cost of implementation and ongoing servicing, and reduction of operational risk,” said Ted Hughes, SVP and Chief Information Technology Officer at American Equity Investment Life Insurance Company
“American Equity has embraced our platform to address a critical need as a first step in their modernization journey,” said David Shaw, Co-CEO of Penn River. “With this important step of digitizing their product development process and rules management, they’ve already begun to realize significant benefits. We couldn’t be more pleased to have helped American Equity achieve their product development goals.”
Recognizing that the product development process is the heartbeat of all Life and Annuity companies, a comprehensive solution has been introduced into the marketplace in an area where no other solutions exist. Designed for heads of technology and product development, the solution solves for decreased time to market, reduced cost of implementation and ongoing servicing, and reduction of operational risk. ProductHub fully manages the product development and implementation process, built from the ground up on a native cloud technology stack and design. The solution solves a problem that plagues every Life and Annuity insurance company – the complexity of the product development process.
