Latest news with #ResolutionLife
Business Wire
06-05-2025
- Business
- Business Wire
Insurance Leaders Partner with OutSystems to Modernize Application Development and Enhance Digital Experiences
BOSTON--(BUSINESS WIRE)-- Resolution Life, Gen Re and another leading insurer in the U.S. shared their experiences of partnering with OutSystems to execute successful digital transformation initiatives at key industry conferences, including InsurTech NY and IDC Digital Experience Summit. Gen Re will also discuss its work with OutSystems at the upcoming NextGen Finance Transformation Summit on June 24. Insurance providers with a legacy of growth and customer satisfaction may struggle with the legacy technology in their business, which persists over years of operation. These technologies can pose an enduring challenge to insurance providers' digital transformation efforts: they are deeply embedded in operations, yet increasingly difficult and costly to maintain. Meanwhile, off-the-shelf solutions that can be purchased to solve insurance industry needs are often too general to meet specific end user needs. At these leading industry events, Resolution Life and Gen Re discussed how OutSystems AI-powered low-code platform supported their ability to achieve meaningful business-driven outcomes in their digital transformation journeys: Resolution Life partnered with OutSystems to create a holistic digital experience for customers and its back office workforce with the launch of a customer service portal in seven months and a customer-facing portal in just five months. The new platforms achieved an impressive 80% satisfaction rating, showcasing the success of Resolution Life's unified digital experience transformation. Gen Re leveraged OutSystems to transform global finance and legal operations. Faced with the challenge of supporting a complex, global B2B environment with a lean IT team, the organization created a unified application that connects diverse global systems, ensuring regulatory compliance and optimizing complex workflows. A leading U.S. life insurer used OutSystems to accelerate its modernization strategy, focusing on cutting through system complexity while controlling costs and minimizing technical debt. Balancing innovation with stability, the insurer built an agile experience layer to drive digital transformation without disrupting core operations — creating a future-ready architecture that can evolve with its business. 'As our business needs evolve, it's critical for our IT teams to evolve our application development strategy,' said Ivan Palhegyi, Head of Transformation at Gen Re. 'Using OutSystems, our IT teams created a future-ready architecture that can support the complexities of our global business operation and enable the delivery of custom, mission-critical applications that create differentiation.' OutSystems enables life, property and casualty (P&C), and health insurers, as well as third-party administrators (TPAs) and reinsurers, to build fit-for-purpose experiences and API-driven ecosystems. With OutSystems AI-powered low-code platform, insurers can automate processes and modernize legacy tech faster, leveraging their existing IT and development teams, and with less risk and complexity. 'For time-tested insurers, innovation is imperative yet legacy modernization initiatives can feel like impossible projects,' said Andy Pemberton, Chief Revenue Officer at OutSystems. 'Our enterprise-grade, AI-powered low-code platform supports insurers like Resolution Life and Gen Re in gaining the competitive edge required in a digital-first world, no matter what existing technology or access to development talent they have in-house.' About OutSystems OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward. Founded in 2001, the company's network spans more than 800,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at
Yahoo
07-03-2025
- Business
- Yahoo
Dai-ichi Life to Cede $9.7 Billion Insurance Blocks to US Firm
(Bloomberg) -- Dai-ichi Life Holdings Inc. said a US subsidiary agreed to transfer insurance blocks totaling about $9.7 billion in policy reserves to a reinsurance firm to improve earnings. Trump Administration Plans to Eliminate Dozens of Housing Offices Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' NJ College to Merge With State School After Financial Stress How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low Protective Life Corp., a wholly owned Dai-ichi Life unit based in Birmingham, Alabama, has decided to cede the blocks to reinsurance firm Resolution Life Group Holdings Ltd., Dai-ichi said in a statement. The group expects an improvement in its adjusted profit of around $30–40 million over the medium to long term as a result of the transaction, the Tokyo-based insurer said. Reinsurance companies affiliated with investment firms such as KKR & Co. in the US are increasing the number of contracts they are underwriting to put more of their funds in higher-returning assets in Japan. New capital regulations for insurers in Japan are scheduled to start in the fiscal year beginning April, and companies in the sector are trying to lighten their financial burden by carving out some of their contracts. At the same time, Japan's life insurers are renewing their drive for acquisitions at home and abroad after a lull following a string of multi-billion-dollar deals a decade ago. Resolution Life is slated to be brought under the umbrella of Nippon Life Insurance Co. by the second half of 2025. In the deal with Resolution Life, assets related to the contract will remain with Protective Life, but income and expenses including investment gains and losses will be transferred to the reinsurance firm. Snack Makers Are Removing Fake Colors From Processed Foods An All-American Finance Empire Drew Billions—and a Regulator's Attention The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P.
