Penn River offers a cloud-native Policy Administration System for life and annuities that streamlines the product development lifecycle, enabling carriers to launch new products with up to 30% faster time to market and 25% lower development costs. The platform simplifies policy management and ensures compliance through automated testing and transparent processes, addressing the complexities and high costs associated with traditional policy administration systems.
Funding
Funding not disclosed
Founders
Product
Problem
Life and annuity (L&A) carriers face challenges in rapidly launching new products due to the complexities and high costs associated with traditional policy administration systems (PAS). Lengthy development cycles, redundant processes, and disparate information sources hinder speed to market and increase operational expenses.
Solution
Penn River offers a cloud-native Policy Administration System (PAS) designed for life and annuity carriers, streamlining the product development lifecycle to accelerate time to market and reduce development costs. The platform simplifies policy management, ensures compliance through automated testing, and connects disparate data sources, including eApps, product rules, testing, and reinsurance. Penn River's ProductHub solution reduces redundancies and facilitates faster product rollouts, enabling carriers to achieve sustainable speed to market at a lower cost of ownership.
Target Audience
The primary target audience consists of life and annuity insurance carriers seeking to modernize their policy administration systems, accelerate product launches, and reduce operational costs.
Features
- Cloud-native architecture for scalability and reduced infrastructure costs
- ProductHub streamlines product development, reducing time to market by up to 30%
- Automated testing and validation certification ensures compliance and reduces risk
- Low-code upgrades for easy maintenance and continuous improvement
- Accelerated product development through iterative, low-input partnership
- Product modeling and validation certification
- Streamlined state filings