NEWTOWN SQUARE, PA — Penn River, Inc. and NTT DATA have announced a key milestone in their collaboration with the launch of a variable annuity product supported by an innovative policy administration platform. This development marks a significant achievement for both organizations, as they address the evolving needs of the insurance industry with a digital-first solution designed to enhance efficiency and speed to market.
The new platform integrates seamlessly within NTT DATA’s Third-Party Administrator (TPA) technology ecosystem, enabling life and annuity insurers to accelerate the introduction of new products and improve customer service. Penn River’s cloud-native Policy Administration System serves as the foundation for this success, helping carriers reduce time to market and operational costs.
“Policy administration systems are the foundation of insurance operations, empowering insurers to accelerate time to market while also delivering exceptional customer service,” said David Shaw, CEO and Co-Founder of Penn River. “We are excited to complete a variable annuity conversion for one of NTT DATA’s clients. Together with NTT DATA, we offer an industry-leading, end-to-end, digital-first solution, allowing clients to stay ahead in today’s challenging market.”
The collaboration highlights the companies’ focus on enhancing agility for insurers as they launch variable annuity products that reflect changing consumer demands. By leveraging NTT DATA’s Global Insurance Digital Platform (GIDP), which supports over 8 million policies, coupled with a data-driven service approach, insurers can effectively streamline operations and improve customer experiences.
“Success for Life and Annuity insurers today relies on quickly bringing products to market that meet consumer needs,” said Akshay Arora, SVP, Insurance, NTT DATA. “By adding variable annuity support, NTT DATA can better serve our clients. With Penn River’s capabilities in our Third-Party Administrator ecosystem, we can accelerate new product launches and enhance customer experience with a data-driven service offering.”
Built with modern Insurtech principles, the platform allows firms to integrate advanced policy administration tools with robust APIs and automation while addressing compliance and security standards. The system’s flexibility positions it as a critical tool for insurers adapting to a fast-changing, competitive market.
Looking ahead, the Penn River and NTT DATA partnership signals a broader shift toward digital transformation in the insurance industry. By combining expertise and cutting-edge technology, the collaboration offers insurers a pathway to meet consumer expectations, launch innovative products, and strengthen their market position in an increasingly tech-driven landscape.
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