Church Mutual Insurance Company and Tech Mahindra have announced a partnership to develop a new cloud-based policy processing system for Church Mutual.
Church Mutual, an insurer rated A (Excellent) by A.M. Best Company, is the leading insurer of religious institutions in the United States. It has 935 employees across the nation.
India-based Tech Mahindra is a specialist provider of solutions to the connected world, enabling future digital enterprises. It has more 87,300 employees in 49 countries.
Church Mutual began developing a new policy processing system several years ago. Church Mutual has entered into an agreement transferring ownership of the system to Tech Mahindra.
“Tech Mahindra brings a high level of system integration expertise for global insurance players,” Church Mutual President and CEO Mike Ravn explained. “With them maintaining the policy administration system going forward, our company will be able to focus our technology efforts and resources on strategic work.”
As part of the engagement, Tech Mahindra will convert the existing policy administration and billing systems into a cloud-based model to provide faster definition and lines of business rollouts.
“Our in-depth understanding of the insurance business processes has enabled us to design solutions that will help customers derive optimum value from information technology investments,” said Tech Mahindra’s MD & CEO C.P. Gurnami “We are proud to partner with Church Mutual in this digital transformation journey.”
The goal of the partnership is to create a state-of-the-art system that supports Church Mutual’s strategic growth needs. This will be a technology that other insurance companies may want to purchase, providing Church Mutual and Tech Mahindra with potential royalties from future licensing fees.
“This move will save us development and maintenance costs for years to come,” Ravn added.
Church Mutual has been in business for 116 years and now insures more than twice as many religious organizations as its nearest competitor.
Tech Mahindra boasts a strong team of domain experts and has partnered with some of the major names in the insurance industry.