SE2 Awarded Multi-Year Contract with Nassau Financial Group to Transform Administration of its Existing Life and Annuity Blocks of Business
SE2 to convert policies spanning multiple legacy systems onto the SE2 Aurum® digital platform to enhance customer experience, optimize cost structure, and increase speed-to-market for future products
SE2, an industry leader in providing technology driven third-party administration (TPA) services, announced today that it has entered into a multi-year agreement with several insurance subsidiaries of Nassau Financial Group (Nassau), to convert and manage existing policies across multiple legacy systems onto SE2’s Multi-tenant SE2 Aurum® digital platform. The strategic partnership will further enable Nassau to deliver a best-in-class customer experience and drive down unit costs over time across a broad range of products. Nassau will maintain its industry-leading in-house call center.
SE2 was carved out of a leading insurance company in 2005 to specialize in Third Party Administration services for the U.S. Life and Annuities Industry. SE2 currently manages over two million policies for more than 25 Life and Annuity Carriers and has a unique actuarial driven conversion methodology that has led to their market growth. SE2 will ultimately administer the majority of Nassau’s life and annuity products.
“We have invested significantly in building the best-in-class digital platform, and this is being recognized and appreciated by our clients who are able to enhance their customers’ experience while reducing time to market for new products,” said Gautam Thakkar, Chief Executive Officer of SE2. “This deal comes at the back of multiple significant wins in the recent months and is a testament to our deep expertise and track record in the U.S. Life and Annuity Insurance Third Party Administration market.”
“We are looking forward to the partnership with SE2 as we leverage their innovative platform to enhance our best in class customer experience,” said Phil Gass, Chairman and Chief Executive Officer of Nassau. “We expect the SE2 partnership will allow us to simplify our administration, optimize costs, enhance customer outcomes and launch new products more efficiently into the market.”
SE2 Aurum® is the industry’s first end-to-end, multi-tenant and open-architecture digital insurance platform ecosystem, conceived by insurers for insurers. SE2 Aurum® provides insurance carriers with a rich, engaging, fully-digital environment that enables them to quickly launch new products, create cost efficiencies and acquire new customers across all distribution channels. The highly configurable platform offers the flexibility to seamlessly integrate with external data sources and an extensive partner ecosystem.
SE2, an Eldridge Industries business, is a leader in technology-driven third-party administration services for the U.S. life and annuity insurance industry. SE2 has a proven track record in delivering platform led transformations for the life and annuity insurance industry. SE2 uniquely combines the maturity and peerless industry knowledge of its 125+ years of life insurance industry heritage with its end-to-end digital platform to enable the rapid launch of new and innovative products through existing as well as digital channels. SE2 currently administers nearly 2 million active policies on behalf of its 25+ clients. SE2 has over $100 billion in assets under administration and handles more than 200,000 new business applications annually. Please visit SE2 at www.SE2.com to learn more.
About Nassau Financial Group
Nassau’s mission is to build a franchise across the insurance value chain. Based in Hartford, CT, Nassau Financial Group currently has combined assets of approximately $22.6 billion and capital of approximately $1.3 billion. Our business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates. Nassau was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm with over $15 billion of committed capital. For more information, visit nsre.com.