Eagle Investment Systems LLC, a BNY Mellon company, announced today that Massachusetts Mutual Life Insurance Company (MassMutual) has implemented Eagle’s insurance accounting and data management solutions to meet its future investment-information needs.
MassMutual, based in Springfield, Mass., is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com
MassMutual initially engaged Eagle to implement a data management platform, which now serves as a single source of investment data that feeds into a centralized reporting ecosystem and supports the processing needs of the general account. MassMutual also selected Eagle’s insurance accounting solution to replace its legacy system. Eagle’s insurance accounting system offers new capabilities and improved efficiencies, with MassMutual’s GAAP, Tax, and Statutory books running on one integrated solution.
Throughout the project, Eagle leveraged the expertise of BNY Mellon’s insurance product specialists, who also use Eagle for their outsourcing insurance platform. By collaborating with MassMutual and BNY Mellon, Eagle developed added capabilities that incorporate tax accounting enhancements and new functionality around cash processing, amortization and income reporting needs.
“There is a tremendous sense of accomplishment that comes with completing a project of this size and scope that advances not only the capabilities available to MassMutual but also the solution set available to all Eagle clients,” said Mal Cullen, CEO of Eagle. “This successful outcome really underscores what is possible when you couple the technology and resources of Eagle and BNY Mellon with the vision of forward-thinking institutions like MassMutual.”
Eagle is committed to helping financial institutions worldwide grow assets efficiently with its award-winning portfolio management suite of data management, investment accounting and performance measurement solutions that are delivered over its secure private cloud, Eagle ACCESSSM. Eagle deploys trusted solutions and services that create operational efficiencies and help reduce complexity and risk. Eagle Investment Systems LLC is a subsidiary of BNY Mellon. Additional information is available at http://www.eagleinvsys.com/
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com