The insurance company is using Composer for its individual annuities business transformation program.
Aviva plc, a British multinational insurance company, has implemented the Composer software-as-a-service (SaaS) platform from wealth management and advice solutions provider GBST, which will support Aviva’s individual annuities business transformation program, officials say.
Headquartered in London, England, Aviva serves 25.2 million clients in the United Kingdom, Ireland, and Canada, officials say.
“Individual annuities have seen a resurgence in sales over the last few years and are reinstating their position as an important aspect of retirement planning as more customers take advantage of higher rates and seek to reduce risk from drawdown in later life,” according to the announcement.
“The strategic partnership between Aviva and GBST has enabled the rapid deployment of the Composer platform,” officials say. The platform’s operating model can “support both existing annuity customers and new product innovation. The first phase of the rollout has already seen the launch of a guaranteed fixed-term income plan, with further developments underway to introduce additional innovative annuity products and migrate existing customers to the new platform.”
“The Composer platform gives us the flexibility and security to accelerate our transformation and enhance the experience we deliver for our customers and their advisers. This collaboration marks an exciting step forward in delivering innovative retirement solutions that meet the ever-evolving needs of retirees,” says Claire Reed, director of individual annuities at Aviva, in a prepared statement.
“We will help Aviva deliver an operating model that focuses on automation and straight through processing to speed up onboarding, scale the payment processing capability whilst reducing friction to maximize operational efficiency,” says Rob DeDominicis, CEO of GBST, in a statement.
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