Source: Vertex Financial Services
Vertex Financial Services today announced it has been awarded a new business process outsourcing (BPO) contract win.
Under the contract, Vertex will build a product administration platform and full end-to-end administration service for Living Time, who will launch a range of innovative products underwritten by AIG Life into the UK's retirement income market.
To ensure the new venture provides a superior and differentiated service to its intermediary customers, Vertex is developing a retirement income version of its Virtual Life Company operation - used successfully previously for Royal Liver.
This model integrates Vertex's established Lamda new business platform and retirement income new business administration services with The Exchange's Exweb adviser portal solution and Paymaster, the leading third-party provider of annuity payment services.
Development of the solution has already begun with a target launch date of October 2006.
Andy Hunt, managing director, Vertex Financial Services, explains: "We are extremely pleased to conclude such a significant new contract, particularly one which will create the platform for a major new entrant into the retirement income marketplace. Based on the very successful and pioneering work we did for Royal Liver, the Living Time/AIG Life venture will be able to produce a highly differentiated, efficient retirement income new business and administration service."
Kim Lerche-Thomsen, chief executive, Living Time, explains: "As a new entrant to the retirement income market, the Vertex agreement will enable us to grow rapidly for a known fixed cost and without the distraction of needing to build our own administration infrastructure."
Keith Boughton Annuities and Payroll Director at Paymaster said: "We are delighted to be working with Vertex in their delivery of innovative retirement products for Living Time. This appointment reinforces our position as one of the leading independent providers of annuity payment services."