Allianz Life Luxembourg has selected the Solfia Software as a Service (SaaS) platform, as a comprehensive middle-office solution with which to manage the internal funds of its life insurance contracts.
Allianz Life Luxembourg required a technologically advanced solution that combined extensive value-added functionality with access to real-time data, as a complement to its existing outsourcing strategy for dedicated fund management. Allianz Life Luxembourg plans to go live with effect late March 2013, with remote access to its own dedicated secure Solfia platform, hosted by Clearstream Services.
The Solfia SaaS solution is based on BSB's market-leading Soliam software, providing organisations such as Allianz Life Luxembourg with fast access to a cost-effective and fully functional fund management platform, accompanied by the benefits of the SaaS model in terms of shared software, IT infrastructure and resources. Patrick Bouckaert, Chief Information Officer of Allianz Life Luxembourg, explains the rationale behind their choice: "The SaaS solution ensures greater autonomy through secure online access to data, better monitoring of the management costs, and a considerable improvement of the services delivered to our partners and our customers".
Solfia delivers a complete array of middle-office services, designed to provide enhanced operation across financial data recovery, real-time consolidation and repair of financial transactions, net asset value calculation of internal funds, closing of accounts, active/passive interfaces, regulatory CAA reporting and the production of consolidated client reporting. "Insurance companies are being confronted with many of the same challenges as wealth managers with regard to the consolidation of multi-depositary portfolios. The integration and reconciliation mechanisms, as well as the production of regulatory reports, are thus very costly for insurance companies. Solfia offers a complete solution, leading to an essential quality improvement in both services as well as enhanced cost management", comments Paul Massart, Managing Director of Solfia.