Co-operative Insurance Society (CIS) has gone live, following a lb3 million investment, with a pensions administration solution from Marlborough Stirling, a leading provider of software and services to the mortgage, life, pensions and investment market sectors. The implementation of Marlborough Stirling`s Lamda life and pensions administration system and AlphaCalculations Engine has enabled CIS to accept stakeholder pension applications from the 6th April launch date, to enter the group pensions market for the first time and will enable CIS to meet the demands of delivering pensions efficiently in a 1% world.
The system went live following a ten-month implementation. Marlborough Stirling`s Lamda system and Alpha actuarial calculation engine allow CIS to provide stakeholder pensions via multiple channels to meet varying customer demands. CIS` 4,500 strong direct sales force can process pensions via laptops, while its website accepts online applications. Pensions queries and applications can also be processed through CIS` call centre.
From a shortlist of four, CIS selected Marlborough Stirling on the basis of the functionality of its systems, a thorough understanding of CIS` business requirements, the calibre and commitment of the Marlborough Stirling team and its ability to deliver on time and to budget.
Steve Fox, life and pensions new business administration manager at CIS, comments: "CIS` entry into the group pensions and stakeholder markets is part of its long term growth and expansion plans. But this can only be achieved and sustained by responding quickly to both the evolving demands of our customers and changing legislation. We believe the combination of Lamda and Alpha will enable us to deliver excellent service and equip us with the flexibility to cope with new legislative changes quickly and efficiently. As there is little to differentiate the stakeholder products on the market, customer service is a key battleground on which we aim to gain an advantage."
Marlborough Stirling will continue to work with CIS following the implementation, to continually assess and further develop CIS` pensions administration systems.
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Marlborough Stirling (www.marlborough-stirling.com) provides software and services for the mortgage, life and pensions and investment market sectors.
Its software and services are designed to enable financial service providers to meet consumer`s demand for products that are flexible, capable of being distributed through a variety of channels and processed efficiently.
It employs approximately 860 people and has offices in Cheltenham, Camberley, Brighton, Dublin, Douglas in the Isle of Man, Cape Town in South Africa and Toronto and Vancouver in Canada.
CIS
CIS is a leading nationwide insurer with over 130 years` experience and customer base in excess of 4.5 million.
As well as life assurance and home and motor insurances, its current product range includes personal pensions, mortgages, with-profits bonds, critical illness products, unit trusts and ISAs.
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