Marlborough Stirling Plc, the e-commerce business solutions provider, has entered into a lb1.2 million agreement with Wesleyan Financial Services, to install its Lamda life and pensions system.
Under the agreement the Lamda system will be developed to provide Wesleyan with a bespoke program tailored to support its multiple brands and to enable the provider to bring an innovative range of low cost products speedily to market.
Marlborough Stirling will also provide Birmingham-based Wesleyan with administration assistance and technical support services from its head office in Cheltenham.
Marlborough Stirling`s general manager, third party service implementation, John Berry said: "We`re delighted to have won this contract. We have successfully launched two new bonds in only a matter of months and we`re currently working with the Wesleyan team on a new personal pension product which is to be launched later this month."
Berry says that Lamda`s flexibility and capacity for rapid evolution means Wesleyan can now react quickly to developments and bring new products to the market.
"This is an essential requirement. Without the ability to meet new challenges and launch new initiatives of their own, providers will struggle in today`s competitive climate."
Wesleyan Financial Services change programme director Ray Lowe said: "We chose to work with Marlborough Stirling because they have proven expertise in the life and pensions field, and have the ability to provide this service by means of modern and flexible technology.
"Lamda represented the most cost effective, tried and tested solution. The system also has the advantage of offering a low-cost platform that can support a variety of product types."
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Marlborough Stirling
Marlborough Stirling (www.marlborough-stirling.com) provides strategic e-business solutions for the mortgages and life & pensions industries.
Marlborough Stirling`s software systems and support services enable financial service providers to meet consumers` demanding requirements for products that are simple and understandable, competitively priced, flexible, distributed through channels to suit them and processed quickly and accurately. Marlborough Stirling has implemented solutions for over 100 clients.
Background The Wesleyan is a mutual assurance society, which was founded over 150 years ago by members of the Wesleyan Methodist Church in Birmingham. Wesleyan specialises in providing financial advice on life, pension, savings and mortgage products as well as offering motor and household insurance.
Financial Strength
Wesleyan` s financial strength is one of the keys to its success. It means Wesleyan has more freedom to invest for the longer term-using high performing assets such as company shares and property to aim to produce better results and pay higher bonuses. The Wesleyan is one of the financially strongest UK life offices (top quartile - Money Management Financial Strength Survey 1999)
Performance Track Record
- The Society currently has in excess of lb3 billion of funds under management.
- The Wesleyan won top awards from Moneyfacts, the leading Life & Pensions data publication for top performance over 25 years in its first two quarterly surveys (2000) of with-profits low cost endowments #.
- The latest Money Management With Profit Endowments Survey (November 2000) lists Wesleyan in the top 10 performers for with-profit payouts.**. The Wesleyan has been amongst the top 10 performers for regular premium with profit payouts a total of 19 times out of a possible 20 over the last 5 years for terms 10, 15, 20 and 25 years.
- Wesleyan Assurance Society has been awarded a five star award in Money Management`s Personal Pension Survey Update (March 2000). This award is based on past and projected performance. The Wesleyan is one of only seven companies to achieve this prestigious award for single premium unit linked performance. The updated maturity value for a male, age 45 at outset paying a lb200 regular monthly contribution into Wesleyan`s With Profits Personal Pension Plan over 10 years built up a fund value of lb43,516***.
- In recent years the Wesleyan has won a series of prestigious Micropal awards for the performance of its Life Managed Fund. It was top over 10 years in 1996 and 1998, top over five years in 1998 and top over one year in 1997. The Life Managed Fund also achieved a top three position in 1995 and 1996 for one year performance <