Sun Life Financial of Canada has marked the launch of a major new development strategy by going live with Lamda, the hi-tech online life and pensions system from e-commerce specialists Marlborough Stirling.
Completion of the first stage of a multi-million pound contract means SLFOC will begin writing all new UK business on Lamda, Marlborough Stirling`s market-leading life and pensions administration package. The next step will be to transfer all existing business from four legacy systems.
SLFOC`s aim is to achieve a "significantly enhanced" level of customer service while radically reducing cost-base - with potential savings of up to two thirds on policy administration - and creating simple, economic products that can be brought rapidly to market.
Key customer benefits include 24-hour internet access to information and services and a revised call centre operation that will maximise `one-and-done processes` and reduce the need to transfer tasks to the back office.
Paul Davies, SLFOC`s vice-president and director of operations, says: "In Lamda we have acquired tried and tested technology that can cope effortlessly with the very largest of portfolios and at the same time be implemented very quickly.
"Such flexibility at the core of our administration and IT support system is crucial to our future plans, and Lamda is central to those developments."
Marlborough Stirling`s director of sales and marketing, Tony Ayres, says the package will not only enable SLFOC to move products swiftly to market but will enable much of the cost reduction necessary to meet the exacting demands of the one percent world.
He adds that the Marlborough Stirling solution was ready to launch within seven months - "Pretty good going by any standards.
"Lamda lies at the core of SLFOC`s future development - in particular it gives them the potential to distribute and service their products via any of the emerging channels, such as internet and digital TV should SLFOC wish to do so - and the installation went very well.
"The two organisations have worked very closely together to customise and extend the system to a precise brief, and we look forward to building on that relationship in the future."
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Sun Life Financial of Canada
Sun Life Financial of Canada is an international financial services organisation that offers value-based lifetime financial solutions for individuals and organisations across the globe. With over 10,000 employees worldwide and more than 100,000 financial consultants we offer a broad range of financial solutions to individuals and groups on an international basis via our operations in Canada, the United States, United Kingdom, the Philippines, Hong Kong, Japan, China, India, Bermuda, Barbados, Chile and Australia.
Marlborough Stirling
Marlborough Stirling (www.marlborough-stirling.com) transforms financial services through the provision of strategic e-business solutions for mortgages and life & pensions.
The organisation`s software systems and support services enable financial service providers to meet consumers` ever 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. Over two thirds of the UK`s top 25 life companies use its systems and services, as well as almost half of the UK`s top 25 mortgage lenders.