Sun Life of Canada has signed a multi million pound contract with Marlborough Stirling, the financial services business solutions provider, to install its Lamda life and pensions system and its Alpha calculations engine.
The system is central to a new development strategy at Sun Life of Canada (SLOC) which will enable it to bring an innovative range of simple, low-cost products speedily to market, establish an efficient new call centre and communicate with its customers via the internet.
SLOC says it will help deliver a significantly enhanced level of customer service and a radically reduced cost base, saving millions of pounds by reducing the cost of administering a policy to one third of its current level.
So confident is Marlborough Stirling in its ability to deliver these benefits that it has included an option to provide third party administration services at this market leading cost on completion of the development.
The two organisations are working in close partnership to customise and extend the system to a precise brief. It will go live in July with a full administration system for business written from that date and with existing business from four legacy systems migrating to it over the next two years.
The new internet capability will give SLOC customers 24 hour access to account information and services.
The system will also provide direct support for a new call centre operation, maximising the amount of "one and done" work, whereby an enquiry is answered in one conversation rather than several separate transactions.
As well as supporting Lamda, the Alpha calculations engine will be embedded in SLOC`s point-of-sale system to ensure that clients get consistent quotations and illustrations, whether performed by the salesperson or the call centre.
Paul Davies, SLOC`s vice president and director of operations, said: "We reviewed a number of potential business partners to support this period of transformation, and Marlborough Stirling emerged a clear winner. We will get tried and tested technology that can effortlessly cope with the very largest of portfolios, and be implemented very quickly.
"This is crucial to our plans and Lamda is central to our future development."
Marlborough Stirling`s director of client delivery Tony Ayres said: "This will give SLOC the ability to get products to market very quickly, deliver the cost savings necessary to meet the exacting demands of the new stakeholder pensions and provide a platform for additional future low cost products.
"We are thoroughly enjoying working together and very much look forward to seeing dramatic results."
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Marlborough Stirling
Sun Life of Canada In order to avoid confusion with companies with a similar name, the name Sun Life of Canada should only be shortened to SLOC after the first mention.
Marlborough Stirling (www.marlborough-stirling.com) transforms financial services through the use of strategic 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:
- new, innovative products
- availability anytime, anywhere
- speed * efficiency
- competitive pricing
- flexibility
Marlborough Stirling has implemented solutions for over 40 clients and its systems are used at over 10,000 locations. Over two thirds of the UK`s top 25 life companies use its systems and services, as well as over half of the UK`s top 25 mortgage lenders.
Lamda is a complete client-based life and pensions administration package, which can dramatically reduce the cost of clerical and IT support.
It is highly scalable, addressing the current and future needs of the smallest to the largest of portfolios. It offers a fully functional system that can be changed rapidly and cost-effectively, and has been proven to outperform mainframe applications on a run time comparison.
Alpha Calculations Engine
A highly flexible, parameter-driven library of calculation routines providing fully compliant, pre- and post-sale illustrations across the complete range of life and pensions products. It forms the backbone of many Marlborough Stirling products, and can be used across a variety of different applications and platforms, resulting in consistent calculations output across the entire range of an organisation`s activities.