(Union Station in Toronto, home of Sun Life Financial. Photo credit: Raysonho.)
Sun Life Financial (Toronto) has consolidated its annuity management capabilities on the Aon PathWise variable annuity platform, according to an announcement from the vendor, Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, a wholly-owned subsidiary of Aon plc (Chicago).
Huge Gains in Speed and Efficiency
“Prior to implementing the PathWise platform for variable annuities, we relied on multiple systems to support our financial reporting processes,” reports Mike Schofield, VP, Actuarial and Risk Management, Sun Life Financial. “Using PathWise, we have been able to consolidate these components into a single controlled system, resulting in huge gains in speed and efficiency.”
“Processes that used to take many hours can now be completed in a matter of minutes, which has helped increased the depth and breadth of analysis used within our financial reporting, risk management processes, and new product development,” Schofield elaborates.
The vendor describes the PathWise solution as an integrated business solution for financial guarantees embedded in life insurance products, and supports new product development, financial and regulatory reporting, enterprise risk management activities, and hedge program management and reporting activities.