Aviva has unveiled its annuities transformation programme, with the implementation of GBST’s Composer SaaS platform.
The provider said individual annuities have seen a resurgence in sales over the last few years and are reinstating their position as an “important aspect” of retirement planning.
The strategic partnership between Aviva and GBST has enabled the rapid deployment of the Composer platform, designed to support both existing annuity customers and new product innovation.
The first phase of the rollout has already seen the launch of a guaranteed fixed-term income plan, with further developments underway to introduce additional annuity products and migrate existing customers to the new platform.
Claire Reed, director of individual annuities at Aviva, said: “We’re delighted to partner with GBST, as part of our ongoing commitment to driving forward our annuity business. The Composer platform gives us the flexibility and security to accelerate our transformation and enhance the experience we deliver for our customers and their advisers.
“This collaboration marks an exciting step forward in delivering innovative retirement solutions that meet the ever-evolving needs of retirees, today and in the future.”
Robert DeDominicis, CEO of GBST, added: “Our modern, secure wealth administration solutions offer financial services organisations a cost-effective, fast and scalable means to transform their user experience and accelerate the process of bringing new products and features to market.
“Through the strength of our Composer platform, we will help Aviva deliver an operating model that focuses on automation and straight through processing to speed up onboarding, scale the payment processing capability whilst reducing friction to maximise operational efficiency.”
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