Allianz Life Luxembourg has selected Solfia’s Software as a Service (SaaS) platform as its new middle-office platform, with a strategy to manage the internal funds of its life insurance contracts.
The life insurer is planning to go live on its own dedicated secure Solfia platform by late March 2013, which will be hosted by Clearstream Services.
Designed using BSB's Soliam software, the new application will offer access to a cost-effective and fully functional fund management platform, shared software, IT infrastructure and resources.
Allianz Life Luxembourg chief information officer Patrick Bouckaert said, "The SaaS solution ensures greater autonomy through secure online access to data, better monitoring of the management costs, and a considerable improvement of the services delivered to our partners and our customers."
Solfia managing director Paul Massart added that insurance companies were facing similar challenges as wealth managers for consolidation of multi-depositary portfolios and integration and reconciliation mechanisms, as well as production of regulatory reports, which is costly for underwriters.
As a member of the European group Allianz, Allianz Life Luxembourg offers traditional life insurance products linked to investment funds, as well as an array of cross-border and pan-European insurance products.
