Aegon to offer more 'joined-up' Sipp proposition
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Aegon has signed a deal with wrap technology provider GBST to improve its Sipp proposition and help it deliver at-retirement and workplace savings services.
Money Marketing revealed in January that Aegon was working with Australian-based GBST, which rebranded from Infocomp last year and powers the Novia and Macquarie wraps.
Under the deal, GBST’s Composer technology, which offers online reporting, investment dealing and back-office administration, will be integrated with Aegon’s systems in the UK. The integrated system is expected to be rolled out by the middle of next year.
Aegon marketing director Andy Marchant says: “We wanted to be able to deliver more on our Sipp product and do it in a more joined-up way.
That involved us needing to get a system that could deal with investment trading across a broad range of assets and also be able to do that on an e-commerce, self-service basis.
“We wanted something that would not just be fit for purpose for Sipp but offered us opportunities for the longer term to make that same investment capability across other products and other tax wrappers. It is part of our strategy to be successful in the at-retirement and workplace savings market.”
Threesixty partner Phil Young says: “There is already quite a lot of congestion in the market with insurer-owned wrap platforms for individual accumulation. Aegon is well placed to offer something fundamentally different from the other insurance company players in the market.
“There is definitely an appetite within the vast majority of insurers to pursue a fairly aggressive strategy on corporate business because there seems to be margins there. In the individual accumulation space, the margins are extremely low and corporate is still an area that most companies are wanting to exploit.”
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