Aegon is working with wrap technology provider GBST on the development of its platform, which Money Marketing understands could launch within a year.
Australian-based GBST rebranded its technology arm Infocomp to operate under the firm’s global name in August last year and the provider currently powers the Novia and Macquarie wraps in the UK. Aegon will join fellow life offices Standard Life, Axa and Aviva who already have their own platforms, while Friends Provident is also looking to move into the corporate platform space. FNZ currently dominates as the technology provider in the life office platform space, powering both Axa, Standard Life’s platforms and developing the new platform for Friends.
Money Marketing understands the Aegon platform it is likely to launch in a year, but the insurer declined to comment.
The news comes after Money Marketing revealed last week that Tim O’Connor is leaving Aegon, where he researched platform opportunities.
O’Connor joined Aegon last February on a contract basis to explore wrap potential for the firm. He joined from UBS Wealth Management, where he was executive director of the platform, which closed last February.
Aegon executive director for sales, distribution and development Adrian Grace took over O’Connor’s work researching the platform market.
An Aegon spokeswoman says: “Adrian Grace is leading a project to explore potential opportunities in the platform arena. We are continuing to look at the possibilities.”
Milestone Wealth Management principal Neil Mumford says: “It doesn’t surprise me that Aegon is entering the platform market. Life companies need to be in that space because going forward the traditional model is very much broken. The majority of life companies that stay in the market without a solution will struggle.”