Vertex Financial Services has picked up a new business processing outsourcing contract providing a product administration platform end to end admin for Living Time.
Living Time will launch a range of products underwritten by AIG Life into the UK’s retirement income market.
Vertex says it is developing a retirement income version of its Virtual Life Company operation – as previously used by Royal Liver – which is due to launch in October.
This model integrates Vertexs Lamda new business platform and retirement income new business admin services with The Exchanges Exweb adviser portal solution and Paymaster, the leading third-party provider of annuity payment services.
Vertex managing director Andy Hunt says: “We are pleased to conclude such a significant new contract, particularly one which will create the platform for a new entrant into the retirement income marketplace.
“Based on the very successful and pioneering work we did for Royal Liver, the Living Time/AIG Life venture will be able to produce a highly differentiated, efficient retirement income new business and administration service.”
Living Time chief executive Kim Lerche-Thomsen says: “As a new entrant to the retirement income market, the Vertex agreement will enable us to grow rapidly for a known fixed cost and without the distraction of needing to build our own administration infrastructure.