Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, a wholly-owned subsidiary of Aon plc, today announces that its PathWise variable annuity risk management platform has been adopted by Sun Life Financial Inc., a leading provider of long-term savings, investment and insurance solutions.
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The platform is enabling Sun Life Financial to achieve significant gains in the speed and efficiency of its financial reporting, risk management processes, and new product development activities.
Peter Phillips, President of Aon Benfield Securities’ PathWise Solutions Group, said: “Sun Life Financial recognized the importance of properly managing variable annuity or segregated fund risk and required a quickly deployable, customizable and comprehensive integrated business platform with very strong audit controls. PathWise provides a single, cost-effective solution that meets all their risk management standards, satisfies their financial and regulatory reporting needs, and enhances their product development capabilities. It has been our pleasure to partner with Sun Life Financial to deliver a platform that is based on industry best practice.”
Mike Schofield, VP, Actuarial and Risk Management at Sun Life Financial, said: “Prior to implementing the PathWise platform for variable annuities, we relied on multiple systems to support our financial reporting processes. Using PathWise, we have been able to consolidate these components into a single controlled system, resulting in huge gains in speed and efficiency. Processes that used to take many hours can now be completed in a matter of minutes, which has helped increased the depth and breadth of analysis used within our financial reporting, risk management processes, and new product development.”
Developed by the PathWise Solutions Group (PSG) of Aon Benfield Securities, Inc. in Toronto, the PathWise platform is an integrated business solution for financial guarantees embedded in life insurance products, and supports new product development, financial and regulatory reporting, enterprise risk management activities, and hedge program management and reporting activities.
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