Generation Life – a leading life insurance company that’s been providing Australians with tax-effective investment solutions for over 18 years – has launched its innovative new lifetime income solution, known as Generation Life LifeIncome, on GBST’s cloud-based wealth administration platform, Composer.
Available exclusively through financial advisers, Generation Life’s new and exciting solution, an investment-linked lifetime annuity that pays an income for life – paves the road for much needed product innovation in the post-retirement space. For the ever-increasing number of Australians reaching retirement age, there is a growing opportunity for financial services providers to expand their product offerings. Amid the current cost-of-living crisis, this new solution will provide retirees more options at a time where flexibility is crucial to individual financial prosperity.
Generation Life CEO, Grant Hackett OAM, said: “Working together with the GBST team, we have been able to improve and expand our financial technology capabilities to allow us to build out an innovative solution for the retirement income market. We are looking forward to further leveraging GBST’s technology capabilities to continue to enhance our product offerings with increased automation and efficiency, and improve the overall client experience we offer.”
Robert DeDominicis, CEO at GBST, said: “We are delighted to have collaborated with Generation Life to provide the technology needed to facilitate its new lifetime income solution. Our wealth administration platform, Composer, is well placed to support the unique features of this flexible income solution for the Australian market.
“With the shift in demographics towards an ageing population, further developing our technology to accommodate a new style of post retirement products is key. In so doing, we also acknowledge the importance and need for technology to support members during their retirement phase, and balance returns with longevity risk. A fully integrated platform like GBST’s Composer enables complete automation from web to back-end books of records, providing a flexible, scalable, and innovative market solution”, said DeDominicis.
Ashley Boland, Product Owner – Retail Wealth at GBST, said: “Composer has a long history of being able to support complex and varied retirement income stream products. We are excited to enhance this with new features that extend the platform’s capability to offer investors and members variations, such as when they receive their pension payments.
“Generation Life’s use of Composer’s inbuilt capabilities as part of the implementation incorporates a sophisticated process involving actuarial calculations for management of longevity risk”, Boland said.
“Our extensive connectivity capability for both income and superannuation products, enabled by our API libraries and SuperStream Gateway solution, means solutions such as Generation Life’s new retirement income product can leverage automation capability from the web interface straight through to the back end.”
Composer’s retirement product administration includes both superannuation and non-superannuation funds, flexible payment features, and extended STP capabilities to integrate with end-user portals for an enhanced user experience for clients and advisers alike. Receipt of superannuation rollover monies is fully automated through GBST’s market leading SuperStream technology platform. In its entirety, this solution presents the most robust post-retirement platform on the Australian market, available as a fully hosted SaaS solution.