Exaxe developed Illustrate PlusÂ® to enable efficient product rationalisation and configuration across multiple platforms. Illustrate PlusÂ® will form an integral part of Liberataâs Life & Pensions expanding open book services.
Liberata manages more than 3.5 million open and closed book policies, with clients including Barclays, AXA, JP Morgan, Phoenix Life, and Chesnara. Exaxe has worked with Liberata over the past three years delivering specialist business, IT and actuarial consulting services.
The Illustrate PlusÂ® implementation will cover conventional pensions, unit-linked pensions, protection products, whole-of-life and endowment products.
Phil Dale, Chief Technology Officer at Liberata said:
âIllustrate PlusÂ® can play a key role as we expand our service offerings to include open book new business processing, self-service for agents and policyholders, and support for complex new products such as wraps.
âWe needed a solution that could be implemented in a cost-effective and efficient way, and provide rapid implementation of new actuarial calculations. Illustrate PlusÂ® is an excellent fit. It is technically compatible with our current migration and business process outsourcing architectures and our future plans. Its SOA platform is scalable and can integrate with any future books of business we may acquire.
âWe were influenced in our decision by Exaxeâs excellent track record with Liberata of delivering successful complex, technical and business consultancy assignments.â
Philip Naughton, Exaxeâs Executive Business Development Director said:
âWe are delighted to have this endorsement from Liberata for Illustrate PlusÂ® and Exaxe. Illustrate Plus will support Liberata with improved process efficiencies, reduced operating costs, ease of implementation of regulatory changes and key features to support Treating Customers Fairly. This deal puts us in a leading position of illustration and calculation solutions to the UK Life & Pensions outsourcing market."