msg life ag: msg life awarded contract by Canada Life
msg life awarded contract by Canada Life
International life insurer plans to utilise the life insurance version of msg.Insurance Suite in its entirety
(Leinfelden-Echterdingen, 17 November 2016) - The msg life Group was awarded a contract by its new customer Canada Life Group Services Limited (Dublin, Ireland), a Canada Life Group company, to introduce the entire insurance platform msg.Insurance Suite (msg.I-Suite) for the German life insurance business of Canada Life Assurance Europe plc, including the policy management system msg.Life Factory. Canada Life is the first customer of msg life to utilise the full scope of msg.I-Suite for the life segment.
Besides the introduction of the necessary msg life components, the project includes the migration of the entire contract portfolio of Canada Life Assurance Europe plc. For msg life, the project is worth around 20 million euros in total. Work on the project is due to start soon and will take three years in total.
Besides the leading European policy management system msg.Life Factory, the components will include the standard software components msg.Billing (collections/disbursements), msg.Commission (commission), msg.Partner (business partners), msg.RAN (pension settlement and documentation system), msg.Tax Connect (legal tax notifications) and msg.Office (fully digitised transaction control and document management).
'By opting for msg.Insurance Suite our company is underlining its growth strategy in the German market and positioning itself to face the future challenges posed by technology and digitisation in the insurance industry', says Hans-Gerd Lindlahr, Administration Director of Canada Life Deutschland.
The msg life Group sees Canada Life's decision as a confirmation of its chosen product strategy: the cutting-edge service-oriented architecture of the core system msg.Life Factory - with the two JEE-based standard software components msg.LF Product (msg.LP) and msg.LF Contract (msg.LC) - can also map the Anglo-Saxon specific life insurance products of Canada Life.
The system can also implement the regulatory requirements of each different country in separate layers. And last but not least, the successful integration of the life components of msg life into msg.I-Suite, the common insurance platform of the msg Group, is generating synergies that can increase the competitiveness of life insurers, especially with regard to extensive IT infrastructure projects.
About msg.Insurance Suite
msg.I-Suite represents the first holistic industrial standard for all sectors of the insurance industry. The platform covers and integrates all necessary system components for an insurance company. Its underlying component architecture is characterised by a high degree of end-to-end prefabrication, makes it easy to integrate existing solutions and features a wide variety of potential applications with high releasability and low maintenance costs.
Over the past few months, msg life had systematically developed the key life components of msg.I-Suite on the basis of Java JEE in service-oriented architecture (SOA). In light of the recent sales successes and the promising sales pipeline, the company feels confirmed in its strategic orientation within the msg Group and expects additional positive stimuli in this context in the future.
About Canada Life
Canada Life is the most long-standing life insurance company in Canada. The company was founded in Hamilton, Ontario, in 1847 and has since become one of the world's largest and most financially strong providers of life insurance. In 2003 the Canada Life Group joined the financial services holding company Great-West Lifeco Inc., the second-largest life insurance group in Canada. Along with its subsidiaries, the insurer has more than 12 million customers in its domestic market alone. Great-West Lifeco is one of the world's top ten life and health insurance companies (in terms of market capitalisation). Canada Life has been operating successfully in Germany since 2000, with yield-oriented pensions and modern risk protection.
Its core business revolves around unit-linked insurance policies based on long-term, high-yield investments. Canada Life has become one of the most significant providers in the German broker market. The company is a market leader in insurance for dread diseases and basic abilities. In 2014 it added a multi-award-winning occupational disability insurance scheme and a term life insurance scheme to its product portfolio.
About msg life
As part of the independent, internationally active msg Group, msg life ag and its subsidiaries are among the leading software and consulting companies for the European insurance sector and concentrate primarily on life insurance companies and pension fund institutions. Their products and services range from standard software through consulting services to the assumption of responsibility for IT operations (cloud solutions).
The msg life Group has its head office in Leinfelden-Echterdingen and offices in Munich, Düsseldorf, Hamburg and Cologne, plus subsidiaries in the Netherlands, Austria, Switzerland, Slovakia, Slovenia, Poland, Portugal and the USA. It currently employs a workforce of around 900.
msg life ag Corporate Communications Frank Fahrner Humboldtstrasse 35 70771 Leinfelden-Echterdingen Tel.: +49 (0)711 949 580 Email: email@example.com Internet: www.msg-life.com
17.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language: English Company: msg life ag Humboldtstraße 35 70771 Leinfelden-Echterdingen Germany Phone: +49 (0)711 94958-0 Fax: +49 (0)711 94958-49 E-mail: firstname.lastname@example.org Internet: www.msg-life.com ISIN: DE0005130108 WKN: 513010 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service