Aviva migrates equity release service from legacy to Phoebus
Aviva, one of the UK’s largest insurers, has appointed Phoebus Software to service its equity release portfolio, replacing its legacy servicing system.
Adam Oldfield, Phoebus Software
The new long-term contract was signed following a full formal selection process, Phoebus says, and the vendor was selected for its experience and capability in this area.
From May, Aviva has commenced the onboarding of equity release completions onto the latest Phoebus servicing solution, utilising its originations and migrations API.
Later in the year, Phoebus will support Aviva in migrating its entire portfolio of 300,000 accounts, equating to over £13 billion of assets, onto its system.
“We have proven migration tooling to move Aviva’s back book into our system,” comments Adam Oldfield, chief revenue officer at the vendor.
“It’s not just about our technology; it is also the dedication of our highly experienced people who work closely with clients as one team when integrating with the broader ecosystem.”
Phoebus is a long-term resident on the UK’s fintech ecosystem, with its history dating back to the late 1980s.
Its flagship offering is a multi-channel, multi-product and multi-currency banking, lending, and deposits solution. Its functionality encompasses originations, primary and special servicing, general ledger, treasury, and securitisation.
Phoebus has over 25 clients in the UK and Ireland, with more than £95 billion in assets serviced on its platform.
