Great-West Life has consolidated its segregated funds and general account assets onto a single accounting platform.
The Multifonds platform went live yesterday, and the insurer says it is the first company in North America to bring all of its legacy systems together in one place. The accounting for bond and stock investments for more than 1,000 different funds in over 12,000 unique share classes from Great-West Life as well as its subsidiaries London Life and Canada Life are now handled by a single technology solution.
"A powerful accounting system"
Great-West Life notes that many insurers in North America still use discrete accounting systems to support their different lines of business, separating segregated funds and insurance general account portfolios. The insurer says the consolidation has removed this sort of duplication and will harmonize processing.
“We are very happy with the implementation and transition to the new system," says Joe Brekelmans, Assistant Vice-President, Information Services - Investment, Great-West Life. "The benefits of having one modern, powerful accounting system provides us with new capabilities that will allow us to deliver on our business needs more efficiently. Great-West Life is one of the first insurance companies in North America to consolidate and I am certain we won’t be the last.”