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Sun Life Financial adopts Aon PathWise™ variable annuity platform

05/14/2015

PathWise boosts operational performance for a leading global financial services firm

CHICAGO, May 14, 2015 /PRNewswire/ -- Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, a wholly-owned subsidiary of Aon plc (NYSE: AON), today announces that its PathWise variable annuity risk management platform has been adopted by Sun Life Financial Inc., a leading provider of long-term savings, investment and insurance solutions.

Aon Corporation (http://www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 37,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

The platform is enabling Sun Life Financial to achieve significant gains in the speed and efficiency of its financial reporting, risk management processes, and new product development activities.

Peter Phillips, President of Aon Benfield Securities' PathWise Solutions Group, said: "Sun Life Financial recognized the importance of properly managing variable annuity or segregated fund risk and required a quickly deployable, customizable and comprehensive integrated business platform with very strong audit controls. PathWise provides a single, cost-effective solution that meets all their risk management standards, satisfies their financial and regulatory reporting needs, and enhances their product development capabilities. It has been our pleasure to partner with Sun Life Financial to deliver a platform that is based on industry best practice."

Mike Schofield, VP, Actuarial and Risk Management at Sun Life Financial, said: "Prior to implementing the PathWise platform for variable annuities, we relied on multiple systems to support our financial reporting processes. Using PathWise, we have been able to consolidate these components into a single controlled system, resulting in huge gains in speed and efficiency. Processes that used to take many hours can now be completed in a matter of minutes, which has helped increased the depth and breadth of analysis used within our financial reporting, risk management processes, and new product development."

Developed by the PathWise Solutions Group (PSG) of Aon Benfield Securities, Inc. in Toronto, the PathWise platform is an integrated business solution for financial guarantees embedded in life insurance products, and supports new product development, financial and regulatory reporting, enterprise risk management activities, and hedge program management and reporting activities.

Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 69,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions.

For additional PathWise information http://bit.ly/1JKmla6

Media Contact:
Andrew Wragg (tel: +44 (0)207 522 8183 / andrew.wragg@aonbenfield.com)

Logo - http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sun-life-financial-adopts-aon-pathwise-variable-annuity-platform-300083519.html

SOURCE Aon plc

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