Exaxe launches Illustrate Plus SIPP™
December, 2006
Exaxe, a leading supplier of software and services to the Life & Pensions
industry today announces the launch of its new SIPP illustration module,
part of Exaxe’s market-leading illustration solution, Illustrate Plus™.
Illustrate Plus is a web-based illustration and quotation system that supports
new and existing business across all products for Life, Pensions, Group
and Individual Business.
Illustrate Plus SIPP is a stand-alone module for providing a complete illustration
solution for SIPPs. It can be purchased separately, or as part of the full
Illustrate Plus solution.
Illustrate Plus SIPP supports speedy new SIPP product launches and SIPP
product innovation, with no IT input. All product parameters, validations
and calculation rules are fully configurable from within Exaxe’s user-friendly
Product Development Application (PDA).
Norman Carroll, Managing Director of Exaxe, notes:
"We’re seeing a significant shift in the pensions market as the government
attempts to make investment in pensions more attractive to the general public.
It’s working. UK savers are being attracted to SIPPS by their tax advantages
and flexibility and savers have been pouring millions of pounds into
SIPPS. Datamonitor research suggests that sales will grow from below £1bn
in 2004 to more than £2bn in 2009 (source: Datamonitor - Distributing
Self Invested Pensions in the UK 2005).
New regulation of the SIPP market is coming into effect on 6 April 2007.
Providers will need to provide Key Feature Documents for their SIPP products
for the first time. To be a market leader, customer centric and transparent
providers should comply with the FSA guidelines around projections and illustration
of charges.
Now is the time for providers to review their illustration systems. Providers
should ensure that they have the systems in place to supply this information
in the SIPP market."
