MGM Advantage selects Exaxe’s Life Cycle Plus as its Policy Administration Platform
June 15th, 2008
Dublin, Ireland, June 15 2008.. Exaxe, the specialist IT solutions
provider for the Life and Pensions industry, today announced it has signed
an agreement with UK based MGM Advantage to implement its Life Cycle Plus solution.
MGM Advantage selected Life Cycle Plus to provide front, middle and back office
support for its new innovative annuity products. This implementation will
position MGM Advantage for further growth by allowing it to launch new products
quickly and to achieve operational efficiencies and customer service improvements.
MGM Advantage, recently relaunched and rebranded from MGM Assurance is a
long established provider of specialist Financial Services. It needed a
solution that would give it the flexibility to launch and distribute its
range of products to new markets and new channels in just weeks. The flexibility,
ease of integration and short implementation timeframe afforded by Exaxe’s
component based Services Oriented Architecture (SOA) was key to MGM Advantage’s
selection of Invest Plus. The implementation, including integration with
other MGM systems was completed in an industry record 20 week timeframe.
When fully rolled out, the Life Cycle Plus solution will allow IFAs to obtain
real time online quotations for enhanced annuity products and complete applications
online. Life Cycle Plus will support the administration of the policy throughout
its lifetime. The open design of Life Cycle Plus allowed for rapid integration
with other MGM Advantage systems including its financial systems and its
reassurer’s underwriting system.
Chris Evans, Chief Executive of MGM Advantage commenting on their decision
to select Exaxe said: “The quality of the Exaxe solution, their ability
to meet tight deadlines and the confidence instilled by the Exaxe team during
the selection process were key factors in Exaxe's decision to choose Exaxe”.
Philip Naughton, Exaxe’s Executive Business Development Director added,
“We are delighted to add a reputable name like MGM to Exaxe's growing list
of customers and to be part of the exciting launch of MGM Advantage. The
flexibility of Life Cycle Plus will allow MGM Advantage to tailor new products
and business processes to meet their current and future needs . I am confident
that Life Cycle Plus will enable MGM Advantage to achieve operational excellence
and to achieve continuing growth in a cost effective manner.
About Exaxe
Exaxe™, www.exaxe.com, is a specialist solution provider for the Life
& Pensions industry. Established in 1997, it has implemented products and
has client reference sites in the UK, the Netherlands, Greece and Ireland.
Exaxe offers best-in-class solutions. Its Service Oriented Architecture
and component based design guarantees future proofed solutions.
About MGM Advantage: www.mgmadvantage.com
MGM Advantage is a new name in the UK retirement income market. Formerly
known as MGM Assurance, the company repositioned itself as MGM Advantage
in June 2008, when it launched a wholly-owned business unit called MGM Advantage
Designs for Retirement to focus on annuity sales and the wider retirement
income market. MGM has been registered longer than any other company in
the UK. It is a mutual society owned by its with profit policyholders, and
manages assets in excess of £1.6 billion. MGM Advantage’s commitment to
customer satisfaction is backed up by a customer charter, which promises
high quality service and ease of mind.
MGM Advantage distributes its products through independent financial advisers
(IFAs) across the UK.
MGM Advantage Designs for Retirement, MGM Advantage and the MGM Assurance
logos are Trade Marks of Marine and General Mutual Life Assurance Society.
