Canada Life, a Toronto, Ontario-based life, health, and disability insurance provider, as per recent reports, has chosen Temenos for its Multifonds Global Accounting platform to support Canada Life’s UK investment accounting operations.
Under the terms of this new agreement, between Canada Life & Temenos, the former will be upgrading its legacy ICON platform, shifting the Toronto-based insurer’s 700+ funds in 2,000+ unique share classes and consolidating the investment assets for the firm’s UK and Canadian business operations onto a single platform.
Temenos’ Multifonds Global Accounting solution offering brings in multiple accounting views to simultaneously support features like UK SORP, UK Tax, Solvency II and Canadian LifeCo reporting requirements, along with integrated accounting and tax ledger for calculations of UK capital gains, corporation, loan relationship taxes for unit-linked Life Funds.
Temenos claims its platform is apt at providing flexible dual pricing, allowing support for enterprise-specific bids, and automated exception-based workflow management to facilitate investment accounting operations and hierarchical dependencies within unit-linked product structures.
Speaking on this context, Daniel Shaughnessy, head of investment financial services at Canada Life, states: “This new partnership with Temenos will allow us to move from our current legacy system and surrounding technologies onto a single, scalable platform, with integrated workflow and exception management.”