Toronto, Feb 7, 2017: L&T Infotech Financial Services Technologies (LTIFST), a fully-owned subsidiary of L&T Infotech (NSE: LTI), announced today it has been chosen by The Empire Life Insurance Company (Empire Life TSX: EML.PR.A) and its subsidiary, Empire Life Investments, Inc., as the primary technology partner for its wealth management platform. Empire Life will now use Unitrax®, LTIFST’s SaaS platform for its insurance, wealth and mutual fund product offerings in Canada.
In addition to Unitrax®, Empire Life will also be using other cloud-based products from LTIFST’s suite of offerings including AdvisorTrax and Reporting and Analytics Services (RAS). AdvisorTrax provides advisors with convenient, secure, and encrypted access to real-time account information, while RAS serves the reporting and business intelligence needs of fund manufacturers and back office administrators. This relationship will provide increased performance, reliability and scalability to Empire Life and will improve time to market for new product launches.
Chad Alderson, Chief Executive, LTIFST said, “This is a win-win for Empire Life and LTIFST. In addition to using our robust platform Unitrax®, Empire Life will benefit from our experience in the wealth management industry here in Canada, particularly within the insurance financial services community. We consider Empire Life a key client and look forward to expanding our relationship further.”
Richard Cleaver, Chief Technology Officer & Senior Vice-President, Empire Life, said, “We welcome this partnership with LITFST and see it as an opportunity to enhance the services we provide to our customers and enable more efficiencies throughout our operations.”
LTIFST is a leader of IT Product & Services in Canada working with some of country’s largest financial institutions representing over $650 Bn in AUM. Unitrax® is a SaaS-based proprietary transfer agency record keeping platform that enables fund managers and insurance providers to administer their wealth management products. Unitrax® supports a wide range of products such as mutual funds, GICs, hedge funds, alternative investments, institutional funds, offshore funds and segregated funds all under one platform.
About Empire Life:
Established in 1923 and a subsidiary of Empire Life Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2016 Empire Life had total assets under management of $15.9 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.