Sun Life Financial of Canada is joining forces with Newton to offer two fund links on its unit-linke...
Sun Life Financial of Canada is joining forces with Newton to offer two fund links on its unit-linked investment bond.
The group is offering fund links to Newton Balanced and Newton Higher Income on its Select Investment Bond product and Newton is the first external fund management partner appointed by the life office.
The move is part of a revamp of Sun Life Financial of Canada's product offerings which includes a move into the standalone critical illness market. The plan will offer a lump sum if the policyholder suffers from a specified illness within a set period of time and survives for 28 days.
The restructured product range will include an income protection plan, term cover, regular savings plan, personal pensions, a group personal pension and executive personal pension plan.
The group is also planning to launch an IFA network in spring next year.
As part of the upgrading process, the group has switched to a new life and pensions administration system, called Lamda. The system, which includes an intranet-based product and process guide, is expected to streamline the sales process and improve the efficiency of query handling.
Sun Life is also rolling out a new point of sale laptop computer system which aims to allow cost efficiencies in sales processes without compromising best advice.
Steve Melcher, managing director of Sun Life Financial of Canada, said: "By replacing the entire back office system and launching new product and distribution ventures to complement the core business, the company will significantly reduce admin costs and improve the way it delivers face-to-face advice."
£300bn of liabilities
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Appointed by FCA and PSR boards