Generation Life has launched a lifetime income solution, known as Generation Life LifeIncome, on GBST’s cloud-based wealth administration platform, Composer.
Available exclusively through financial advisers, Generation Life said its investment-linked lifetime annuity targeted much-needed product innovation in the post-retirement space.
Generation Life chief executive, Grant Hackett, said: “Working together with the GBST team, we have been able to improve and expand our financial technology capabilities to allow us to build out an innovative solution for the retirement income market.
“We are looking forward to further leveraging GBST’s technology capabilities to continue to enhance our product offerings with increased automation and efficiency, and improve the overall client experience we offer.”
Robert DeDominicis, chief executive at GBST, said: “We are delighted to have collaborated with Generation Life to provide the technology needed to facilitate its new lifetime income solution. Our wealth administration platform, Composer, is well placed to support the unique features of this flexible income solution for the Australian market.
“With the shift in demographics towards an ageing population, further developing our technology to accommodate a new style of post retirement products is key.”