Insurer Aviva is consolidating several legacy illustration and quotation systems on the Illustrate Plus platform from Exaxe to support in force illustrations and servicing requirements.

Illustrate Plus is web-based illustrations and quotations solution that supports new and existing business across all products for life, pensions, wealth management, group and individual business.

The renewable five year licence agreement with Aviva follows Exaxe being named Pensions Technology Provider of the Year at the Irish Pensions Awards.

Derek Aherne, Aviva’s COO, commented: “Illustrate Plus will be implemented within Aviva as a support tool for valuation and business processing for our Traditional With Profit and hybrid products.  Through implementing Illustrate Plus and using its processing capability, we can provide an even higher quality of service to our customers.”

Exaxe director Philip Naughton said Illustrate Plus will give Aviva a distinct advantage over its competitors and the implementation will take about 16 weeks.

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Established in 1997, Exaxe is a specialist SaaS software provider that helps life and pensions providers to launch new products faster and administer them more efficiently.

With headquarters in Sandyford and offices in United Kingdom and the Netherlands, Exaxe solutions are used by AXA Life Invest, Police Mutual, Retirement Advantage, Capita, Scottish Mutual, and the Eureko Group.

Exaxe Ltd, where the principals are Philip Naughton and Norman Carroll, booked a net profit of €205,000 in 2014 and ended the year with a net worth of €1.47m. R&D expenditure of €530,000 was capitalised in the balance sheet as an intangible asset. The company secured an R&D tax credit of €157,000 in 2014 and €172,000 in 2013.

Photo: Philip Naughton (left) and Derek Aherne. (Pic: Philip Leonard)