Challenger inks 7-year Accenture tech partnership

Challenger Limited has announced a key technology transformation partnership with Accenture as it seeks to integrate its annuity offerings with superannuation funds and platforms.

The company announced the technology partnership at the same time as announcing a robust first half result to the Australian Securities Exchange with statutory net profit after tax up 80% to $56 million, delivering a fully-franked interim dividend of 13 cents per share.

Commenting on the result, Challenger managing director and chief executive, Nick Hamilton said the company had delivered record new business annuity sales of $1.9 billion which contributed to Life sales of $5.3 billion.

Discussing the Accenture partnership, Challenger said that Accenture would run Challenger’s technology platform and modernise Life’s customer technology with the initial agreement expected to commence at the beginning of next year and run for a seven year term.

It said customers, advisers and institutional clients would receive a seamless digital experience with customers able to fully originate service online and advisers able to write new business more efficiently.

It said a key priority of the transformation partnership would be to replace Challenger Life’s core annuity registry and global insurance system and to provide new customer portals.