The partners will invest €250 million to establish the venture from scratch, with the aim of helping AIB customers enhance their financial security by providing exclusive access to life protection, pensions, and investment products.
AIB Life is set to become a fully cloud-based life company, leveraging advanced technology to deliver its services. To achieve this, AIB has enlisted Tata Consultancy Services (TCS) as its strategic partner to develop and operate an end-to-end, cloud-based platform.
The establishment of AIB Life will generate 100 job opportunities across various functions, including customer service, technology, finance, compliance, risk, and actuarial roles. These positions will be based in Dublin and Letterkenny, and the venture expects further growth over the next three years.
Colin Hunt, CEO of AIB, considers the launch of AIB Life as a significant milestone in delivering AIB’s strategic objectives. He expressed enthusiasm about the strong strategic alliance formed with Great-West Lifeco, which combines their respective product and service expertise with AIB’s market-leading customer franchise, technology, and distribution capabilities. Hunt believes this collaboration will enable AIB to better support customers in their financial planning.
TCS, part of the Indian multinational Tata Group, will oversee the customer service center for AIB Life from its global delivery center in Letterkenny. TCS has been expanding its presence in Letterkenny since acquiring Pramerica Systems, a Donegal-based company, in 2020. Meanwhile, Dublin-based fintech Dimply will provide intelligent in-app insights and personalized fintech experiences for AIB customers. Additionally, AIB Life’s advice platform will be developed in collaboration with EV, a UK-based financial technology software provider.
AIB Life aims to leverage cutting-edge technology and strategic partnerships to deliver innovative financial solutions and services to its customers, promoting their long-term financial well-being.
