Transamerica Life Canada Selects Novinsoft Inc.

PORT PERRY, ONTARIO – Novinsoft Inc – a leading developer of software for insurance and financial services firms --announced that Transamerica Life Canada has selected Novinsoft’s Illustration System Framework to provide Inforce Illustrations for their complete range of current and legacy Universal Life (UL) products.

With the merger of NN Financial and Transamerica a few years ago there is now an increased need to consolidate all UL products under one illustration platform as well as adding the increased illustration capabilities demanded by distributors and clients. Novinsoft will be providing both a desktop and web-based solution.

Ethne Freedman, Vice-President, Client Services, said, “We chose the Novinsoft solution because of Novinsoft’s knowledge of life insurance products and illustration systems, their previous experience with some of our most complex product families and their good reputation within the life insurance industry.”

Neil Menear, President, Novinsoft Inc. said, “This is a great opportunity for us. We can leverage the tools and expertise we’ve gained over the last few years building Inforce Illustration Systems for our other client companies to provide Transamerica with a state-of-the-art system. Our architecture is also designed to offer our clients a combined Inforce/New Business Illustration System in one module. This means decreased maintenance and testing time and costs later down the road.”

About Transamerica Life Canada

Transamerica Life Canada provides Canadians with innovative life insurance and investment products and services.  Through a national network of 18,000 independent advisors, Transamerica creates better futures for stakeholders through our core values:  Respect, Quality, Transparency and Trust.

Transamerica Life Canada is a member of the AEGON Group, one of the world’s largest insurers.  AEGON N.V. and Transamerica Life Canada have consistently received strong financial ratings from Standard & Poor’s and A.M. Best Company. In 2004, Transamerica Life Canada had more than $600 million in gross life insurance premium and recorded almost $9 billion in total assets under management.

As an Imagine Caring Company, Transamerica Life Canada donates one per cent of annual pre-tax profits to in the spirit of hope, our charitable giving program, which in the last seven years raised more than $5.6 million for worthy charities in the communities in which we do business.   

Novinsoft Inc. is a leading developer of new business and inforce illustration systems, needs analyses, sales concepts, and wealth management sales modules for the Canadian financial services industry.

 Novinsoft can be found on the internet at www.novinsoft.com.