Aviva has appointed Phoebus to service its equity release portfolio, replacing its legacy servicing system.

The new long-term contract was signed following a full formal selection process, with Aviva choosing Phoebus for its servicing experience and capability in the equity release space.

From May, Aviva will commence the onboarding of equity release completions onto the latest Phoebus servicing solution. Later in the year, Phoebus will support Aviva in migrating its entire portfolio of 300k accounts, equating to £13bn+ of assets, onto the Phoebus system.

Adam Oldfield (pictured), chief revenue officer at Phoebus, said: “Aviva is one of the largest equity release providers in the UK and is seeking to deliver a new best of breed capability to the market. We will be able to help Aviva achieve this as it moves away from a legacy system to the latest iteration of our servicing platform.

“We have proven migration tooling to move Aviva’s back book into our system. It’s not just about our technology; it is also the dedication of our highly experienced people who work closely with clients as one team when integrating with the broader eco-system.

“We have a number of equity release clients and look forward to working with Aviva as its business grows as well as servicing its back book in due course.”

Matt Mcgill, managing director of Aviva Equity Release, added: “We are committed to providing the best service solutions for our equity release advisers and customers, and are delighted to be able to offer a leading digital servicing platform, through our collaboration with Phoebus. We look forward to building on this, with further enhancements being introduced in the next few months.”