Canada-based Sun Life Financial has deployed Aon PathWise variable annuity risk management platform, in a bid to enhance its financial reporting, risk management processes and new product development activities.

This variable annuity risk management platform has been developed by PathWise Solutions Group (PSG) of Aon Benfield Securities.

Aon Benfield Securities president Peter Phillips said: "Sun Life Financial recognized the importance of properly managing variable annuity or segregated fund risk and required a quickly deployable, customizable and comprehensive integrated business platform with very strong audit controls."

Sun Life Financial actuarial and risk management vice-president Mike Schofield said: "Prior to implementing the PathWise platform for variable annuities, we relied on multiple systems to support our financial reporting processes."

The PathWise platform is an incorporated business solution for financial guarantees embedded in life insurance products.

It is said to be used for new product development, financial and regulatory reporting and enterprise risk management activities, as well as hedge program management and reporting activities.