Aviva is appointing Phoebus to service its equity release portfolio, replacing its legacy servicing system.

The new long-term contract follows a full formal selection process and this month Aviva will commence the onboarding of equity release completions onto the latest Phoebus servicing solution, utilising its originations and migrations API.

The API allows completed applications to move from Aviva’s origination system onto Phoebus’s servicing platform.

Later in the year, Phoebus will support Aviva in migrating its entire portfolio of 300,000 accounts, equating to £13bn-plus of assets, onto the Phoebus system.

Commenting on the contract Phoebus chief revenue officer Adam Oldfield says: “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.

He adds: “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.”