AIB and Great-West Lifeco team up on tech-led venture

20 Jun 2023

From left: Bryan O’Connor, AIB Life; Colin Hunt, AIB; and Declan Bolger, Great-West Lifeco. Image: Shane O’Neill/Coalesce

The new company, AIB Life, is a fully cloud-based, technology-led life company. It will create 100 new jobs between Dublin and Letterkenny.

AIB and Great-West Lifeco have launched AIB Life, a new tech-led joint venture that will see the partners invest €250m to build it from the ground up.

AIB Life aims to help AIB customers become more financially secure by giving them exclusive access to AIB life protection, pensions and investment products.

As a full-service technology-led life company, AIB has enlisted Tata Consultancy Services (TCS) as its partner to build and operate a end-to-end, cloud-based platform.

The new company will create 100 roles in customer service, technology, finance, compliance, risk and actuary in Dublin and Letterkenny and expects to grow further over the next three years.

AIB’s CEO, Colin Hunt, said the launch of AIB Life marks a “key milestone” in the delivery of AIB’s strategy. “We are delighted to have formed a strong strategic alliance that marries the product and service expertise of Great-West Lifeco with AIB’s market-leading customer franchise, technology and distribution so that we can better support our customers in planning their financial lives.’’

The tech partners

The AIB Life customer service centre will be run from the TCS global delivery centre in Letterkenny.

TCS is part of the large multinational Tata Group, which is based in India. It has a strong presence in Letterkenny, having announced 170 new roles in Donegal in May 2022. The company has been expanding its presence in Letterkenny following its acquisition of Donegal-based Pramerica Systems in 2020.

Dublin-based fintech Dimply will be responsible for delivering intelligent in-app insights and personalised fintech experiences for AIB. A recent Start-up of the Week, Dimply designed its platform to “address a wide range of requirements including data collection, enrichment and integration, experience building, orchestration and deployments”.

Speaking to in October 2022, the fintech said it was on track to create 20 new roles in the next 18 months.

Meanwhile, AIB Life’s advice platform will be built in collaboration with EV, a financial tech software provider based in the UK.

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Jenny Darmody is the editor of Silicon Republic