Benefit like Folksam does from an
industry-wide system for Nordic life insurance industry
“We've had a history of asking for too much flexibility and saying we're a unique company and therefore we need unique solutions. I do not think that is the case.”
Jens Henriksson CEO/Folksam
Benefits that translate to a sustainable strategy
The five key benefits and more of an industry wide system, forms a sustainable strategy for your future. From now on you can focus on what really matters – your customers and transforming your business to utilize the potential in the opportunities the digitalisation creates.
No hassle on which way to take to the future.
Itello - setting a whole new standard for the industry-wide life insurance industry.
Make transformation happen now
To make things happen. “Everything should be made as simple as possible, but not simpler.”, as Albert Einstein put it. A product of the shelf reduce the number of decisions to make compare to have everything custom and tailor made.
Increase the interactivity in many dimensions
The digitalisation of our whole society set the whole life industry at pressure. Having an industrywide system implemented facilitates to customise where you should stand out and create a difference - in the dialog with your customers and with your distribution partners where and whenever they need to have a dialog.
Customer offerings including products or services from your partners will increase in the future. An industry wide system set the standard for how integration is done. Both you and your partners will benefit from standardized integration points.
The whole industry are also facing an increased disruption of the value chain, this requires a new approach to how to combine new offers and how to share the revenue among the contributors in the value chain.
The number of interaction points have increased and are still increasing. With an industrywide system all point of integrations can be developed and maintained and tested cost effectively.
Systematic knowledge becomes wisdom
The ability to think and act using knowledge, experience, understanding, common sense, and insight, with good intentions is called Wisdom. Serving many life insurance companies with the same system, enables customers to utilize our knowledge from system development, IT and policy administration we put into system and processes.
Our customers have experts in the fields of policy administration and IT. But the two discipline are difficult to combine. For Itello that was a sweet spot worth exploring, not because it easy but because it is hard and complex.
Knowledge built in the system, our expertise of implementing it and the number of customer with diversified products and distribution channels in the Nordic countries, reduce the risks for new customers.
Deep knowledge is also required when designing solutions to be maintainable over time. The life insurance business is a long term business. Then the administration of the policies have to be designed that way as well and enable innovation of your products, services and business models over time.
Giving you the required control
In a complex and changing world analytical skill and thorough understanding of your business challenges is required. New requirement of compliance affect all actors in the industry. An industrywide system reduce make sure you can remain in business and even take advantage of new requirements. All companies have to govern the rules and principles they set up to fulfill. When principles and processes are the same, trace-ability increase and the operational risk is reduced and governance is made easier making our customers more ready to tackle the future changes.
Your competitiveness is increased and improve your ability to make better business based on numbers and processes you can rely on.
Keeping low costs in a connected world is a necessity
A product serving a whole industry bring cost advantages versus developing and maintaining the functionality inhouse. Sharing the cost of developing an increasing numbers of adapters to an even more connected world is one example how cost can be managed and under control.
As procurement processes continuously put pressure on lower price, the revenues decrease. Continuous cost reduction is a necessity setting the whole industry in a death spiral.
This is achieved by simplifying the offerings enabling efficient automated administration and big volumes. Not by commanding the vendors to lower the price for provided services.
Mutual fund trading is undergoing a rapid and dramatic transformation. Increased demands, increased speed and price pressure implies both efficiency and speed to emerge as a winner. Within SPP, automation and digitalization are high on the agenda. As a start-off, they replaced the former fund trading system with Inca, creating a flexible and a future-proof engine for their fund distribution. Through the migration to Inca, SPP has created the prerequisites for a fund market that is easily accessible, automated and focused on offering a long-term customer value.
How do you move five million pension insurance with a variety of different conditions? With the simplicity of an iPhone as a model, the company put together the individual customer's various insurance policies and gave them the latest and best conditions on the purchase. Then moved from the old mainframe system to a modern IT platform from Itello. Good planning, trust to the participants and genres enabled the fast-paced implementation. The result: clarity and halved fees for customers, and simpler administration of AMF.
Can you really take things out of your drawer and leave them there at the same time? Yes, you can! Folksam used to have insurance products that required manual handling of outgoing payments. As the number of processed payments increased, the workload became too time consuming and costly. To increase speed and efficiency as well as customer satisfaction Folksam chose to use Inca for mirroring outgoing payments.
As a result, all the insurance policies could remain in the old system but be mirrored in the new and more user-friendly system for outgoing payments. This made administration faster, smoother and cheaper!
Swedbank Life Insurance wanted to secure their system solutions and simultaneously decrease costs for system operations and management, IT environments, insurance administration and quality assurance. The chosen solution was to merge three legacy systems into one - Itello’s Inca. The demanding requirements and the need for secure handling of sensitive information, as well as the fact the migration had to be carried out amidst ongoing operations and be seamless and unnoticeable to customers made this a very challenging project. The result was nothing short of a work of art and today the insurances are administrated in a single system with high efficiency and security.
The challenges were many and time was short when Folksam kicked off the project. The volumes of information were large and inefficient and laborious structures and routines needed to be replaced. Thanks to an aggressive and focused project plan, Folksam managed not only to receive and place premium payments more efficiently but also to create a new line of business. The project is a perfect example of how the use of Inca can enable a business reach new cruising altitude and land with easier daily operations for the users.
AMF was looking to replace their system for the administration of insurance products. The goal was to offer their 4 million customers more flexible and cost efficient solutions for future procurements and affiliations to collectively negotiated pension solutions. By moving over to Itello’s Inca, AMF was able to offer the members of the collectively negotiated pension area for employers of the Swedish government; PA03, both unit-linked as well as traditionally managed insurance products, and the implementation was seamless to AMF customers. This success story was built on results oriented teamwork and a high degree of creativity. With the strong base that was created, AMF has been able to enter into all important procurements and affiliations in the area of collectively negotiated pensions.
Brummer & Partners was looking for a cost efficient and easy to use insurance solution that provided complete transparency and short lead times for all parties involved. In addition, the ability to show solid deliverables with clear yearly statements to employees as well as employers was a main prerequisite.
Using Incas’s standardised components and modern architecture, and with dedicated teams with clear goals to create genuine value for customers, Brummer & Partners found themselves in pole position, on time. Starting from a White Paper, we were together able to establish an insurance company with precise solutions for complex administrative processes within six months. A process that normally takes at least two years!
Nordnet has pension operations in Sweden Norway and Denmark. To further increase its efficiency, Nordnet wanted to centralize all pensions and insurance products into one system. Sounds easy in theory but it is much more complicated in practice. Several administrative entities needed to be handled in the same system with each being subjected to different rules and regulations depending upon which country.
With all the prerequisites already built into the system, Inca was chosen, resulting in Nordnet now running the first multinational solution on the Inca platform.