In the fall of 2018 Fora chose Itellos business system Inca as the new IT support for their operations and is now also choosing Itello Live as a delivery model. Fora sought an efficient and secure operations solution for Inca that would make everyday operations smoother and easier. Ultimately, they chose Itello Live from Itello....
How do you move five million pension insurance policies with different conditions?
During the last years, Itello has supported our customers’ migration from multiple bespoke legacy systems at an accelerating rate and systematically building new capabilities. Integrations for efficient automation of processes in the pension ecosystem, lowering cost and shorten response time, has propelled the transformation process from multiple bespoke legacy systems to the modern policy administration application from Itello.
Migration customer references
All our customer have, or are in the process of, migrating insurance policies from bespoke legacy systems to capture the benefits and the capabilities Itello offer with Inca and our complementary product and services. Having all life insurance business lines and policies in the same platform generates several benefits for insurers; cost advantages and synergies for both business operations and IT-management, access to integrations and automated processes and better pre-conditions for compliance, just to name a few.
Itello's system is proven in terms of scalability, with the second-highest single-instance implementation volume (in terms of policies) of the Magic Quadrant vendors, with 8.5 million policies, and the most massive migration of 5 million policies.
Gartner's Magic Quadrant
Technology analyst firm Gartner provides an annual report of European policy administration system vendors. In 2018 and 2019, Itello qualified in the Magic quadrant as the only provider in the Nordic countries. In their review of 45 vendors, Itello provides some staggering numbers presented in our migration customer references below.
AMF – jump to a modern platform
How do you move five million pension insurance policies with a variety of different conditions? With the simplicity of an iPhone as a model, AMF put together the individual customer's various insurance policies and gave them the latest and best conditions on the purchase. Then moved them from the old mainframe system to a modern IT platform from Itello.
Proper planning, trust to the participants and general rehearsals enabled the fast-paced implementation. The result: clarity and halved fees for customers and simpler administration for AMF.
SPP – replacing multiple bespoke legacy systems
In 2015, SPP embarked upon its high automation and digitisation journey by replacing a fragmented IT platform, consisting of several antiquated and inflexible IT systems, with Inca. The 8th migration was carried out during the spring of 2019 and is the most massive migration of insurance policies to Inca up to now. 235,000 ITP insurance policies were migrated in total, which means that 57 % of SPP's insurance policies are now located in Inca, and this is recognised as a milestone in the Future Core transformation project.
Swedbank – all policies in one system since 2013
In 2013, Swedbank had many policies in a policy administration system running on an outdated Windows version. With the migration to Inca, all bank advisers at the 230 branch offices could do their job in the same application for life insurance, pension and long term saving products.
In 2015, SPP embarked upon its great automation and digitisation journey by replacing a fragmented IT platform, consisting of a number of antiquated and inflexible IT systems, with Inca....
One of Sweden´s largest pension company AMF and Itello migrated over 5 million insurance policies in one of the largest insurance migration project in Europe. The project enabled AMF to leave an outdated mainframe environment in favor of a modern. The migration also reduced the number of administrated policies and reduced the cost for the policy holders....