Nordnet partners with Itello to address new market emerging from Norway’s EPK pension reform
Itello provides extensive support to Nordnet’s initiative to enter Norway’s pension market by means of a groundbreaking EPK services offering.
Oslo, February 15, 2021 – Nordnet, the leading Nordic digital savings and investment bank has extended their implementation of Inca, Itello’s policy administration system, to underpin its service offering addressing Norway’s newly introduced Egen pensjonskonto (EPK). EPK enables some 1.5 million private sector employees in Norway to manage their pension savings more practically using online services, while providing greater freedom of choice both when it comes to investments and management of their savings.
For the insurance industry and other pension providers, EPK significantly raises the bar by requiring an all-digital customer dialogue and fully automated information flows between industry parties. To gain a competitive edge, Nordnet enters the EPK market with the clear ambition to be the most cost-efficient service provider, enabled by a modern digital platform, market expertise and highly efficient, automated administrative processes.
“Nordnet’s ambition is to become the preferred choice in the Norwegian EPK market, and we believe that the best customer experience and frictionless customer journeys are key capabilities for winning this market. To deliver on this, we are really happy about teaming up with an agile and forward-leaning partner as Itello to serve the emerging EPK market,” says Anders Skar, Country Manager Norway, Nordnet.
“Itello’s Inca with its tailored EPK support is a critical success factor for this venture. It provides unique automation capabilities for large-volume machine-to-machine transactional flows, along with the design features and functionality that make for a great customer experience,” explains Skar.
Implementing Itello’s innovative, automated connector to the EPK hub enables Nordnet quickly embrace business opportunities created by the EPK reform. Itello’s early decision to include EPK support as a standard feature of Inca has facilitated Nordnet’s efforts to further adapt its digital savings and investment platform to the Norwegian market. Itello has also contributed pension industry knowledge and experience, along with technology.
It’s a privilege for us to engage with Nordnet to support their business initiatives in Norway and help create a fully featured EPK offering with an outstanding customer experience. This is a true partnership which should serve as a fine example of how Itello’s offering is directly connected to business development and growth strategies for life and pension providers.
Mats Lillienberg CEO / Itello
EPK regulations may become subject to change over time, which requires that industry stakeholders and service providers can adapt to any new rules and update their offerings and systems accordingly. The inherent flexibility offered by Inca, together with Itello’s presence and commitment to the Norwegian market, clearly facilitates such efforts.
About Norway’s Egen pensjonskonto (EPK)
Introduced on February 1, 2021, the EPK reform has been described as the most far-reaching change in the Norwegian pension market over the past decade, involving about 1.5 million private sector employees. EPK provides a single, personal account for all occupational pension savings, including from previous employments. Employees also gain the opportunity to select their own pension managers, instead of those assigned by employers. The reform is expected to make the pension savings market more competitive and to bring about a reduction of management fees.
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Itello is the insurtech company committed to the digital transformation of the life and pensions industry. We help L&P providers undertake the safest path through digital transformation, anchored around our specialized Policy Administration Environment products.