Itello is monitoring the Nordic insurance market

Itello also participated this year at the Norwegian annual insurance conference, Årets Forsikringskonferanse, on 29 January. The conference which was arranged by the Norwegian insurance association, Den norske Forsikringsforening (DnF), as usual offered political debate and good opportunities to follow and understand both the development of the Norwegian pension regulations and how customers and life insurance companies position themselves.

The Norwegian pension system is undergoing powerful reforms. The national pension system (so-called “folketrygd”) has been redesigned, and since 2011 it has had a similar set-up to the Swedish income-related pension. Now there is a major legislative inquiry in progress with the aim of reforming the occupational pension insurances for the private sector until 2014.

We see interesting features in the Norwegian system that will surely provide a way out of the woods”. A great example is the positive outlook towards work where the retirement age in “folketrygden” and the proposed occupational pension regulations are very flexible and clearly reward a long working life. They have, among other things, started payments from pension capital to people while they continue to work and earn additional capital both in their occupational pension and in “folketrygden”. A smart set-up which favours full-time and part-time work to an advanced age.

We already have the solution in Inca for the Norwegian market on the day the Swedish Pension Age Inquiry proposes the equivalent in Sweden, that is, the possibility to earn more pension but at the same time stretch out any loss of income by getting some of the saved pension paid.

Again it is about starting on time in order to deliver effective administration just-in-time.

 

  • February 11, 2013