AMF and Itello extend their strategic cooperation
Since 2010, AMF and Itello have had a strategic cooperation related to the modernisation of AMF’s administration of insurance policies for around 4 million customers. At the end of 2016, a new 5-year agreement was signed. The new agreement covers continued strategic cooperation toward making the administration more efficient through further automation, digitalisation and simplified compliance.
“It is with great pleasure and respect that we are renewing our partnership with AMF for another five years. In recent years, AMF and Itello have carried out a number of innovative and cost efficient projects. Challenges have created a relationship based on mutual trust, both in our technical platform and in our various collaborative approaches. We are continuing to develop long-term sustainable and manageable solutions to increase automation and develop support for the digitalisation journey that AMF has begun,” says Per Agélii, CEO of Itello.
With about 4 million customers, AMF is one of Sweden’s biggest players in occupational pensions and is continuously driving the work on lowering costs and increasing automation. In 2012, Itello and AMF jointly implemented a project to streamline all pension payments by introducing a method for aggregating outgoing payments.
“During the autumn, more than two million members of SAF-LO, one of the larger collectively negotiated occupational pension areas in Sweden, were able to save 300 million in fees and receive uniform contract terms. It is an important step in AMF’s efforts towards lower fees as well as simple and secure occupational pensions,” says Camilla Larsson, Head of Insurance at AMF. The work included implementation of one of the Nordic countries’ biggest migration projects and resulted in a decrease of the average fee for these insurance policy holders from SEK 260 to SEK 130.
“We are proud of having renewed trust and being able to support AMF in its ongoing efforts to streamline the administration of pension savings for nearly half of the population of Sweden,” concludes Per Agélii.