Trophy of the Year
Itello highlights the customer projects we conduct together, creating more efficient administrative processes, lowering costs and raising quality.
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.
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!
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.
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!
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.
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.
The project "Algorithmic Portfolios" was carried out in 2018 when the concept of algorithmic portfolios was identified as an important piece of the puzzle by Swedbank for the 2018 ITP procurement. Thanks to Inca's existing basic functionality, it was possible in a short time, and with a small intervention from Itello, to generate great business benefits for Swedbank. With support for algorithmically managed portfolios in Inca, Swedbank can now quickly and easily offer portfolios with more sophisticated methods for reducing the risk in the portfolio prior to retirement. Swedbank became one of the eligible companies in the 2018 ITP procurement in unit-linked insurance.
Throughout the year's trophy we want to draw attention to the people in the projects and the results of their ability to carry out the tasks. The projects show a wide range of assignments and competences for our employees and functionality in our products, but above all, our clients are faced with challenging projects.
In early spring, the nomination committee is working to review the projects we have carried out with our customers during the previous year. Large or small does not matter, the most important thing is that they add great customer value. This allows all projects to be nominated. The criteria are that the projects have created a large customer value, have economic positive effects, and were in production or carried out in the previous year.
The winner of Trophy of the year 2018 will be presented i June 2019.