As a result of Stockholm Fintech Week the Nordic Insurtech Report is released today. Co-authored by Itello’s Head of digital solutions, Henrik Allert.
Itello established as leader in the Nordic countries among European PAS vendors
Technology analyst firm Gartner reviewed 45 European policy administration vendors during spring 2019. For the second consecutive year, Itello is among the top vendors qualified and the only Nordic vendor in the Magic Quadrant. Only ten vendors met the requirements for qualifying into Gartner Magic Quadrant for PAS in Europe 2019.
Itello continues to invest in our policy administration system Inca supporting critical capabilities to the European life and pension industry. As a result of our niche position, focusing on the Nordic life and pension market, we have progressed compared to other vendors and compared to our position from last year, in the Magic Quadrant. Together with our customers, we succeeded to launch new product offerings and to migrate policies and close down bespoke legacy systems. Our determination creates multiple values and build the foundation for digital transformation.
In the report, Gartner highlights our differentiators:
- A true standard product with six new releases per year available to all customers
- Regulatory commitment through a reputable collaboration model which is a part of our product delivery
- Recognised migration skills from multiple bespoke legacy systems
- Proven scalability with over 8.5 million polices in the largest installation
- Strong Nordic focus supporting the life insurance and occupational pension market as well as individual life and savings market offerings
Itello continues to attract new customers and migrate policies from multiple bespoke legacy systems. During 2019, Itello performed six migrations in the Nordic countries and delivered key solving capabilities for the Nordic life insurance industry. Most appreciated are:
Customer-centric product vision
The product roadmap is based on ideas and business needs generated from our multifaceted framework to engage with our customers. We provide different forums to resolve specific operational issues, collaborate regarding regulation change and discuss the future product roadmap and service offering to all our customers.
Inca cloud enabled in a virtual public cloud
Nordic pension giant Fora chooses Inca in our virtual public cloud offer. Fora will administrate 4 million insured and manage 1.6 billion EUR in premiums per year in Inca. Itello supports our customers’ cloud-first strategies compliant with GDPR and financial supervisory authority requirements regarding outsources IT-operations.
Shorter release cycles propel digital transformation and regulatory compliance
Our product packaging approach serving customers with the latest functionality in six releases is noticed as a strength. Our approach drives our customers' digital transformation projects, delivering value in increments allowing testing minimal viable products. The release cycle also enables us to provide functionality supporting new legislation to enter into force any time during the year.
Migration from multiple bespoke legacy system
Tackling this type of projects can be challenging. Our experience of the largest migration project in Europe, according to Gartner, with 5 million polices, show our migration capabilities. Our largest installation manages 8.5 million polices and proves the scalability of Inca.
Connectivity is a necessity supporting the new value chain
The Nordic eco-system for life and pension evolve continuously, and so does our ability to provide connectivity via open APIs utilising Inca Connectivity Framework. Today, Itello manage the largest portfolios of APIs among the vendors in the Magic Quadrant according to Gartner. During 2019, Itello set a new standard for communicating pension forecasts in a collaboration project with the Swedish pension hub minPension and our customers. Thanks to this game-changing collaboration project, our customers can now provide detailed pension forecast to the soon to be retired accessing the minPension hub.
Automation with workflow and process automation lower Total Cost of Ownership
Gartner noticed our strengthened capabilities in Workflow and Process Management. Replacing old legacy systems with Inca creates many benefits. One of them is a higher degree of automation of the processes in the pension eco-system. With the improved functionality for workflow and process management, Inca can support internal processes and provide a graphical overview of the status of the processes and workflow. The migration not only lowers the total cost of ownership for the existing traditional business model, but the cost is also predictable instead of unknown.
Customers migrating from multiple bespoke legacy systems to Inca can obtain data and information from our extensive Inca Data Mart. The data is harmonised during the migrations reducing the need for a cumbersome Data Management reconsolidation project. The capability to extract data from Inca to other data marts or data lakes is of high importance. Itello provides efficient tools for integration to any leader in Gartner MQ for Analytics and Business Intelligence Platforms.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Tack vare ett integrationsprojekt mellan minPension, Itello och våra kunder kan blivande pensionärer fatta mer välgrundade beslut vad gäller framtida pensionsutbetalningar.
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