Skandia selects Lumera for a major enterprise systems upgrade.
The Prudent revolution at work
Skandia has launched a major initiative for modernizing its enterprise systems, where proprietary legacy applications will be replaced by Lumera’s platform.
Stockholm, August 17, 2021 – Lumera, a Swedish leading insurtech company dedicated to the digital transformation of the European life and pensions industry, has entered an agreement with Skandia to deliver application support for a large part of Skandia's policy administration. During implementation, more than three million insurance policies will be migrated to Lumera's platform.
Skandia, among the top three life insurers in Sweden, and one of the leading pensions providers in Sweden has been a pioneer in significant market areas including occupational pensions and unit-linked insurance. The overall objective of Skandia’s major initiative for modernizing the foundation of its system is to reinforce the company's competitive edge.
“Now we are taking a great leap forward with an updated IT environment serving our largest business area, which will help meet future enterprise and customer needs,” says Johan Clausén, CIO, Skandia.
Using Lumera’s platform will facilitate digital customer interaction and allow Skandia to launch new products and offerings more quickly. At the same time, it enables cost savings and helps reduce operational risk.
“As this is one of the largest investments Skandia has made in many years, teaming up with an experienced supplier such as Lumera means that we can confidently embark on this journey together,” says Anna-Carin Söderblom Agius, Head of Business Area Insurance, Skandia.
Over several years, Skandia has successfully applied Lumera's platform for its fund trading management. This experience has laid the foundation for the new agreement, which entails a more comprehensive commitment. Following a joint feasibility study, Skandia and Lumera have now entered a multi-year implementation project where a large share of Skandia’s in-house-developed proprietary applications for its life insurance and pensions operations will be migrated to Lumera's standard platform.
“We are honored to gain Skandia’s trust for supporting their modernization initiative, and look forward to a long-lasting, close collaboration to strengthen Skandia's business,” says Mats Lillienberg, CEO, Lumera.
For more information, please contact:
Mats Lillienberg, CEO, Lumera: +46 70 848 81 87, email@example.com
Christine Blinke, CMO, Lumera: +46 73 668 60 08, firstname.lastname@example.org
Skandia is a specialist in long-term investment-based pension solutions. We offer occupational pensions with preventive health insurance, enabling you to build the foundation for a secure pension and stay healthy along the way. With some SEK 800 billion under management, Skandia lets the money work in a way that provides solid returns to our more than 1.7 million customers, while also contributing to a better society. You may use our banking services, including mortgages and savings, to manage your entire personal finances, from expenses to pension. Read more at www.skandia.se.
Lumera is an insurtech company dedicated to the digital transformation of the European life and pensions industry. The Prudent Revolution is our mission – bridging technology and partnership to navigate the fastest, safest path through complex change for L&P providers. With a faultless track record from extensive migration projects, Lumera combines our cloud-native policy administration platform with deep domain expertise. Read more at www.lumera.com.
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