Lumera is a proven out-of-the-box AI-powered policy administration solution for the European life and pension market that leverages the power of the cloud to drive efficiency and innovation in one package. Lumera's rich standard functionality creates more efficient and automated operations across the whole business. While simultaneously enabling insurers to develop innovative new market offerings, operational capabilities, integrations, portals, and data insights, on their own and on the fly.
Lumera is an upgradable Policy Administration Environment with standardized applications and services. Unlike a tailored PAS solution which turns proprietary over the years. All our customers use the same code base and are on release versions within three months – unlike all other vendors we have come across.
The Lumera Policy Administration Environment offers an endlessly flexible, composable, and modular platform of functions with deep interoperability at its core – a Life and Pension platform made for continuous change. Unlike traditional policy administration solutions, patchworks of disparate systems need high-touch manual management just to operate, unlike monolithic legacy systems.
Being an insurtech innovator, we are also offering AI-powered capabilities to help Lumera’s customers' further drive automation, customer engagement, and business analytics and insights. With our methodology VDA – Value Driver Analysis – we are together with the client evaluating and prioritizing use cases where AI technology can help unlock maximal business value. Examples of industry-relevant use cases; Automatic Death Claims handling, Risk of Lapse analysis, Voice of Customer Sentiment Analysis, and Lifetime Value assessment (Consumer Duty compliance).
Lumera can configure and capture the complexities of legacy insurance product portfolios enabling insurers to fully migrate and decommission old systems through powerful rules and product development. Compared to most other PAS vendors, who seem incapable of migrating large and complex product portfolios without creating tailored solutions that become legacy and difficult to upgrade. Lumera also handles significant policy volumes. In one of the most massive policy migrations, our customers and we migrated 5.3 million policies.
Full functional coverage in Lumera ensures customers launch transformation programs for migrations of legacy products and migration policies, enabling them to close down multiple tailored legacy systems. Unlike other PAS vendors, we support transitioning from numerous bespoke legacy systems to one new modern platform – Lumera, with an extensive methodology, tools, and experience – Lumera Migration Factory Services. During 2020 we accelerated the number of migrations, and the trend continues in 2021 with even more migrations than ever. By the end of Q1 2023, we have performed nearly 80 successful migrations from legacy systems to Lumera and transferred over 12.6 million policies.
Customer and partner developers get an intensely flexible solution to serve business requests and uncover new opportunities. Most importantly, configuration and development are verified and uploaded into the daily building pipeline of Lumera. Therefore, we can guarantee those customer configurations are future-proof and not stand-alone custom configurations; upgrading without significant risk and migration projects is possible.
Lumera has a model-based architecture. As a result, we deploy customer-specific configurations according to their unique data model extensions, business process templates, and application environment. The unique model-based architecture and customer configuration capabilities allow all customers to use the same standard code base and handle the business operation's complexity in the latest release of Lumera.
Lumera has comprehensive and advanced fund order management and fund management capabilities. All customers offering unit-linked, endowment insurance, and fund-saving pension products appreciate our offering of hyper-automated fund order management. Bring order in the fund administration chaos.
Actuaries get a high-performance, data-rich analytics environment that easily interoperates with their specific tooling, unlike vendors with multiple products and multiple databases. The feature facilitates pricing and rating of new product offerings in the New business and underwriting process.
An endlessly flexible and composable cloud-native platform.
- True standard software
- Regulatory commitment
- Continuous vendor support
Adaptable to change
- New products and offering
- Amended business models
- Fully open and integrable, and allowing for embedding AI-powered capabilities
An integrated set of insurance products
- Pension, savings, and risk
- Group schemes and individual
- Unit-linked and traditional
End-to-end business process support
- Customer-centric design
- Full support for policy life cycle. Comes with a high level of industry best practice built-in automation and process efficiency enablement. Can be even further extended with the help of industry-relevant AI-capabilities
- Enables process and IT-consolidation
Lumera currently provides the market with six releases a year. In addition, new functionality supports short time to market and the adaptations of market changes and altered customer behavior and new regulatory requirements. The SaaS deployment of Lumera also provides access to the latest cloud technology and the highest security available. Uninterrupted focus on the latest version enables our organization to provide premium service to our partners and customers.
In short – Lumera enables our customers to be future-proof.
Adaptable to change
The change in society will continue to accelerate for at foreseeable future, even for the life and pension industry. Now is the time to build support for a disrupted and simplified digital business model, modernize the traditional business model, and migrate the legacy product portfolio and policies to the new future-proof, agile, and open policy administration environment. Lumera provides exactly that with great flexibility in handling new market demands and requirements empowered to drive new digital offerings in an efficient way
In short – Lumera enables our customers to be agile, be digital, and be compliant.
An integrated set of insurance products
Policy administration in the new world will need to handle a more diversified and personalized product portfolio. Lumera provides efficient administration and business process support for the entire new product portfolio and the legacy portfolio. In addition, it enables cross-selling opportunities over multiple distribution channels and to a substantially reduced cost when costly legacy systems are terminated. It also provides increased administrational efficacy; the business processes can be aligned and altered to meet changed behaviors with an experienced staff working in one application – Lumera.
In short – Lumera enables our customers to be efficient.
End to end business process support
With our versatile product support and end to end process and functional support, Lumera has the support required for customer-centric life-long pension and life cover that are simple to personalize. Lumera also consolidates legacy systems, enabling customers to leave burning technical platforms and utilize the cloud technology's new features.
In short – Lumera enables our customers to do more.