AMF
How we helped a mutual insurance company to reduce complexity by a pioneering aggregation of agreements to lower fees and a migration to a modern policy administration environment.
6.7
million
Policies migrated
From legacy mainframes to a central, standardized environment
25
million
Transactions, zero errors
A faultless migration that took place over 31 hours
800
thousand
In retirement
Depending on monthly pension payments
Reducing complexity
AMF is a leading mutual pension company in Sweden with a commitment to deliver cost-effective, quality pensions to over 4 million customers.
But they were dealing with massive complexity of managing over 5 million policies with different terms and conditions across multiple generations.
AMF reduces the complexity by aggregating the different generations of terms into one insurance policy that gave policyholders the latest and the best terms.
To deliver on their commitments they needed a long-term transformation partner with rock-solid technical and domain expertise.
So they came to Lumera and we migrated them into Lumera.
Building an alliance
The migration was a huge, multi-year initiative with no margin for error – AMF’s customers depend on their pension.
So we started as we always do – by forming an alliance and compartmentalizing complex change objectives into pragmatic short-term goals.
A joint steering committee mapped out a multi-phase approach that would consolidate and standardize the insurance products in Lumera’s policy administration environment and reduce complexity.
This included facilitating and automate the outgoing pension payments to 800 000 customers in retirement.
Faultless data transformation
Multiple generations of policies and disparate legacy systems made the consolidation and migration complicated – and potentially high risk if done incorrectly.
We migrated AMF’s policies in large chunks via our Migration Factory – a combination of migration experts and our policy administration software. Good planning, trust in the participants and “general rehearsal” enabled the rapid sharp implementation. The result is that almost 3 million customers halved their fees – 300 million euro per year and AMF get simplified administration.
The migration and consolidation created a transformed, standardized core platform that delivers better business outcomes. It is a result of continuous work to simplify and automate in order to maintain low costs and give our customers as low fees as possible.
The standardized core platform enables cost effective solutions.
The results
The migration has created a future proof system for AMF and better value for their customers.
Over 8 million policies are now being administered more efficiently, which resulted in policyholders receiving a reduction in monthly fees.
AMF has now an industry-wide core platform that enables standardized cost-effective solutions that give their 4 million customers more visibility, accessibility, and control over their pensions.
Join the Prudent Revolution.
The Prudent Revolution delivers controlled, deliberate transformation for Life and Pensions providers. But the results are big, bold and obvious almost immediately.
Having Lumera as a transformation partner has resulted in a stable IT environment and created the conditions for cost savings. With its partnership, Lumera has made a strong contribution to the flawless migration.Lena Ringström CTO
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