Innovation drives complexity – not anymore through dual transformation
Movestic has always been a force of innovation in Life and Pensions since launching in 2000. Their suite of differentiated products and market offerings challenged more established competitors and represented an attractive alternative for many brokers.
But rapidly innovating on their bespoke PAS quickly created complexity that slowed their acceleration and impacted customers and brokers. They needed a new foundation built for lifelong innovation – a unified digital platform optimized for continuous acceleration.
So they came to Lumera.
Leaving bespoke legacy systems behind
Movestic needed a core platform that could drive new efficiencies throughout their existing business while supporting new digital sales and opportunities throughout the insurance ecosystem.
In 2008, Lumera started migrating their existing operation into a Policy Administration Environment, fully automating their occupational pension and digital distribution functions.
So when Movestic acquired another insurance company with a complementary health insurance product portfolio, we were ready to integrate the offering with their existing configurations and offer seamless continuity to customers.
Lumera’s standardization means Movestic can adapt faster and more cost-effectively to new legislation – as the associated complexities and costs are effectively divided between Lumera users.
And because all policies will share the same underlying data model, Movestic has been able to improve the quality and efficiency of their reporting and analytics.
The migration will not only help Movestic improve existing operations. It will also support them in doing what they do best: innovating.
The new policy administration environment unlocked advanced fund order management functionality, enabling them to increase the number of funds and combine mutual funds into individual portfolios – adapted to specific customer needs.
Now they can easily integrate exciting, high yield fund managers into their existing offering and provide the individualization and simplicity their customers appreciate.
The new platform also enabled them to launch an individual portfolio capability, qualifying them in procurement for ITP – white-collar occupational pension plans. Now they can address 2.4 million new clients, tapping into annual premiums of 5.0 billion Euro.
Individualization and simplicity regardless of distribution channel
Brokers are a critical distribution channel for Movestic.
So when new regulations demanded increased transparency, Movestic’s new standardized policy administration environment was critical to quickly equipping new and existing brokers with the rich reporting and analytics they needed.
The environment also enabled the launch of a new customer-facing site for distribution and self-service. Customers can access an overview of their individualized savings and performance, execute fund switches, add savings, initiate pay-outs and more, from a single, secure interface.
The platform also supported seamless integration with Collectum – the distribution and service center –critical for the ITP-occupational pension procurement.
The result of the connectivity framework and digital support Lumera provides is fully-realized Insurance 4.0: a cost-effective distribution that propels revenue, improves productivity and increases customer individualization and simplification and partner satisfaction.
Automated fund order execution
Lumera’s fund order management application helped Movestic eliminate manual handling of fund orders, resulting in massive time and efficiency savings – even for complex execution and consolidation tasks. Now they can focus on selecting the best performing funds in multiple asset classes.
They can also easily connect their fund order management capability to external fund execution platforms and Morningstar for NAV-prices.
Movestic now has an automated, low-risk, high-return fund management function that continually provides the best funds to their clients.
Movestic has been a longstanding force of innovation in life and pensions services. But their legacy PAS was slowing down their ability to change. So we provided them with a consolidated policy administration environment built for change.
• Replacing multiple bespoke legacy systems in multi-channel transformation
• Unlocked 5.0 billion Euro in annual premiums in an additional market segment
• Increase efficiency by adding funds leveraging touchless fund order execution
• Enabling further improved individualization and simplicity for customers and partners
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.
What we deliver
We zorgen dat je beter en sneller nieuwe verzekerings- en pensioenproducten op de markt kunt brengen. Zo speel je in op de continu veranderende klantbehoefte en wet- en regelgeving.Meer lezen
We helpen levensverzekerings- en pensioenbedrijven moeiteloos te reageren op de voortdurend veranderende vereisten binnen wet- en regelgeving en compliance.Meer lezen
Inzichten uit data
Gecentraliseerde polisgegevens gemakkelijk analyseren voor uitgebreid concurrentie-inzichten, te benutten voor betere klantresultaten en marktvoordeel.Meer lezen
Onze polisadministratieomgeving is een centraal platform voor de digitalisering van je complete bedrijfsvoering. Zo werk je efficiënter en creëer je nieuwe waarde voor de organisatie.Meer lezen
Achterhaalde IT vervangen door efficiënte, geautomatiseerde systemen en processen die goedkoper zijn, minder complex werken en de administratie verbeteren.Meer lezen
Een klantgerichte digitale transformatie versnelt nieuwe bedrijfsresultaten binnen de hele waardeketen van levensverzekeraars en pensioenuitvoerders.Meer lezen
Innovation is our core business, and our partnership with Lumera has transformed the way our operation supports rapid change. Today we can develop and integrate exciting new simplified individualized offerings with our existing portfolio totally seamlessly.Torbjörn Annerfors Head of Transformation
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