Celent recently presented a report compiling the review of 37 European providers of Policy Administration Systems – PAS. Itello is the only vendor from the Nordic countries and one of the few fulfilling the requirements in the 2017 and 2019 reports.
The insurance analyst firm Celent performs their analysis of European PAS vendor semi-annually. Of the 37 vendors, many only approaching their local market, Itello is the only vendor in the report addressing the specific market characteristics of the Nordic pension market. Celent recognises Itello and our continued investments to successfully expanding our customer base in Scandinavia. This is due to our solid coverage in the area of group pensions (occupational pension) provided by employers.
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Overall, Inca provides deep features and functions around workflow, product, and business rules configuration. Their front end supports group contracts and the interface design and features are well-thought-out.
Celent EMEA Policy Administration Systems 2019
Top customer rating for implementation build trust
Among the vendors reviewed in the report, Itello is top-ranked by customers for our implementation and migration methodology. Customers were asked to view specific areas such as; responsiveness, project management, implementation compleated on time and budget as well as knowledge of customers‘ business. Among the leading vendors in both this report and a similar – Gartner Magic Quadrant for PAS in Europe 2019, Itello is the highest-ranked vendor in the category „Implementation“ and the only vendor based in the Nordic countries. The highly appreciated implementation capability build trust among our customers to migrate from multiple bespoke legacy systems. Executing on this strategy, they achieve all the benefits that are attached to consolidate on a modern PAS application well integrated with the ecosystem of the Nordic pension industry.
Six releases a year propel digital projects and reduce the hassle of compliance with new legislation
The last couple of years, Itello has supported our customers’ migration from multiple bespoke legacy systems at an accelerating rate and systematically building new capabilities. Integrations for efficient automation of processes in the pension ecosystem lowering costs and shorten response time has propelled the transformations process from multiple bespoke legacy systems to the modern policy administration application from Itello. By continuously releasing new functionality in several releases yearly, customers can initiate testing of functionality to become compliant with the new regulation as well as integrations much earlier and provide feedback into the next sprints of development for the next release. The six releases provide enhanced and new functionality and are launched to be taken into production by our customers.
Here are some examples of new functionality launched during 2019:
- Update of the implementation of GDPR and IDD· Inca Migration Toolkit makes the transformation from multiple bespoke systems to Inca swifter.
- Document Communication that increases customer engagement and satisfaction.
- Sales distribution goes digital and becomes a Straight Through Process.
- Improved connectivity to enable and help accelerate digitalisation initiatives.
- Connectivity to Morningstar increases efficiency and fulfilment of regulatory compliance.