Itello, a Swedish insurtech company delivering a Policy Administration System for the Nordic markets, has been included in Gartner’s latest Magic Quadrant for Policy Administration Systems (PAS) in Europe. We believe this is a strong validation for Itello as a vendor in the Nordic life and pension industry.
Itello view the recognition by Gartner as a real quality hallmark
According to the report, “Gartner tracks more than 50 vendors that offer life insurance policy administration systems in Europe. The 2018 Magic Quadrant represents a snapshot of the market for a subset of those vendors that are present in at least two European countries, have built up a significant portfolio of clients (11 clients) and are continuing to add to their portfolio (at least two in the past three full calendar years).”
Itello is proud of being one of the eleven vendors recognised in the report and the only vendor headquartered in the Nordic countries present. We appreciate immensely the valuation to be recognized in the Gartner Magic Quadrant. Itello believes this is great news for all Nordic companies seeking to invest in a modern and standardised PAS solution. We believe it will allow to them to successfully navigate in a changing landscape driven by automation and digitalisation and put Itello on their short-list of PAS vendors.
Mats Lillienberg CEO/Itello
Below are significant topics that Itello value have significance for any actor in the life and pension industry when valuating Itello and our policy administration system Inca.
Riding the wave of Compliance
One of the most cumbersome tasks for the insurance industry is to comply with the never-ending torrent of new regulations the industry has to be compliant with. Itello solves this critical business objective by ensuring that our policy administration system – Inca – remains regulatory-compliant by committing to deliver regulation updates as part of the license agreement. This allows our customers to spend more time serving its customers and developing its business. Riding on the waves of opportunities.
A modern and cost-efficient standardised software product
To deliver the required functionality to all our customers at the same time, Itello has decided on a product package approach on a subscription-based licence model. This approach enables all customers to upgrade to the latest version and benefit from the added functionality included in the product roadmap.
Customer-centric product vision
The product roadmap is based on ideas and business needs generated from our multifaceted framework to engage with our customers. We provide different forums to resolve specific operational issues, collaborate regarding regulation change and discuss the future product roadmap and service offering to all our customers.
We believe Itello has a high level of customer engagement and customer satisfaction manifested in the Gartner Peer Insights rating. The ratings are based on reviews and input from the Itello customer community.
Scalability and adaptability for business flexibility
Our approach with a packaged product approach enables us to configure and scale the system to meet the needs from a wide variety of insurers. Our customers include big single product mutual companies, bank assurance companies with many products, traditional life insurers with distribution via brokers and tied agents to internet brokers offering endowment insurance wraps in the Nordic countries. With the platform flexibility, we also allow our customers to swiftly adapt to new market needs and quickly launch new products and establish new business models and sales channels.
The future of insurance – driven by automation, digitalisation and transparency
The life insurance landscape is in rapid transformation, primarily driven by new customer expectations and disruptive technology. Itello’s mission is to make sure our customers have the most competent, efficient and flexible IT-platform on the market to allow them to navigate in this changing market successfully.Key in this is:
- Business efficiency through a high level of data-driven process automation, internally as well with external partners and stakeholders
- Ability to serve and interact with customers and partners in various digital channels
- Transparency and Collaboration. Embrace the growing insurtech eco-system and collaborate securely through a combination of standardised integrations and flexible open APIs.
Occupational pensions – a central part of the Nordic pension system
Sweden’s employers pay over SEK 170 billion a year in occupational pensions to insurance companies. In total, they manage SEK 2,600 billion in occupational pension plans. Through procurement, representatives of employers and employees have forced the management and administration fees down over the last decades.
Since 2003, Itello has streamlined the administration of pensions and life insurance policies by automating many of the processes that drive costs. We have also included connectivity to all participants in the occupational pension ecosystem regulated by IORP2.The position in the ecosystem was even strengthen the fall if 2018 when Itello signed a partnership with our first non-life insurance company. Each year, the service centre for occupational pension – Fora sends over 17 billion SEK in premium and fees from 215,000 companies to 40 pension managers, insurance companies, trusts and funds. Other Nordic countries will benefit from this experience.
Several of our customers have digitised their operation by using insurance companies enhancing the distribution capacity and improving the end customer experience.
Gartner subscribers can read the October 2018 Magic Quadrant for Life Insurance Policy Administration Systems, Europe here:https://www.gartner.com/document/3891692
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