Skandia Payment (within the program Next)

Insights

23/05/2023

Skandia, one of Scandinavia’s leading life insurance companies, wanted to leave their old system solutions and move towards a standard system, increasing efficiency and at the same time mitigating risks with skills shortages.Together with Lumera, Skandia recently completed a highly successful project migrating a large volume of data from their legacy systems to Lumera’s policy administration platform. During the working progress, the project teams from both Skandia and Lumera, had to ensure that the new system was fully integrated with Skandia’s existing infrastructure, while handling large volume of payments that the company processes every month. The result of the project was highly impressive, with payment volumes of more than 1 billion SEK being handled with ease every month, whilst also ensuring that Skandia can continue to process large volumes of payments in the future. During Easter, Skandia also went live with outpayments in Lumera to replace the old system GUL when we migrated 289 913 shadow insurances together with tax decisions and outpayment agreements. Now, Skandia can invoice and receive SEK 1+ billion from companies and at the same time pay SEK 1+ billion every month when the insured have reached retirement age and the insurances reach the other end of their life span. The solution itself involves multiple systems at Skandia and have integrations for tax reporting, bank payments and with the base insurance systems Puls, Ulla and Sally. The success of the Skandia Payment project is a great example of how companies within the Life and Pensions industry can modernize its infrastructure, whilst increasing efficiency, reducing costs, and future-proof themselves against potential risks. While such projects can be complex and challenging, the rewards are often significant, and the benefits can be felt for years to come.

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