How our business service outsourcing manages a complex defined benefit plan and pension fund with policyholders receiving payments in different currencies.
600 Employees still active on the defined benefit schem
450 Retirees being paid out the defined benefits
600 Former employees with paid-up policies
A global network of members
DNV has 12 000 employees and 300 offices in 100 countries around the world. In the Norwegian part of DNV, many of their employees are/have been expats who have relocated within the organization.
These relocations are a huge source of complexity for pension fund management, compounding the innate intricacy defined benefit pension schemes.
Promises made to employees needed to be kept, while accounting for gaps in state pension caused by a relocation.
To reduce manual management processes and improve efficiency, data accuracy, and the service level towards the pension plan members, DNV decided, following a tender, to partner with a defined benefits expert offering a robust automated solution, namely Lumera.
From Fragmentation to Certainty
In 2016 we adapted our system – that was being used by insurance providers – to help bring more certainty to the complexity of defined benefits in Norwegian pension funds and supplementary pension schemes.
In 2016 DNV became our first customer with the newly adapted system. During the tender process we demonstrated the effectiveness of our solution and its ability to handle complex pension administration.
Fragmented data and complex interdependencies between various benefits left DNV exposed to errors that could result in incorrect payouts and assessment of liabilities. Consolidation on our system, improved processes, reduced costs and created a much better customer experience.
It was the speed, the timely processes and the introduction of an electronic overview and direct access to information for retirees that had the greatest positive impact.
With a combination of massive process automation and our integrated actuarial calculations engine, DNV ensure a high service level and that they meet their obligations.
Better customer service and peace of mind
Through regular interaction with the CFO, including board meetings and financial reporting we’ve been able to form a partnership that generated results.
Our automation generates not only more accurate calculations but a deeper analysis, which, when paired with our knowledge through partnership, allows us and DNV to make better decisions.
DNV are able reallocate resources away from manual processes and legacy fund management, to focus on their own future, with certainty that obligations will be met.
And the certainty extends to policyholders who now enjoy a policy portal and access to our service desk for any queries they may have about payments, contributions and membership.
What we deliver
A customer-centric digital transformation accelerates transformative business outcomes across the whole Life and Pensions value chain.
We enable you to get better insurance and pensions products to market with shorter lead times to serve ever-changing customer and regulatory needs.
Our policy administration environment is a central platform for digitalization across your whole operation to unlock efficiencies and create new business value.
Centralised policy data is easily analyzed to surface deep competitive insights and activate them for better customer outcomes and market advantage.
Replacing legacy IT with efficient and automated systems and processes lowers costs, cuts complexity and improves administration.
We enable Life and Pensions companies to effortlessly respond to continually evolving compliance and regulatory demands.
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