How we helped Nordnet become more flexible by building the foundation for their Nordic pension and insurance offering, so they could focus on excellent digital customer experiences.

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The short time to market for launching Nordnet’s initial pension offering
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The number of countries, regulatory environments and currencies in which multiple long-term savings products needed to be supported
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A fully digital customer self-service operation in the Nordic Life and Pensions industry

Adapting to massive industry disruption

In 2004, new legislation opened up an entirely new type of insurance savings product for the Swedish market. With it came new actors – internet brokers. Internet brokers were disruptors who already had entered and changed the stock market and savings environment forever by offering all-digital trading combined with low fees.

Their agile, customer-centric approach stirred demand for simplicity and self-service also in the life insurance industry.

By 2005, Nordnet was one of the internet brokers who identified attractive new business opportunities in the insurance industry. The company knew that to successfully challenge established insurers, they had to be a disruptive force for digitalization in this market too.

Nordnet sought a tech partner who shared its vision to act fast in a dynamic environment, and had the ability to support Nordnet´s business expansion into new markets. Lumera turned out to be that partner.

Exploiting the new opportunity, quickly

To support its entry into the pensions and insurance market, Nordnet searched the market for a fully featured application capable of managing their long-term savings products.

Lumera’s policy administration environment – together with our expertise and experience – was the only offering that provided the required features and capabilities.

Following the decision to partner with Lumera, Nordnet’s new Policy Administration Environment was up and running within six months. Nordnet then had an insurance wrapped savings product live, complete with both website and back-end integrations. Lumera helped introduce self-service for customers, while adding flexible administration tools for Nordnet staff as well.

Single solution serving multiple countries

Keeping tech and operational costs low is critical for maintaining Nordnet’s focus on customer value. Therefore, their customer-centric model called for a ‘single platform’ solution.

Lumera’s policy administration environment proved to be the perfect fit for Nordnet’s strategy. Lumera manages Nordnet’s pension and insurance products, insurance administrative processes, and provides support for their multi-legal entities across the Nordic region.

This way, Nordnet can use the same solution across its Danish, Norwegian, Finnish and Swedish operations. In other words, the Nordic market is managed by one single platform.

Easy integration opens new channels

Over time, Nordnet has successfully extended its use of Lumera while leveraging the time to market benefits the platform provides. A recent example is when Lumera helped Nordnet target an emerging advisory services market by opening new channels, using one of Lumera´s off-the-shelf integrators.

This solution was instrumental for Nordnet in securing an agreement with one of Sweden’s leading advisors and intermediaries of insurance and financial products.

Within four months we opened a new channel for customers to access personal advisors and a proven brand name, in a subscription flow directly to Nordnet’s Lumera platform.

Capitalizing on disruption

Lumera’s partnership with Nordnet has enabled a low-cost. extendable and agile application foundation by leveraging the flexible and composable processes, products and rules of the Lumera platform.

This is a prime example of how the digital revolution will continuously push change in the Life and Pension industry.

The results

Nordnet is a leading digital bank for savings and investments in the Nordic market. We built the digital foundation that helped Nordnet launch their pension and insurance offering within just six months.

  • Policy administration environment enabled rapid time-to-market for insurance wrapped pension and savings products
  • Multi legal entity and multi country ability to support single platform strategy across the region
  • Expansion into new advisory services using off-the-shelf integrators

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

Our relationship with Lumera is a differentiator for us. We can seize new opportunities by quickly developing and launching new products that integrate seamlessly with our existing operation. It means we can innovate at speed without creating complexity.”

Daniel Herek
System Manager

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