Skandia
How we helped one of Scandinavia’s leading life insurance companies transfer their fund trading operation to a standard system.
From over 100 international providers
In assets under management in the unit linked business
Future-proofing a market leader
After pioneering unit linked insurances in Scandinavia, Skandia has continued to lead the market for years.
While the company continually had refined and streamlined its fund trading operation, they were were facing key personnel dependencies due to the IT infrastructure that was being used.
To future-proof their operations they needed to switch to a standardized system for fund trading management.
And it needed to cover banking customers as well as the unit linked business.
So, they came to Lumera.
Accommodating advanced business operations
To mitigate risks and ensure success well into the future Lumera and Skandia engaged in a multi-year agreement that helped Lumera to develop better fund trading functionalities and Skandia to reduce the risk of key personnel dependency.
We deployed Lumera with standard integrations for automated interfaces in the fund management ecosystem, like fund information, fund order hubs and banking payments.
Once full integration into Skandia’s bespoke IT landscape had taken place the system went live over two subsequent weekends in 2020.
The foundation of modern, flexible infrastructure
Skandia’s important fund trading now relies on a fully modern, flexible and maintained platform – Lumera.
By constantly maintaining and enhancing their platform (part of our standard delivery model and partnership agreement) we’re able to help them stay compliant and meet new market needs.
Sustained, continued transformation
Our partnership with Skandia not only switched their fund trading IT infrastructure for the present-day challenges, it ensured they were prepared for the future.
Our environment means they can still handle over 1 000 different mutual funds from over 100 different international providers and gives them the tools to continue and grow their business with their former risk eliminated.
Lumera gives them the ability to respond quickly to legislative changes that might occur, which is critical for the sustained management of their more than 14 billion Euro assets in the unit linked business.
The results
Skandia was an early pioneer of unit linked insurance throughout Scandinavia, and today is one of the region’s leading life insurance companies. We helped them future-proof their fund trading operations with a modern system.
- Single environment for fund trading management, built to serve both banking customers and the unit linked business
- Handling of over 1000 different mutual funds from over 100 different international providers
- Management of over 14 billion Euros in assets
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
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.
"Lumera was a major driving force behind our IT transformation to switch to a modern, standardized and flexible environment to our core fund trading operations. Today, they’re still helping us to continually enhance our platform."
Kjell Rydman, Head of Product Unit Link
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