There are various ways to improve the digitalization of customer interaction and internal efficiency, not least for an insurer running multiple lines of business. The innovative Swedish insurer Movestic chose to decommission their in-house developed application for managing individual and group risk policies, migrating these products to Lumera.
Just as the decision was made and the migration project initiated, the Covid-19 pandemic struck, stalling physical interactions. Facing lockdown, the project became even more critical for Movestic. Lumera’s digital distribution and new sales features were then not just enablers, but essential for business growth. A key mission for Movestic is to make it easy for customers to understand and get involved in their pension savings, and life and health insurance. With a single platform capable of supporting all lines of business, Movestic can create and maintain cutting-edge products for their tied agents, as well as an attractive offering for direct customers.
In 2021, as the pandemic continued to affect business and our daily lives, Movestic increased new written premiums by 257 % (from SEK 4 billion to SEK 10,3 billion), a stellar performance.
By migrating to a platform built for digitalizing insurance business, Movestic can stay on track with the following six critical pathways for a prosperous future:
Be Future Proof
The path to leaving multiple bespoke legacy systems behind and becoming future proof.
By migrating to Lumera’s modern policy administration environment, insurers can prosper from efficient workflows where digital interaction with end customers and partners is built in, not an add-on.
This was the second and last decommissioning of policy administration systems and a complete transition to the Lumera policy administration environment. It also eliminated Movestic’s dependence on scarce resources for support, maintenance, and development.
Be Digital
Cost pressure and customer expectations is driving the demand for digital access to information and services. This connectivity will only be provided when being digital is imprinted in each business process.
Now is the time for digitalization to enter the DNA of life insurance operations, enabling your organization to embrace digital transformation with all its benefits. Efficient, powerful portals and integration APIs facilitate internal systems integration and interaction with all participants in the pension’s ecosystem.
The path to digitalization provided by Lumera was decisive for Movestic’s choice. The result can only be spelled success!
Be Efficient
Improving administrational efficiency involves continuous efforts. All initiatives are first evaluated on the potential to add customer value.
Does your policy administration depend on personal skills for mastering bespoke legacy systems acquired over the years? It should not. Automation and seamless integrations using straight-through processing require new skills, but help reduce reliance on key personnel with task-specific skills. The benefits from automation aside, such staffing issues are also about efficiency. Further means for adopting best administrative practises include addressing how insurance products are bundled and enabling efficient reuse of configurations for new offers.
Movestic’s path to becoming a highly efficient insurer started with their migration to a unified policy administration environment, capable of supporting the entire business. Great efficiencies were realized from unified, standardized processes for each operational task, including customer communication, reporting, pricing and commission, creating accounting slips, and reconciling payments.
Be Agile
In an increasingly dynamic business environment defined by digitalization and disruption, agility is paramount for enabling business development that brings competitive edge for insurers. This may include new product offerings, new distribution channels or engaging partners.
Is meeting time-to-market for a product launch or adding a partner a burden? Not anymore. Now you can support new indirect business models as well as traditional insurance operations efficiently, while maintaining complete control and transparency.
Continuously fine-tune offers and distribution channels, which partners to co-operate with to retain the right customers and generate more revenue.
With their entire offering and all lines of business migrated to Lumera, Movestic can be truly agile and even self-sufficient in critical areas. Offerings and quotations are tailored to meet specific customer needs without compromising streamlined administration. This agility also extends to any initiative for improving essential business processes.
Be Compliant
Lumera’s commitment to compliance entails a new paradigm: New legislation presents market opportunities rather than hurdles to overcome.
Complying with a host of new legal requirements has been a perpetual hurdle race for European insurers over the past two decades. Implementing functionality in multiple bespoke systems to meet regulatory changes is far from efficient and very costly.
Or it used to be. Lumera has a solid commitment to provide functional support for new legislation, helping our customers stay compliant. Support for new regulatory functionality is provided by our releases and configured by dedicated customer teams – at a lower and predictable cost, while reducing operational risk.
For Movestic, compliance with the EU Insurance Distribution Directive – IDD, became a lot easier since all products subject to the regulation are supported by the same system, aligning the information communicated. Cleansing personal data gathered to make quotations by the GDPR requirements have become much more accessible.
Do More
Benefit from further consolidation of your legacy systems. Find growth opportunities in existing and new lines of business, new products or distribution channels, and with partners.
Are your legacy systems hampering business growth? When entering new customer segments or adding product lines, the benefits from consolidating systems will be even clearer. These include the ability to reuse rather than adding business support functions for supporting new distribution channels and product configurations.
Using Lumera for their individual and group risk products, Movestic can do more to drive their business further. New offerings can be made self-sufficient, and additional tied agents or external underwriters can complement the company’s underwriting operation.
