Agile implementation of digitisation initiatives, migration from multiple bespoke legacy systems and compliance to new legal requirements are top priorities among our customers. From 2019, Itello will propel their projects with several releases a year of the leading Nordic system for policy administration to meet the demand for rapid transformation.
Additional releases of Inca a year propel several agile customer transformation projects
The last years Itello has supported our customers’ migration from multiple bespoke legacy systems at an accelerating rate and systematically building new capabilities. Integrations for efficient automation of processes in the pension ecosystem lowering cost and shorten response time has propelled the transformations process from multiple bespoke legacy systems to the modern policy administration application from Itello.
All our customer have, or are in the process of, migrating insurance policies from bespoke legacy systems to capture the benefit of the capabilities Itello offer with Inca and our complementary Product and Services. Having all life insurance business lines and policies in the same platform generates several benefits for insurers:
- Materialise the digital and automation transformation
- Improved market responsiveness to new legislation and procurements
- Increased interactivity in many dimensions
- Co-work with other Itello customers in industry-wide projects reducing costs and improve quality
- Lowers Total Cost of Ownership
- Agile testing of Minimal Viable Products from internal projects or insurtech companies
For many incumbent insurers, there is no getting away from the need to overhaul their bespoke legacy systems. For those aiming for lean, standardised processes and products, there is only one standard solution in the Nordic life insurance market.
Six releases of Inca a year shorten time to market and reduce the hassle of complying with new legislation
By releasing new functionality in several releases, customers can initiate testing of functionality to become complying with the new regulation as well as integrations much earlier and provide feedback into the next sprints of development for the next release.
The six releases provide enhanced and new functionality and are launched to be taken into production by our customers.
Here are some examples of new functionality launched during 2019:
- Update of the implementation of GDPR and IDD
- Inca Migration Toolkit makes the transformation from multiple bespoke systems to Inca swifter.
- Document Communication that increases customer engagement and satisfaction
- Sales distribution goes digital and becomes a Straight Through Process
- Improved connectivity promote the digitalisation
- Connectivity to Morningstar increases efficacy and fulfilment of regulatory compliance
Itello has over the years improved our processes and increased our number of development teams, now even with a development team located in Umeå, a university city in northern Sweden.
Supporting existing and a new business model
In the life insurance industry, new entrants have cherry-picked some sweet spots in the value chain and have become successful. In Sweden, the brokers have gained access to corporate customers by representing them in procurements and pushing down prices insurers have to comply.
Many Insurtech start-ups got funded for challenging the traditional value chain by overfunded investment funds. Some are focusing on preventing risk behaviour, reducing the total premiums or gaining control of the customer by focusing on digitised and personalised investment advice for long term savings and distribution of insurance products.
Now we see the next phase. Insurance companies are starting to co-operate with new entrants to improve the speed of digital transformation and test several different concepts at the same time. However, they still have to maintain and enhance the support of their traditional value chain.