Sector pension fund Bpf HiBiN selects Lumera AxyLife to modernize and automate its policy administration. Digital Twin strategy will facilitate transition to future WTP pensions scheme.
Stockholm, March 28, 2023 – Lumera, a leading insurtech company dedicated to the digital transformation of the Life and Pensions industry, has signed an agreement to provide a SaaS policy administration solution to Bpf HiBiN, a self-administered sector pension fund serving the building material trade in the Netherlands.
Following evaluation of several options, Bpf HiBiN selected Lumera AxyLife as their new digital platform. The fund’s main objectives for this investment is to better serve participants and increase operational efficiency using fully automated processes. The implementation will commence immediately, targeted for completion by January 1, 2024.
“We want to continually enhance our services to employers and participants, while maintaining our status as a low-cost provider (cost per participant €130). For this reason, Bpf HiBiN has assessed our current pension administration system and compared it with other available options in the market,” says Gijs Alferink, Chairman of the board Bpf HiBiN.
The new platform will also support adoption of the pensions system reform, set for implementation in the Netherlands through 2027. To prepare for the future WTP pension scheme, Bpf HiBiN will make after the implementation use of Lumera’s Digital Twin strategy, which duplicates the policy administration environment to allow for secure, full-scale simulation and testing, ensuring a smooth and controlled transition.
“Bpf HiBiN fits well into our policy to maintain a diverse client portfolio, serving pension funds and pension administration organizations (PUOs) regardless of their size. What our clients have in common is a pragmatic, proactive approach to WTP transition and they observe the need for a future-proof digital platform that is equally capable of supporting their business today,” says Jeroen Elbertse, Managing Director, Lumera Netherlands.
“When selecting our future administration solution, the Bpf HiBiN board focused on providers that fit our organization in terms of size and culture. We also preferred a proven SaaS offering, such as Lumera’s AxyLife, as this easily allows for integration with other SaaS solutions. Bpf HiBiN is actively open for pension funds that seek a new PUO, and this flexibility enables us to manage policy administration for other pension funds,” says Robert Hendrickx, Managing Director Executive Office, Bpf HiBiN.
For more information, please contact:
Jeroen Elbertse, Managing Director, Lumera Netherlands: +31 612 27 68 95, email@example.com
Mats Lillienberg, CEO, Lumera Group: +46 70 848 81 87, firstname.lastname@example.org
Christine Blinke, CMO, Lumera Group: +46 73 668 60 08, email@example.com
Robert Hendrickx, Managing Director Executive Office, +31 638 59 68 55, firstname.lastname@example.org
Lumera is dedicated to the digital transformation of the Life and Pensions industry. As insurtech innovators, we are introducing AI-powered automation and business analytics to policy administration. The Prudent Revolution is our mission – bridging technology and partnership to navigate the fastest, safest path through complex change for L&P providers. With a faultless track record from extensive migration projects, Lumera combines our cloud-native policy administration platform with deep domain expertise.
Bpf HiBiN is the sector pension fund for the building materials trade and has existed since 28 June 1958.
In total, about 950 employers are affiliated. The total number of pension scheme members as of the end of 2022 is approximately 38,000, of which approximately 11,000 are active, approximately 21,000 former members and approximately 6,000 are pensioners. The invested capital at the end of 2022 amounts to approximately €1 billion.