Written by Roger Peverelli and Reggy de Feniks – Founders The DIA Community on Jul 14, 2022.
Customers, companies and industries are used to the endless opportunities of digital. This digital transformation is not easy for life insurers and therefore does not happen overnight.
For pension providers in Europe, it is a challenge to address legacy and platform issues and at the same time transform from DB (Defined Benefit) to Defined Contribution (DC) and also be competitive in price. Life insurers typically face complex and old system environments that drive costs upwards and lead to potential mistakes and a long time to market. To succeed these insurers need a transformation that is pragmatic, accountable and based on experience and domain expertise.
Lumera delivers a unified policy administration environment that enables safe, continuous digital transformation that helps the biggest Life and Pensions companies across Europe to transform their business into a digital one, leveraging Lumera’s lifelong partnership, leading cloud technology and deep domain expertise.
Lumera offers its clients a de-risked transformation model for Life and Pensions, called “The Prudent Revolution” which includes not only tech but also a partnership. More than seventy migration projects have been implemented using this model, leveraging Lumera’s modern, standardized digital foundation and a track record of complex, high-volume deployments. Offering a safe path of digital transformation across the Life and Pension value chain.
The company’s approach basically means to “think big but start small when implementing.” Migration is done step by step to create an efficient and modern Policy Administration while guaranteeing safety. The company believes that a modern Policy Administration system is key to digitizing, creating satisfactory customer journeys, and being competitive in the European Life and Pensions market.
How does it work?
Lumera’s Policy Administration is a standardized digital foundation that helps customers create new value across the Life and Pensions value chain. It is a proven out-of-the-box policy administration solution that leverages the power of the cloud to drive more efficient and automated operations across the whole business. At the same time, it is a future-proof, developer-centric, API-first platform for developers to create innovative new market offerings, operational capabilities and data insights.
The result is a flexible and composable platform of functions with deep interoperability at its core, enabling continuous change. Changing the traditional policy administration solutions that are a patchwork of disparate systems that need manual attention.
Lumera is one unified environment of standardized policy data that processes all aspects of policy administration. Helping to transform the value chain, add value and connect to third-party systems and data.
Why did we select Lumera to be present at DIA Amsterdam 2022?
There is a clear trend of digitalization which is complex for life insurance players as they deal with legacy issues. Lumera taps into this issue and offers a straight-through process in SaaS.
Lumera has expertise in the migration of pension rights, supporting the trend of going from Defined Benefit (DB) to Defined Contribution (DC).
It is the market leader in Sweden and Norway and administrates 13.8 million contracts and reduces administration costs significantly in a safe and visual manner.