170,000 Swedish pensioners live abroad in 171 countries. This creates problems for the insurance companies that pay their pensions. As long as they are still alive, they will receive their pensions – Alive. In Inca 18.3, we have automated handling and lowered costs.
In Inca 18.3, we have implemented further improvements in automation, digitalisation and regulation compliance, further strengthening our position as one of the most important suppliers in the Swedish ecosystem of the life insurance and pension industry. In this release, we have increased support for digitalisation and transparency by developing web services that support minPension’s investment in the Uttagsplan (payment plan) service.
LEFI – Delivering information on benefits
We save our customers the administration of checking whether the Swedes abroad are alive, have passed away or are simply not answering, helping them to determine whether to continue making payments on their pensions.Rather than calling or sending letters to pension-receivers abroad, Inca 18.3 checks automatically. It does so by regularly retrieving information from the system of the Swedish Social Insurance Agency (Försäkringskassan). In total, there are approximately 170,000 Swedish pensioners in 171 countries who need to send notification that they are still alive.
minPension drives transparency and digitalisation
We facilitate interaction between our customers and their end customers on digital channels. An important task of insurance companies is to support and advise their customers when it is time to start taking out their pensions and to plan their payments. In Inca 18.3, we have developed new web services for payment rules used in minPension’s Uttagsplan (payment plan) service. We developed this new functionality in collaboration with our customers.
Improved management of fund orders
In December 2008, with the release of Inca 4.0, we introduced self-regulatory trading books with the possibility of minimum stock funds, refined fund trading, portfolios and expanded management of fund switching. In October 2016, we followed this up with dynamic fund attributes and algorithmic portfolios, enabling individualised fund savings. Now we are automating fund trading with a two-part compilation of preliminary fund orders.
Customisations for IDD reporting
We monitor all legislation pertaining to the industry and ensure that Inca always complies with applicable laws and regulations. As part of our ongoing efforts to comply with regulations, we made customisations for IDD reporting.