Through Trophy of the year, Itello highlights innovative customer projects that create more efficient administrative processes, lower costs and improve quality. We want to raise attention to the people behind the projects and the result of their ability to carry out challenging tasks. The nominated projects show a wide range of assignments and a high level of competence and functionality in our products. The projects have been nominated by employees at Itello and the jury consists of Itello’s management team.
This year, there is a large variation of nominated projects, which shows the range and scope of the projects we conduct together with our customers. Here we present the nominated projects for Trophy of the year 2020. The winner will be announced May 19.
Skandia – Future-proof and secure fund trading
The pace of change in the insurance industry is high. Continuous price pressure and compliance requirements from authorities pose several major challenges for the industry. Therefore, Skandia has replaced Fondia, a fund trading system, with Lumera, a modern standard system for life and pensions insurance. As a result, Skandia has secured its future fund trading, reduced resource risks and looks forward to future savings through cost-sharing of future development and ensuring compliance with regulatory frameworks. Now Skandia has a modern and future-proof solution, which meets the high-quality requirements for fund trading functions.
The project has had a strong focus on high quality and a good and clear operational management of complex flows. Highly competent project participants and effective collaboration between Skandia and Lumera have been the key to the successful project that has resulted in a stronger fund trading functionality in Lumera.
Now, the installation for fund trading in Lumera is considered as standard for future installations. The project gives Lumera the opportunity to help, not only Skandia, but also current and future customers to manage fund trading consistently. Therefore, Skandia is nominated for Trophy of the Year.
SPP – Migrating from Inca to Inca at record speed
Brummer Life dissolved its insurance portfolio to SPP in the spring of 2020. As SPP already had established migration teams and Brummer Life had its insurance solution in Inca, SPP invested in a very short and intensive migration project.
Despite extreme time pressure, the project turned out to be very successful, which few insurance company acquisitions can replicate.
SPP – Successful migrations
Despite covid-19 and remote work, SPP has accelerated the transformation to a more modern platform including more products, allows customers the opportunity to complete more errands digitally.
With established working methods and processes, SPP has migrated existing agreements in old systems to Itello’s future-proof standard system for life- and pensions, Inca. SPP’s project group has found a winning approach to not only continue, but also accelerate migration, although the project members had to start working remotely during the spring of 2020. This took place amidst intensive migration work where the challenges were already many. Hence, additional complexity was added in the form of non-interrogation, broken social structures and an increased need for documentation. SPP’s and Itello’s migration experts quickly had to change their way of working to remote work. Together, we found a winning way of working together, without any physical meetings.
With this flexible recipe for success, all migrations in 2020 have been successful.
AMF – Administration of multiple social security numbers
Safe and simple pensions should be available to everyone regardless of background and conditions. To enable this, fictitious social security numbers are in some cases used, which causes complications when administrating social security numbers. Together with Itello, AMF has therefore thoroughly handled tens of thousands of multiple social security numbers. New technical solutions have been created in Itello’s policy administration system, Inca, and working processes have been established to secure a safe pension for each individual customer.
Thanks to these measures, AMF has strengthened its success factors, which means the lowest fee through lower management costs and responsible businesses through higher quality. AMF demonstrates, once again, that all customers are equally important. Therefore, the project “Administration of multiple social security numbers” is nominated for Trophy of the Year.
Swedbank Försäkring – Bank transaction reconciliation and liquidity-controlled fund trading
An important requisite for the transition to liquidity-controlled fund trading was to first activate the functionality around bank transaction reconciliation in order to streamline the routines at Swedbank’s finance department, which spent a lot of time on manual reconciliations before the introduction. Increased efficiency in the finance department liberated a lot of time and reduced the liquidity risks. With a great effort by Swedbank’s finance staff, working both with the introduction and functional testing in parallel with their regular work as well as monthly, quarterly and annual accounts, and in close collaboration with Itello, they managed to finish the project. Now, Swedbank can act faster and manual work has decreased significantly.
Swedbank has gone from confirmation-controlled fund trading to liquidity-controlled fund trading, an important standard functionality in Inca that Swedbank has long aimed for. Thanks to the project, Swedbank has reduced the liquidity risks in the fund trading operations as well as in inflows and outflows, and is therefore nominated for the Trophy of the Year.
Folksam LO Pension – Improved repeatability of migrations
Folksam’s customers demand modern digital solutions, which is why Folksam LO Pension, together with Itello, has established a working method for improved repeatability of migrations. By using Itello’s Inca Migration Toolkit, and with minimal development, SEK 134 billion of customers’ total insurance capital at Folksam LO Pension were migrated during 2018-2020. Today, 99% of Folksam LO Pension’s insurance capital is managed in Inca. The investment has enabled business progression, the ability to meet future customer needs, compliance with new legal requirements and migration of new companies within the Folksam Group.
For Folksam, the migration entails system support which ensures cost-effective compliance and the ability to keep up with future contract changes within the collective agreement areas in which they operate. Therefore, the project “Improved repeatability of migrations” is nominated for Trophy of the Year.