Fora, an administration center for collectively negotiated occupational pensions, has chosen Itello as a provider of new IT support for its operations. The signing of the contract was proceeded by pre-studies and an extensive procurement process.
Through the agreement, Fora has access to extensive standard functionality through Itello’s leading Policy Administration System for the Nordic life and pension industry, Inca. The agreement also includes Itello’s services to support the implementation. The implementation project together with Fora will begin immediately. The agreement runs until 2025 with incremental (step-by-step) deliveries in the next few years.
Itello has managed to sign-up an increasing number of Swedish life insurance companies as customers in the last decade. For many of them, collectively negotiated occupational pensions, administered by a service provider like Fora, is an important business line. Through the agreement with one of Sweden’s largest service center, and insurance broker, Itello becomes an even more important supplier to the Swedish ecosystem for life and pension savings.
Mats Lillienberg, CEO of Itello. “It really is an important step for Itello. At the beginning of the procurement process, we were challenged by some major ERPs. During my first months at Itello, I have seen many passionate employees who are able to understand the customers’ complex reality and the importance of an overall perspective for the actors in our industry. We understand our customers’ business and create opportunities for automation through close collaboration with an increasing number of players in the industry. With the confidence Itello gained from the deal with Fora, we take the challenge of streamlining the Swedish pension system to a new level.”
Marita Odélius Engström, CEO of Fora. “Fora is a service company with a customer-driven approach that makes it easy for companies and employees to review their collectively agreed pensions and life insurances. Daily, we ensure that collectively procured premiums and fees are properly managed, calculated, billed and transferred. This will be seen in the light of increased requirements and expectations for flexibility and digitization. Therefore, we are now strengthening Fora for the future and increasing the opportunity to offer cost-effective services and products that meet our partners’ and customers’ expectations and needs. This is a new and exciting step for us to start the journey towards utilizing standard systems like Inca for parts of our core business. ”
Price pressure requires increased automation and digitization
About 9 out of 10 employees in Sweden have an occupational pension. The occupational pension is paid by the employer. Sweden’s employers pays over SEK 170 billion a year in occupational pensions to insurance companies. In total, they manage SEK 2,600 billion in occupational pension plans. Through procurement, representatives of employers and employees have pushed down management and administration fees over the last decades. Since 2003, Itello has streamlined the administration of pensions and life insurance policies by automating many of the processes that drive costs. Through the agreement with Fora, we create opportunities for streamlining operations, also for service centres providers and brokers.
Fora is a service company whose task is to handle the flow of collective insurance premiums and fees between companies and insurance providers, trusts and investment funds.
Fora also informs employers and their personnel about their collective insurances and assist employees in choosing the insurance company with which they wish to manage their collective pension insurance in the area of SAF-LO.
Fora is an administration center for collectively negotited pensions . This means that Fora administrates the pensions solutions for the the private-sector workers, with the insurance company selected by the employerThe role of Fora is also to make it easier for employers and pension managers to administer the SAF-LO occupational pension agreement. Each year, Fora sends over 17 billion SEK in premium and fees from 215,000 companies to 40 pension managers, insurance companies, trusts and funds. Fora is jointly owned by the Confederation of Swedish Enterprise – Svenskt Näringsliv and The Swedish Trade Union Confederation – LO and is operated without any own profit interest.
Contact Emelie Gustafsson, Press Officer at ForaPhone: +46 8-787 468, celluar +46 736897714
Itello is a Swedish insurtech company that develops business systems and digital solutions for more efficient administration of pensions, life insurance and savings. With our broad industry knowledge and skills in system development, we build new generation business systems and digital solutions for the pension and insurance industry.
Contact Mats Lillienberg, CEO at ItelloPhone: +46 8 4019 4000