Nordea Liv taps Lumera to modernize its life & pension insurance offering
By Gloria Methri
InsurTech Lumera has entered an agreement with Nordic life insurance and pension provider Nordea Liv to deliver a new solution for managing the company’s life and pension insurance portfolio in the Norwegian market.
Working with Lumera, Nordea Liv Norway will establish a new cloud-based solution to enable more agile digital service development. Expected benefits include lower costs and reduced operational risk.
“We are embarking on a comprehensive upgrade of our enterprise systems. As this is one of our largest investments to date, teaming up with an experienced provider with in-depth knowledge of Norwegian Life & Pensions was a critical requirement. We are very pleased to find that our needs are matched by Lumera’s proposal, and by their professionalism,” said Hans-Erik Lind, CEO, Nordea Liv.
During the implementation project, more than 700,000 insurance policies will be migrated from multiple policy management applications to the Lumera platform. Scheduled to be completed by 2028, the new systems foundation will enable Nordea Liv to scale their business and accommodate future services as well as regulatory requirements, while reinforcing the company’s competitive edge.
“We are proud to be selected by Nordea Liv to help facilitate their digital business development and future growth. Our assignment to provide the cloud-based solution they need to support growing volumes and future services confirms that Lumera is a preferred technology partner for Norwegian insurers,” said Mats Lillienberg, CEO, Lumera.
Lumera says it is dedicated to the digital transformation of the European Life and Pensions industry. As an InsurTech innovator, the company has introduced AI-powered automation and business analytics to policy administration. With a track record of extensive migration projects, Lumera combines its cloud-native policy administration platform with deep domain expertise.
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage