Nordea Liv & SpareBank 1 Forsikring exploring a joint Norwegian life & pension platform
Nordea Liv and SpareBank 1 Forsikring are joining forces to explore the potential in establishing a joint Norwegian Life and Pension platform. Keylane and its SaaS platform Plexus has been chosen for the pre-study.
Together, the three companies will work with the aim to specify and validate a common solution that seeks to optimise operational excellence and cost efficiency for the Norwegian life and pension industry.
Nordea Liv and SpareBank 1 Forsikring is exploring the value of removing legacy processes and IT systems to drive flexibility and minimise time to market for new products.
Nordea Liv Acting CEO Vibeke Siljan Krohn commented: “The Norwegian pension market is changing rapidly, we are experiencing increased competition and pressure on margins. To be a front-runner in the Norwegian pension market, we need a strong digital core. Hence, together with SpareBank 1 and Keylane, we are exploring how to build a nimble, future-oriented and cost efficient IT infrastructure. And sharing the cost of this infrastructure investments only seems sensible!”
SpareBank 1 Forsikring CEO Wenche Seljeseth added: “Keylane’s proposal was quite appealing to us as they enable achievement of a high degree of automation and customer friendly processes. At the same time, costs are shared with other insurers like Nordea Liv to achieve a robust and efficient pension platform that we can further develop our businesses on.”
Both Krohn and Seljeseth agree that having a platform that is maintained and updated continuously by a partner, with the latest technology and industry regulations, will enable them to focus on meeting customer demands, quickly developing new products and keeping pace with market changes.
Executive Director Life & Pension Nordics at Keylane, Jesper Essendrop said: “We are excited to enter this pre-study with two strong Norwegian companies. The process will show in detail how Nordea Liv and SpareBank 1 Forsikring can establish a Norwegian life and pension platform based on Plexus that can be configured to meet local requirements while providing scale advantages. This helps life and pension companies focus their efforts on more value adding activities rather than keeping the engine room running.”
We thank Nordea Liv and SpareBank 1 Forsikring for the exchange of knowledge and learnings from our close collaboration thus far and look very much forward to the pre-study phase.
For further information please contact
Nordea Liv, Acting CEO Vibeke Siljan Krohn at firstname.lastname@example.org
SpareBank 1 Forsikring, CEO Wenche Seljeseth at email@example.com
Keylane, Executive Director Nordics Jesper Essendrop at firstname.lastname@example.org
Nordea Liv is part of the Nordea group which is one of the Nordic region’s largest banks. With more than 10 million customers and 30,000 employees, Nordea is one of the ten largest banks in Europe. Nordea has extensive expertise in a wide range of products, services and solutions within banking, asset management and insurance. To read more visit Nordea Liv
SpareBank 1 Forsikring is owned by SpareBank 1, an alliance of 14 independent banks across Norway working together to help clients with their day-to-day economy. To read more visit SpareBank 1 Forsikring
The market share of Nordea Liv and SpareBank 1 Forsikring make up 30% of the whole Norwegian life and pension insurance market.
Keylane is a leading SaaS platform provider for the insurance and pension industry. Keylane empowers the insurance and pension industry to transform their business and achieve their goals through innovative solutions that redefine how insurance software works. Over 270 customers across Benelux, Nordics and DACH regions run their business on Keylane platforms.
Keylane Plexus is a standardised, open SaaS platform that operates in a fully controlled and secure, private cloud environment and automates all pension processes end-to-end. Robust, scalable, highly configurable and delivered as a service with frequent updates. For further information visit Plexus