TietoEVRY’s life insurance solution brings efficiencies and cost-savings to DNB and SpareBank 1’s joint-venture company, Fremtind.
Head of Equities, Funds & Savings, Wealth, Financial Services Solutions
In 2020 Norwegian financial institutions DNB and SpareBank 1 launched a joint venture that would bring together the expertise of the two companies into one digital insurance company – Fremtind. This meant migrating the financial institutions' existing systems into a single platform in order to streamline operations and deliver market-leading customer-centric services. TietoEVRY’s life insurance solution - already used by SpareBank 1 - was chosen as the optimal platform to meet requirements over the short and long-term.
The migration project began 18 months prior to launch. Although a relatively short timeframe for such a large-scale project, an achievable migration plan was developed based on a thorough assessment and due diligence process. Close collaboration, in the form of an integrated Fremtind and TietoEVRY team, was central to a successful outcome, which was delivered on time and within budget.
“In May 2020 we established a steering group for the project with frequent meetings to help ensure we made the deadline,” says Sigurd Skeide, Head of Core Solutions at Fremtind Digital. “This really helped us when we needed to change course, and in the overall execution of the project. TietoEVRY showed a tremendous ability to respond to new requirements and had the agility to change the scope of the project when needed, thus making sure that the migration would be a success. This has been a very smooth project, thanks to the teams at TietoEVRY and Fremtind!”
In late April 2021, the migration of policies from DNB was finalized. The number of life and health insurance policies managed by TietoEVRY’s platform totals around 920.000, which serve 350.000 customers. New products have also been added to the system to enable a broader insurance offering to existing and potential new customers.
By consolidating multiple systems into TietoEVRY’s life insurance solution, considerable efficiencies and cost savings have been realized.
“The successful outcome of this project highlights the value of a close client-supplier partnership,” says Dag Hasvold, Head of Equities, Funds & Savings, Wealth, Financial Services Solutions at TietoEVRY. “We have worked together with Fremtind since its conceptualization, and SpareBank 1 prior to that, so we know each other’s capabilities and strengths. This was a large-scale project with a tight timeframe. The stakes were high, failure was not an option. Together, we achieved our goals in what was an interesting and inspiring project that delivered added value to Fremtind. I look forward to many more years of collaboration.”