Few in the insurance and pension industry have done what Topdanmark did: shut down their legacy systems and moved all data to a complete modern SaaS platform.
On 4 April 2019, the Danish insurance and pension company Topdanmark went live with an end-to-end new SaaS platform that supports the entire business of Topdanmark Liv from policy administration, holistic advisory to risk management.
It has been one of the most ambitious IT projects in the industry. Topdanmark switched to a new IT platform overnight, including full conversion of data from all legacy systems. Others have chosen to use an IT solution for new business and leave the existing business on the old systems. Topdanmark has opted for a more daring approach and shut down their old systems at one go. This large-scale project was accomplished alongside with a comprehensive business transformation to maximise the benefits of the new platform. Now Topdanmark stands with a brand-new IT platform geared to meet future demands for increased digitalisation, speed of change and competitiveness.
“We are very pleased that such an ambitious project like this has gone live without any significant challenges. The journey with Keylane has been exciting and on a highly professional level. Keylane understands the industry and knows the measures needed for an optimal solution. We have been thinking digital from the start – and now we have a modern standard platform, which in every way supports our strategy towards becoming a value-creating insurance and pension company with the customer at the centre. The complete digital solution from Keylane frees resources for speedy development of products and services to the benefit of our customers, and at the same time it supports us in meeting compliance requirements,” says Vivian Weis Byrholt CEO of Topdanmark Liv.
“We are proud to have carried out this large-scale project in close cooperation with Topdanmark. This has not only been one of the major IT projects in the industry, Topdanmark has also undergone an extensive business transformation over the past few years. We are impressed by the many product and process improvements Topdanmark has implemented to get the optimal value of the new IT platform. And this at a time when Topdanmark experienced significant growth,” says Jesper Essendrop, Executive Director Life & Pension Nordics.
All of Topdanmark’s corporate agreements and policies were converted from the old systems to the new platform early Monday morning. Over the past few days, Topdanmark has gradually opened the new platform and is now live with their entire business.
“The whole process has been prepared thoroughly and exceeded all our expectations,” says Niels Adelmark, Development Manager at Topdanmark Liv.
Following the above project, Keylane and Topdanmark have recently signed a 5-year agreement on support and further development of the new SaaS platform. The agreement ensures that the platform is upgraded continuously by Keylane in terms of operations, integrations and compliance, in this way Topdanmark can focus their resources on customer-centric tasks and business development. You can read about the agreement here.
Keylane’s standard SaaS platform for Topdanmark
Keylane Plexus – a complete standard platform for managing life and pension portfolios with both guaranteed benefits, market interest rates and Unit Link. Plexus has a robust and advanced core engine that is based on events. The platform has modules for incoming and outgoing payments, company agreements, policy administration, standard processes with a high degree of automation, portals for employees and customers, as well as integration with bookkeeping and data warehouse.
Keylane Obex – a modular platform for holistic financial advice. The solutions PensionPlan, WealthPlan and BudgetPlan make it possible for life and pension providers and banks to give their customers an overall overview of their savings, investments, assets and pensions based on transparency and compliance.
Keylane Valuation – a risk management tool for calculating cash flows, provisions, stress tests and capital requirements. Valuation is a powerful tool for quick calculation of risks and at the same time it creates the foundation for life and pension providers to be at the forefront of Solvency II requirements.
Topdanmark is Denmark’s second largest insurance company and embraces a broad and diverse customer base. Topdanmark’s most important task is to provide attractive and up-to-date products for its customers. The company constantly strives to be a competent player in a vibrant and dynamic market, among other things, by developing new digital communication forms and self-service solutions that meet customer expectations and needs when they arise.