The Nordic Long Term Savings Market

The Nordic area have a long history of combining saving and insurance. Over the years we have seen both saving products as well as insurance products adressing the need of setting aside some part of your income for the days as pensioner.

Now FATCA is also introduced in Sweden

On 8 August, an agreement was signed between the governments of Sweden and USA on the Foreign Account Tax Compliance Act (FATCA). The Ministry of Finance has therefore submitted a memorandum proposing changes that need to be made in the Swedish legislation in order to implement FATCA. The proposal is that the provisions should begin to apply from 1 April 2015 for Sweden Read more →

Increased digitalisation is affecting more and more and gives low inflation

The low inflation is partly an outcome of the digitalisation of society that is currently in progress, says Swedbank's Chief Economist, Anna Felländer. We see both threats and opportunities for the life insurance companies with increased digitalisation. Read more →

Google is changing the insurance market forever

Google is entering the insurance market in the UK, one thing is sure, it is time to take "digital disruptions" seriously! Read more →

Sweden and Norway in top - Global Age Watch Index Report

The countries that rank at the top are the three Nordic countries – Sweden (1), Norway (2) and Iceland (9) Read more →

Are you following the development of the reporting under FATCA?

The Swedish Ministry of Finance is now attempting to come to an agreement with the American authorities regarding reports under FATCA, the regulatory framework that will combat American tax evasion. An industry standard has been established since the English and Norwegian authorities as well as a further four countries signed an agreement with the US Treasury Department. When Sweden has joined the practice and industry standard, how can Itello make reporting easier for our customers? Read more →

Who wins in the new ITP procurement?

The parties chose to make a further procurement, which means that the policyholder who chose a company which is no longer electable must make an active choice to stay. Alecta will be the winner and will receive new premiums for the next five years. At best, customers who chose Länsförsäkringar, Nordea or Handelsbanken will allow the capital to remain, but if the customer makes an active choice they risk losing both the new premiums and the accumulated capital. Read more →

The Nordic market in 2011 – by company

Ever since we began following the competition-exposed Nordic market, premiums have continuously increased. From 219 MSEK 2003 to 382 MSEK 2011  the increase is almost 75 per cent. Endowment insurance accounts for a large part of the increase in Sweden. Nordnet and Avanza have together brought in MSEK 119,500 since endowment insurance was introduced in 2008. Two new actors who together represent 73 per cent of the increase. Read more →

The sale of Danica Pension redraws the map for the actors - again!

Last week, Danske Bank revealed it was selling its entire insurance operation - Danica Pension. This redraws the map completely. This completely redraws the map for the battle for customers within long-term savings. We are not analysing the reason for the sale but still confirm that Danske Bank after the sale will still has an efficient distribution tool and "own" their customer relations. Read more →

The changes are getting faster and faster – new shift in technology creates new opportunities

It is clearly seen in a report this month that the changes are getting faster and faster. Within long-term savings it was a big challenge to get the batch-orientating system to answer questions from customers who received answers directly via computers or internet portals. Insurance companies and banks are challenged by Internet brokers like Nordnet and Avanza who in just a few years reached the same size of premiums as established players. Read more →

The Nordic insurance company’s challenges

In recent months we have read more and more articles from the Nordic life insurance market that take up the companies’ challenges with benefit-based pension commitments – the defined-benefit pension. We think the time has come to take up the thread again, and will in future blog about the challenges of the Nordic market. Read more →