Digitisation propels new collaborations in the Swedish insurance market
12 December 2017
In the report, The Next wave of Fintech, the future looks bright for Swedish insurtech players. Customers request personalized and cheaper insurance solutions.
Itello is one of the actors highlighted as an Insurtech Company, which can reduce the cost of life companies through more efficient administration and smart integration with the many players using digitisation to customise the distribution of insurance policies
The report has been conducted by the Stockholm School of Economics and PA Consulting and examines the developments in the Swedish Fintech sector. Two segments have been identified - Insurtech and Regtech. Established cooperation between technology companies in these sectors and financial institutions has led to new, more customised financial services.
"With its non-hierarchical organizational structure and high level of cooperation, Sweden has the potential to be a great place and lead the growth of InsurTech and RegTech," said Michal Gromek, the researcher at the Department of Marketing and Strategy at Stockholm School of Economics.
Itello is one of the few players in the category that focuses on the underwriting and administration of insurance policies Today, we have nine of Sweden's leading life insurance companies as customers and manage over 11 million policies for just over 3 million Swedes. That position Itello as a hub in the ecosystem around the administration and distribution of life insurance policies and pensions in the Swedish market. Integrations are a key part of being able to automate the flow of information, thus reducing the administrative costs.
Digitised distribution demands flexible integration
The emergence of an increasing number of players in distribution and personalisation and continuous new regulations has created new integration needs to exploit the full power of digitization. With Itello's position, open APIs create integration opportunities for insurtech start-ups to truly change customer dialogs, and for insurance companies that underwrite policies, to increase their distribution power.
Collaboration creates cost-effective industry-wide solutions
Itello collaborates with our customers in different forums to create common solutions to industry-specific challenges such as regulatory changes, procurements in operational pension and integration to other industry stakeholders.