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Innovative IT-solution motivated the purchase of Moderna Försäkringar Liv

In mid-April, the British company Chesnara plc announced that it has signed an agreement to acquire Moderna Försäkringar Liv. Chesnara, listed on the London Stock Exchange, is active in the field of life insurance and has an explicit strategy of acquiring life companies or other companies within the financial sector that can offer its shareholders a sustainable and long-term increase in value.

In a press release Chesnara explains why it purchased Moderna Försäkringar Liv by referring to the company’s quality products and services on the important Swedish and Nordic markets for financial advice. They make special mention of the strong distribution channels, supported by innovative IT-solutions developed by Moderna Försäkringar Liv.

The Swedish market is one in which there has been a very rapid transition from defined benefit pension plans to premium-based, funded pension plans. Itello’s business system, Inca, will keep supporting Moderna Försäkring Liv to help it grow and gain an increased market share.

Hans von Knorring, Managing Director of Itello, confirms Chesnara’s analysis of the market:

- We feel that Chesnara’s focusing on the IT-solution of Moderna Försäkringar Liv, and their view of it as a means of objecting cost-efficiency, confirms that Itello’s offering to players active in the area of private and occupational pension plans is a great asset.

- Inca makes it possible to meet the rapid changes that the markets are exposed to due to procurements, tough competition and cost pressure.

- Services like automatic portfolio reinvestments are easily carried out through Inca, minimising the need for trading stocks of unit funds. This means major competitive advantages for companies using Itello’s solution.

Inca in brief

Itello’s product, Inca, is a well-tested system that is built upon standardised operational processes which provide automatic support of pension, insurance and savings administration. It is a cost-effective alternative to in house-developed systems. Inca is continually adapted to new needs, for example in connection with the introduction of new rules and regulations. At present, Inca is used by Swedbank Försäkring AB, Aktiv Försäkringsadministration i Stockholm AB, Nordea Liv & Pension Försäkring Sverige AB (Nordea Liv & Pension), Nordnet Pensionsförsärkring AB (Nordnet Pension) and by Moderna Försäkringar Liv AB (Moderna Liv & Pension).

For further information about Inca, the new standard system for pensions, insurance and mutual funds, kindly contact Itello at +46 8 508 922 00 or at info@itello.se