Digital Insurance Agenda

Tietoevry’s Insurance-in-a-Box [iiB]: Modular platform to enable fast-track product launches in a cost-efficient way

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 19, 2019

Tietoevry, is an IT services company with 15.000 employees and presence in almost 20 countries. They are the creator of world’s first internet bank, digital health records and e-invoice solutions. Their industry, technological and local expertise is unmatched. Tietoevry’s framework guarantees low initial investment, quick implementation, reduced costs and the chance to reinvest in business transformation. Their customers are mainly large organizations that offer a range of services to businesses, consumers and citizens in the Nordics and beyond. They ensure their customers’ everyday business and services run smoothly and help them create future success through smart adoption of technology and utilization of data.

Modular platform
Tietoevry’s Insurance-in-a-Box (iiB) platform is built using the best in class partner solutions. They focus on providing the insurance services to the European market primarily. SaaS-ification and modularity ensure that the platform is completely flexible to support the ambitions levels of the insurer all the way from digital startup to full-scale transformation approach.

Power of partnership
iiB is unique because of the scalability, the modularity and the innovation acceleration it offers in by far the most cost-efficient manner. The SaaS-ified approach ensures that TCO is the lowest in the industry and moves away from the ownership-driven (CAPEX) approach to a pay-as-you-use driven (OPEX) model. Enabling dramatic cost savings. iiB leverages the “Power of Partnership” with best in class solutions from Tietoevry’s ecosystem partners.

Enabling a holistic insight in a consumer’s insurance and wealth, allows insurers to truly disrupt the status quo and invent new business models. The power of partnership in the ecosystem enables innovation acceleration. This creates possibilities for financial services companies to truly reinvent themselves and their offerings.

How it works
The Insurance-in-a-Box [iiB] ecosystem leverages partner solutions to bring to the market a plug-and-play insurance and wealth management platform supporting all business lines.

The iiB-toolkit takes a partner-driven approach, enabling insurers to bring best-in-class products to market, simply and efficiently. By paying only for the ready-made insurance components of choose, they can increase in scale without the need for large investment capital.

The platform covers all core processes, from sales and underwriting to collections and claims. Solutions are pre-integrated to minimize time to market, while maximizing integration with open APIs. General insurance products can be launched in under two months, and life and pensions products in fewer than 100 days.

Logical Architecture:

Why we selected Tietoevry Corporation for DIA Amsterdam
Tietoevry is uniquely positioned to bring the innovation acceleration, both in technology and distribution to insurers without the inherent risks that are associated with the start-up world. Tietoevry continues to co-innovate new and unforeseen data-driven services and business models, opening up new revenue streams, increase cost savings and creating disruptive business models.

At DIA Amsterdam, Tietoevry will present several innovations, for instance how OpenBanking can be used in the insurance sector, how the personal cyber risk mitigation tool can be used from marketing perspective, how health apps can be used for transforming relations from commercial line of business to private business line etc.

Who is Tietoevry?
Tietoevry is the largest IT company in the Nordic region. Founded in 1968 and headquartered in Finland, Tietoevry has over 13,000 experts in close to 20 countries. Tietoevry’s turnover is approximately EUR 1.5 billion and shares listed on NASDAQ in Helsinki and Stockholm.

The company started its business operations in Espoo under the name Tietotehdas Oy. In the 1990s, the company experienced rapid growth through a number of acquisitions, mergers and strategic alliances. During the 2000s, the globalization of the IT industry accelerated speeding up Tietoevry’s advancement to international markets. In 2012, Tietoevry introduced a new consumption-based Cloud Server, the fastest and most flexible cloud service in the market. It marked Tietoevry’s new technology strategy concentrating on four key areas: cloud, big data, mobility and social media.

Tietoevry has been awarded multiple prizes for its responsibility towards the environment and has been one of the IT world’s pioneers with its first energy efficiency project already taking place in 1978.

“At Tietoevry we are leveraging the power of partnership by building an ecosystem with the best Insurtech solutions in the market. The flexibility and the modularity enable insurers to choose between different approaches- digital startup, full-scale transformation approach or a modular approach with micro innovations.” Dr. Sameer Datye, Head of Business Development- Insurance & Wealth Management

www.tietoevry.com/iiB

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