Slovenian bank insurance leader Vita, Life insurance company, d.d. (Vita) has launched a major initiative to modernize its policy administration, now extending the partnership with Lumera Ltd, formerly Airas, to implement AI-driven automation technology across the life, health and accident insurance products value chain.
Stockholm, September 19, 2022 – Lumera, a leading insurtech company dedicated to the digital transformation of the European life and pensions industry, has entered an agreement with Vita to deliver AI-driven automation for a significant part of Vita’s claims handling administration.
Vita, the largest bank insurer in Slovenia, has been a pioneer in significant market areas including traditional life, unit-linked, accident and health insurance. The overall objective of Vita’s major initiative for modernizing its systems foundation is to reinforce the company’s competitive edge.
“Adding the power of AI and automation across our core business operations will help us meet our future goals and improve customer service,” says Tine Pust, CFA, Member of the Management Board, Vita. “Lumera’s solid insurance industry expertise, together with their innovative approach for pushing technology boundaries, makes them our ideal partner for this strategic initiative.”
Adding AI and automation to Vita’s technology ecosystem will facilitate digital customer interaction and optimize operational efficiency. At the same time, it enables cost savings and helps reduce operational risk.
“We are honored to be trusted by Vita for supporting their automation initiatives, and look forward to a continued, close collaboration to strengthen Vita’s business,” says Andrew Hubbard, CBDO, Lumera Ltd*, ex-CEO of Airas.
Over several years, Vita has successfully used the iGas policy administration platform for its clients. This has laid the foundation for the extended partnership, which entails integrating AI and automation seamlessly with existing systems.
“As this is one of the biggest investments Vita has made in advanced technology, teaming up with an experienced supplier such as Lumera means that we can confidently embark on this journey together,” says Nikolaj Oder, CIO, Vita.
Following a joint feasibility study, Vita and Lumera have now embarked on a discovery and validation project where various business functions, including claims processing and bancassurance, will evaluate Lumera’s AI technology and its potential for enabling further automation.
*Lumera (undergoing change of name from Airas Intersoft Ltd).
Vita, Life Insurance Company, d.d. is a bancassurance specialist in risk-life, health and unit-link life insurance. We offer our products exclusively via NLB, biggest and most renowned Slovenian bank. With some EUR 600 million under management, Vita is among the biggest life insurance companies in Slovenian market, successfully building its bancassurance business model.
In addition to NLB’s Distribution Network we also offer our insurance products via online sales channel. Read more at www.zav-vita.si.
Lumera is an insurtech company dedicated to the digital transformation of the European life and pensions industry. The Prudent Revolution is our mission – bridging technology and partnership to navigate the fastest, safest path through complex change for L&P providers. With a faultless track record from extensive migration projects, Lumera combines our cloud-native policy administration platform with deep domain expertise. Read more at www.lumera.com.