Due to changes in the Dutch pension legislation most of the pension funds and pension service providers are currently facing major challenges. Although there are approximately 6 years left to migrate to the new legislation (“nieuw pensioen contract”) it is now time to define a solid roadmap and a clear and agile strategy if you want to be ready to serve millions of people, i.e. pension fund members, in the future.
In the Netherlands the Defined Benefit (DB) pension schemes have ruled for decades, but now we are at the beginning of a new era with Defined Contribution (DC). Many Dutch pension funds and pension service providers do not have the appropriate experience with DC administration and their application portfolio and IT landscape have limited capability to adapt and make all the necessary changes to adequately support DC administration (processes) and future optimizations.
The best pensions systems in the world
For decades the Netherlands and Denmark have the best pension systems in the world. With the introduction of an adapted and partly new pension system in the Netherlands, the pension systems of the Netherlands and Denmark are growing closer. The Danish life and pension market is recognized by United Nations as the most advanced market. In addition, the Danish digitalization is recognized as much more efficient in comparison to other European countries. Therefore, it is likely that the Dutch pension service providers can not only learn from but also “borrow” from the Danish pension service providers.
The above is exactly the reason why COMPOSIT cooperation and Edlund A/S, part of KMD/NEC, have signed a partner agreement to establish an exclusive partnership for the Dutch market. In combination with the competences of COMPOSIT cooperation and their partners (e.g. NEC and NTT) we offer an complete solution for the life and pension market in the Netherlands. By means of co-creation we are convinced to successfully implement a reliable, agile, resilient, and sustainable solution that is ready for the new Dutch legislation, even more so because the road towards this readiness makes your enterprise smarter.
Standardized solutions as opposed to in-house development
As a subsidiary company of NEC, KMD/Edlund is part of a bigger, holistic world-wide organization that has earned tracks on many fronts. Edlund has more than 25 years of experience in the life and pension market and has more than 250 employees. Edlund has developed LIFELINK for the Danish market and has approximately 60% market share and is still growing. In Denmark, only 20% of pension service providers have developed an in-house solution. In the Netherlands most of the pension service providers have developed their own in-house solution that needs to be transformed in order to support the new DC administration processes.
Edlund LIFELINK is a unifying solution for managing policies in life insurance and pension organizations. The solution has been developed based on close cooperation with pension organizations (funds and service providers) and valuable experience from common working processes within the industry. LIFELINK supports the entire value chain by customer centric processes to ensure common customer needs are met: From the first contact with a customer to the creation of a contract, the handling of policies and the management of disbursement. Edlund’s customers stand strong in the Danish life and pension market because LIFELINK is very cost competitive per member per pension fund. LIFELINK focus on quality and reliability in calculations and projections, high performance and a user-friendly interface. It offers cost-efficient maintenance and upgrading of the standard system resulting in a significant reduction in TCO.
Would you like to know more?
Are you curious about what COMPOSIT cooperation and Edlund can do for your organization? Please contact Robert Warmoeskerken or Geert van Daelen. We are pleased to listen to your main motives, questions and/or challenges and are willing to help you make your enterprise smarter.