Pension fund Bpf HiBiN completes transition of policy administration to Lumera AxyLife
Pension fund Bpf HiBiN successfully migrates to Lumera AxyLife in 10 months, modernizing and automating its policy administration.
Stockholm, March 6, 2024 – Lumera, a leading insurtech company dedicated to the digital transformation of the Life and Pensions industry, has achieved a major milestone in the implementation project with the pension fund Bpf HiBiN serving the building material trade in the Netherlands.
In 2023, Bpf HiBiN selected AxyLife, a SaaS solution provided by Lumera, for its new pension administration system. The implementation project reached a major milestone within 10 months, as full transition of existing policy data for participants and pensioners from the legacy platform to Lumera AxyLife was successfully conducted in early 2024.
"Given the brief period between our decision to go with Lumera and bringing AxyLife to operational status at Bpf HiBiN, we believe this is a textbook example of collaboration and excellent project management,” says Robert Hendrickx, Director of the Bpf HiBiN Management Office.
An overall objective for Bpf HiBiN is to consistently apply Straight Through Processing (STP) when possible. Additional support for process optimization is provided by self-service capabilities for participants and an online portal for employers to report changes.
The employer portal provided by Lumera is now live, available for employers with staff affiliated with Bpf HiBiN to submit changes for 2024. An updated participant portal, including a pension planner, is set for release by April.
“The successful implementation of AxyLife by Bpf HiBiN emphasizes the role of a professional organization, skilled team members and good collaboration. We would like to thank Bpf HiBiN for their commitment and professionalism which certainly has expedited our efforts in this project,” says Jeroen Elbertse, Managing Director Lumera NL.
Next, following a phase of process optimization, Bpf HiBiN will apply Lumera’s Digital Twin strategy to facilitate adaption of the upcoming pension system reform in the Netherlands. The administration environment will then be duplicated, to ensure a smooth transition to the new WTP pension schemes. This part of the implementation project is scheduled for completion in early 2026.
For more information, please contact:
Lumera
Jeroen Elbertse, Managing Director, Lumera Netherlands: +31 612 27 68 95, jeroen.elbertse@lumera.com
Christine Blinke, CMO, Lumera Group: +46 739 01 02 01, christine.blinke@lumera.com
Bpf HiBiN
Robert Hendrickx, Managing Director Executive Office, +31 638 59 68 55, r.hendrickx@bpfhibin.nl
About Lumera
Lumera is dedicated to the digital transformation of the Life and Pensions industry. As insurtech innovators, we are introducing AI-powered automation and business analytics to policy administration. 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.
www.lumera.com
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About HiBiN
Bpf HiBiN is the sector pension fund for the building materials trade and has existed since 28 June 1958. A total of about 950 employers are affiliated to the fund, of which 740 have employees. The total number of pension scheme members at the end of 2023 was approximately 34,500, of which approximately 10,800 were active participants, approximately 21,000 former participants and approximately 5,600 pensioners. The invested assets amounted to approximately €1.1 billion at the end of 2023.
www.bpfhibin.nl
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