Lumera’s AxyLife digital platform chosen by pension fund
Insurtech company Lumera has been selected to provide a SaaS policy administration solution to Bpf HiBiN, a self-administered sector pension fund serving the building material trade in the Netherlands.
Lumera’s AxyLife digital platform will enable Bpf HiBiN to modernise and automate its policy administration as the fund works towards better serving participants and increasing operational efficiency through automation.
The new platform will also support adoption of the pensions system reform, set for implementation in the Netherlands through 2027. To prepare for the future WTP pension scheme, Bpf HiBiN will make use of Lumera’s Digital Twin strategy, which duplicates the policy administration environment to allow for full-scale simulation and testing.
The two parties intend to commence implementation immediately, targeting completion by 1 January 2024.
Lumera AxyLife ‘a future-proof digital platform’
Lumera Netherlands Managing Director Jeroen Elbertse says: “Bpf HiBiN fits well into our policy to maintain a diverse client portfolio, serving pension funds and pension administration organisations (PUOs) regardless of their size. What our clients have in common is a pragmatic, proactive approach to WTP transition and they observe the need for a future-proof digital platform that is equally capable of supporting their business today.”
Gijs Alferink, Chairman of Bpf HiBiN, says: “We want to continually enhance our services to employers and participants, while maintaining our status as a low-cost provider. For this reason, Bpf HiBiN has assessed our current pension administration system and compared it with other available options in the market.”
Robert Hendrickx, Managing Director Executive Office at Bpf HiBiN, adds: “When selecting our future administration solution, the Bpf HiBiN board focused on providers that fit our organisation in terms of size and culture. We also preferred a proven SaaS offering, such as Lumera's AxyLife, as this easily allows for integration with other SaaS solutions. Bpf HiBiN is actively open for pension funds that seek a new PUO, and this flexibility enables us to manage policy administration for other pension funds.”
