Keep track of what’s happening in one of the world's largest insurance communities. Sign up for our newsletter and get news, knowledge & inspiration.
OBOS chooses TIA Technology to start its own direct line insurance
Virum, Denmark – TIA Technology to enable Norway’s largest cooperative building association to start up its own insurance business.
"We see TIA as the heart of our insurance business. In fact we call the entire project “det sunne hjertet”– the healthy heart. TIA will be the core of our insurance business and using it will allow us to meet the needs of our customers in the most effective way possible."
Geared for growth from the start
OBOS Insurance is expanding its operations from just providing home owner insurance to its own housing cooperative to the selling insurance to private consumers. To do this effectively, the company needs an insurance software system that can handle the scale of the private market, with a much larger volume of business. The main criteria that OBOS used to select the right solution were:
- Efficient processes throughout all functions of the company
- A modern technology platform that could live up to future needs
- A stable platform that makes it easy for employees to do their work
- Efficient accounting and reporting capabilities
"It´s exciting to work on this project with OBOS and we're very grateful for the trust they´ve given us. We look forward to welcoming the company into our very active Norwegian community," says Liselotte Munk, CEO at TIA Technology.
The healthy heart of OBOS
Choosing the right solution for the endeavor was important to OBOS and the project team spent a lot of time ensuring that the right supplier was chosen.
OBOS began by assessing their needs and desired functionality then started a thorough evaluation process of various insurance systems available in the Norwegian market. Finally, OBOS made many references visits at insurance companies actually using the systems before they made their choice.
"We thoroughly scoped the project and found that there were no major gaps between the core TIA Solution and OBOS's business requirements. It also became clear that OBOS was looking for a partner that could enable them to take full advantage of the opportunities within digitalization & mobility as well as accurate reporting. We look forward to helping them in these endeavors," says Rune Skånøy, Sales Director at TIA Technology.
After this thorough process, OBOS concluded that the TIA Solution was the system that best meets their needs.
"We see TIA as the heart of our insurance business. In fact we call the entire project "det sunne hjertet"– the healthy heart. TIA will be the core of our insurance business and using it will allow us to meet the needs of our customers in the most effective way possible," says Øyvind Famestad, CEO of OBOS Insurance.
A strong TIA community
Another important deciding factor that put the TIA Solution ahead of the competition was TIA's strong customer base in the Nordic region. It was very important for OBOS that TIA has a strong focus on the Norwegian market as well as the larger European market.
In fact, OBOS visited a handful of TIA clients in the area and the feedback it received during the visits sealed the deal.
"Our visits with other Nordic TIA customers showed us without a doubt that TIA was the right choice. We encountered insurers who were overwhelmingly happy with the functionality of the solution but just as much with the professionalism of the entire TIA team," Øyvind Famestad, CEO of OBOS Insurance.
The project is a team effort between OBOS and TIA Technology as well as Itera as the hosting partner and Assurator as the implementation partner.
OBOS is the largest Nordic cooperative building association with approximately 2000 employees. It is owned by its 355.000 members. OBOS Insurance started up in 2007 and OBOS transferred its loans and savings to its own bank in 2013. Now OBOS is starting to sell insurance to its members directly.
About TIA Technology
TIA Technology offers the industry's most flexible and comprehensive integrated suite of core insurance applications for property/casualty and composite insurers. A proven solution with more than 60 customers and 100.000 daily users in 40 countries, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership.