TIA Technology Enters the Market for Life & Pension Solutions

TIA has extended its proven and successful solution for non-life insurance to handle Life & Pension. Further development will stepwise increase the business capacity and functional coverage of the TIA Solution.

TIA has extended its proven and successful solution for non-life insurance to handle Life & Pension. Further development will stepwise increase the business capacity and functional coverage of the TIA Solution.

“I am very satisfied with the solution that in an efficient and user friendly way handles the needed processes for our existing portfolio"
Mortan Poulsen,CEO of Betri pensjón

At the end of February the first customer on the new TIA Life & Pension module went live with a full solution for risk covers for death, disablement and critical illness, but also for savings based on unit link investments.  The majority of policies are sold as part of an employee benefit plan. The solution is an extension of the existing solution and utilizes accordingly the full suite and all features of the TIA Core.

The charter client is the fast growing Betri pensjón based on the Faroe Islands. Betri belongs to a group headed by TF Holding, having activities within non-life insurance, life & pension and banking. TF Holding’s non-life company has been a TIA customer for several years.

Mortan PoulsenCEO of Betri pensjón comments: “I am very satisfied with the solution that in an efficient and user friendly way handles the needed processes for our existing portfolio. It will be a good base for developing our products and services to customers even further.  I am also pleased that the project took less than six months, as it is always difficult to allocate resources for it-projects for a longer time. Being on the same technical platform as the rest of the group, reduces Betri pensjón costs and operational risk. Likewise we are looking forward to benefitting from future releases of TIA Core. All this will also improve our market position.”

Morten B. Steiner(former) CEO of TIA Technology comments: “I am indeed happy that we now as planned have extended our insurance administrative solution to handle Life & Pension like we have done for different lines of business within non-life insurance. This is a response from TIA Technology to the demand seen different places in Europe. Insurance groups are asking for composite solutions covering both P&C and L&P providing them with a unified customer perspective across both lines of businesses.  This opens up new and important perspectives for TIA Technology in terms of growth possibilities, and will help to secure TIA’s position as the leading provider of standard solutions to the Insurance industry. The solution for Life & Pension will be licensed separately, and full focus will be kept on the planned development of TIA Core. Being part of TIA Core, Life & Pension will also benefit from this development.”

Further information
Liselotte Munk, CEO, TIA Technology A/S, Phone +45 2374 9503
Mortan Poulsen, CEO, Betri pensjón, Phone +298 345 502

About Betri pensjón 

Betri pensjón was epoch-making when it, due to encouragement that derived from the necessary national pension reforms, was established in February 2007 as a limited company, owned by TF Holding. Betri pensjón (meaning ”better pension”) is a pension and life insurance company, which is one part of the same consortium as the well-established insurance company, Tryggingarfelagið Føroyar. Betri pensjón is a local company for the entire Faroese community. The standard of Betri pensjón can easily be compared to that of the international pension and life insurance companies in the countries around us. The aim of Betri pensjón is to be the best pension and life insurance company in the Faroe Islands and to gain one third of the market in 2017 at the latest.
The Faroese society is a modern society with the same high living standards as other Northern European countries. A modern society also has its demands. In Betri pensjón, innovation and development is a natural, integrated part of the company. We strive to create the best for our customers, and to manage any challenge we come up against, due to the dynamics and changes in the environment, with perfection.

For more information about Betri pensjón please visit www.betri.fo

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