adesso launches life insurance management platform and announces long-term contract with Frankfurter Leben Group

IT service provider adesso has launched an innovative service to allow German life insurance companies to manage their runoff policies using a software-as-a-service (SaaS) platform. The solution, provided by new adesso subsidiary AFIDA GmbH, gives insurers the opportunity to outsource their traditional life insurance business to a specialised policy manager. The first major customer to sign up for the new service is the Frankfurter Leben Group, which has awarded AFIDA an extensive migration and portfolio management project. Under the long-term framework agreement, AFIDA will provide the end-to-end, SaaS-based technical platform as a cost-effective and efficient means of managing life insurance policies and migrate around 500,000 runoff policies and new portfolios from Frankfurter Leben to this service.

Years of low interest rates are prompting more and more German life insurers to turn away from conventional products. High guaranteed rates for existing customers, rising administrative costs and the consolidation of new business across a handful of providers are proving to be a challenge to many companies. An increasing number of insurers are focusing on their core business and are looking for professional and low-cost outsourcing solutions for their life insurance units, which encompass some 90 million policies in Germany. adesso has come up with the right offering for this trend on the basis of its existing product family. Subsidiary adesso insurance solutions’ tried-and-tested, award-winning in|sure Ecosphere product family is the perfect accompaniment to migration and management processes, with established in|sure PSLife policy management system forming the backbone of the new management platform. MIGSuite will be used to migrate the runoff policies. This end-to-end service will be made available to insurers as a cloud-based software-as-a-service solution, allowing them to manage and process their runoff portfolios at a transparent price point. Experienced business manager Harald Narloch, a long-time member of the adesso insurance solutions GmbH management team, has been charged with leading AFIDA GmbH.

“Our tailor-made service offering is the perfect response to the high level of demand in the insurance industry,” says Michael Kenfenheuer, CEO of adesso, underlining the tremendous/significant potential of the new portfolio element. “AFIDA is our service for the market, allowing providers to leverage the necessary consolidation effects while leaving their life insurance portfolios in good hands. The long-term contract with Frankfurter Leben is a testament to the outstanding insurance expertise at adesso.”

adesso Group
With about 6,300 employees and annual sales of EUR 678.3 million in 2021, adesso Group is one of the largest German IT service providers with outstanding growth opportunities. At its own locations in Germany, other locations in Europe and Turkey as well as at numerous local customers adesso offers consulting and software development services for optimising core business processes. adesso also offers ready-to-use software products for standard applications. The development of an own, industry-specific product portfolio opens up additional growth and earnings opportunities and is another key ele-ment of the adesso strategy. In 2020, adesso was awarded the title of the best employer of its size in Germany across all industries. After having already achieved first place among IT employers in 2016 and 2018, adesso was ranked first again in 2020.