Lumera, a leading insurtech company dedicated to the digital transformation of the Life and Pensions industry, has signed an agreement to provide a SaaS policy administration solution to Bpf HiBiN, a self-administered sector pension fund serving the building material trade in the Netherlands.
Following evaluation of several options, Bpf HiBiN selected Lumera AxyLife as their new digital platform. The fund’s main objectives for this investment is to better serve participants and increase operational efficiency using fully automated processes. The implementation will commence immediately, targeted for completion by January 1, 2024.
“We want to continually enhance our services to employers and participants, while maintaining our status as a low-cost provider (cost per participant €130). For this reason, Bpf HiBiN has assessed our current pension administration system and compared it with other available options in the market,” says Gijs Alferink, Chairman of the board Bpf HiBiN.
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 after the implementation use of Lumera’s Digital Twin strategy, which duplicates the policy administration environment to allow for secure, full-scale simulation and testing, ensuring a smooth and controlled transition.
“Bpf HiBiN fits well into our policy to maintain a diverse client portfolio, serving pension funds and pension administration organizations (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,” says Jeroen Elbertse, Managing Director, Lumera Netherlands.
“When selecting our future administration solution, the Bpf HiBiN board focused on providers that fit our organization 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,” says Robert Hendrickx, Managing Director Executive Office, Bpf HiBiN.