Life insurance runoff portfolios: software as a service by adesso – Afida awarded another migration contract for large Frankfurter Leben portfolio

Press release

Afida's migration and portfolio management contract with Frankfurter Leben Holding (FLH) will see the adesso subsidiary take over around 150,000 life insurance policies from the former portfolio of Generali Deutschland Pensionskasse, which are to be migrated to the cloud-based Afida platform. The Afida business model is specialised in efficient, cost-effective management and processing of life insurance policies. As a modesoftware-as-a-service (SaaS) solution, Afida is the cornerstone of Frankfurter Leben Holding's forward-looking policy management business for life insurance.

The new agreement between the two partners means that, in addition to the around 500,000 life insurance runoff policies held by FLH, Afida GmbH will now also migrate Frankfurter Leben's new FLH portfolio to its platform and provide its end-to-end infrastructure in the form of software as a service. The portfolio of Generali Deutschland Pensionskasse, which is part of the Italian Generali Group, a pioneer in the runoff business, marks another step forward in this expansion strategy.

Lars Krug, CTO of the Frankfurter Leben Group, has good reasons for awarding this upcoming contract to adesso: "Afida's SaaS platform will also enable us to migrate smaller and medium-sized portfolios quickly and 100 % reliably at attractive conditions. We are delighted to have worked together so well and in a spirit of trust over the past year. It is proof for us that we have chosen the right partners for this sensitive business in Afida and adesso."

Frank Wittholt, former Spokesman of the Board of ERGO Lebensversicherung, joined Afida's Management as Head of Sales and Marketing in 2023. The renowned insurance expert in the areas of life insurance, runoff and third party administration (TPA) appreciates the great trust Frankfurter Leben has placed in the up-and-coming young business Afida: "FLH's latest contract shows us that Afida has already established itself as a viable SaaS platform that is able to deliver highly proficient service to its target groups: life insurers, pension schemes and pension funds. We are coming close to our first million policies concluded and are confident that we will gain additional market share with our cost model and migration expertise. The Frankfurter Leben Group's pension schemes allow us to demonstrate our expertise in the area of company pensions as well."

Frank Wittholt, most recently Spokesman of the Board of ERGO Lebensversicherung, joined Afida's management team in April 2023 as "Head of Sales and Marketing" - bringing his expertise in life insurance/run-off/third-party administration (TPA). (Copyright: Private)

The Managing Director of Afida GmbH, Dr Andreas Nolte, was previously in charge of the Allianz subsidiary Syncier in the same segment before he joined the adesso Group. Nolte makes this prediction: "The SaaS market in the German life insurance sector will continue its strong growth. Higher interest rates will not hold this back in any way, since the majority of IT systems are outdated and in urgent need of renewal."

The background to this is that years of low interest rates have prompted more and more German life insurers to tuaway from conventional products. High guaranteed rates for existing customers, rising administrative costs, outdated IT systems and the consolidation of new business across a handful of providers have proved to be a long-term challenge to many insurers. The trend is moving increasingly towards outsourcing traditional life insurance business to specialised IT service providers and policy managers like Afida. The adesso subsidiary has all the necessary software products to provide end-to-end management of life insurance policies.

Dr. Andreas Nolte, managing director of Afida GmbH, predicts, "The SaaS market in German life insurance continues to grow strongly." (Copyright: Private)

Afida platform offers in|sure Ecosphere products

The tried-and-tested in|sure Ecosphere product family from the application ecosystem of adesso subsidiary adesso insurance solutions is the ideal accompaniment to migration and management processes.

These products provide insurers with convenient, full-service, end-to-end support in the form of top-quality SaaS for management and processing of their runoff life insurance policies for the long term.

Further information on the Afida product portfolio can be found as part of the in|sure Ecosphere offering of adesso insurance solutions GmbH, a highly automated, evolutionary standard software solution for efficient insurance policy management developed by adesso: https://www.adesso-insure.de/.

Information on Afida@adesso is available at: https://www.adesso.de/de/afida-gmbh/index.jsp

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