Utrecht-based AxyWare, a company that claims to be a well-established systems provider to Dutch pension funds, administrators and life insurers, announced on Thursday, December 22, that it has been acquired by Stockholm’s insurtech company Lumera.
According to Lumera, the acquisition shows its long-term dedication and investment in the Dutch pensions sector. After the deal is completed, AxyWare will be incorporated into Lumera’s business at the local subsidiary Lumera BV.
Improving pensions and insurance
Founded in 2011 by Paul Kramer, AxyWare offers full-service administration and communication platforms for insurers and pension funds. The company’s policy management solutions help customers increase their business agility while lowering complexity, risks, and expenses.
With nearly 30 employees, AxyWare claims to accelerate the value chain for savings and insurance through digital transformation. The company says, “Our innovative software and approach facilitate the essential migration of legacy systems to future-proof platforms as well as a smooth transition to the New Pension Contract (WTP).”
Jeroen Elbertse, CEO of AxyWare, says, “We are uniting with Lumera at the right time, and there is a perfect logic to this agreement. Lumera stands on the same ground as we do and brings relevant experience from Defined Contribution markets while adding vital resources. This helps us better address the needs and requirements of all customers – present and future – that follow from fundamental changes to our market.”
Aim of this acquisition
The Dutch pension reform, which involves occupational pension schemes and is expected to be finished by 2027, is actively supported by AxyWare’s administration software. The pensions administration industry will be significantly impacted by this, and the companies believe that the combination of AxyWare and Lumera will have capabilities to meet new client demands as a result of the reform.
Mats Lillienberg, CEO of Lumera, says, “The way we combine technology leadership with a solid understanding of our customers and their business has always made Lumera stand out. By teaming up with AxyWare, we know that the same success factors will apply in the Netherlands. Supported by their local customer partnerships, outstanding team of professionals and market expertise, we are perfectly positioned to serve Dutch customers and ensure their smooth transition to the new pension framework.”
Lumera claims to have developed solutions for Nordic insurers that ease the transition from Defined Benefit (DB) to Defined Contribution (DC) pension schemes since the early 2000s. The company is now committed to helping the European Life and Pensions sector go digital.
Lumera says, “As insurtech innovators, we are introducing AI-powered automation and business analytics to policy administration. The Prudent Revolution is our mission – bridging technology and partnership to navigate the fastest, safest path through complex change for L&P providers.”