Years of low interest rates are prompting more and more German life insurers to turn away from conventional products in their core business. 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. The trend is moving towards outsourcing traditional life insurance business to specialised policy managers.
Frankfurter Leben is the first major customer to sign up to the new adesso service, tasking Afida with an extensive, long-term migration and portfolio management project. Under the framework agreement, Afida will migrate around 500,000 life insurance runoff policies and new Frankfurter Leben portfolios to its platform and deliver the end-to-end technical infrastructure in the form of software as a service (SaaS). This modern solution is the cornerstone of Frankfurter Leben’s forward-thinking policy management business.
