Lumera

Lumera AB, formerly known as Itello, is an insurtech company that provides a platform for the life and pensions industry in Europe. The company originated at the turn of the millennium from an initiative by a group of pioneers who aimed to establish a common, flexible standard for the insurance industry to address outdated systems. It was officially founded in 2003, with Swedbank as its first major client. Hans von Knorring, one of the founders, served as the company's CEO from its inception until 2015 and previously held the role of Head of Development for Swedbank Robur, where the idea for a new flexible pension and life insurance solution was conceived.

Lumera operates in the complex and highly regulated life and pensions market, serving clients such as insurers, master trusts, pension funds, and administration providers. The company's business model is centered on its SaaS platform, Lumera Core, which offers policy administration, data management, and migration services. This platform is designed to reduce operational costs, increase business agility, and ensure continuous compliance for its clients. Revenue is generated through long-term partnerships and providing these technology solutions and expert services to a blue-chip client base across Northern Europe. Lumera's mission, termed 'The Prudent Revolution', focuses on safely guiding clients through digital transformation.

The company’s main offering is a versatile and extensible policy administration environment that supports critical business processes. It enables the management of large volumes of individual pension plans and helps clients move away from legacy systems. Key features include a cloud-native architecture, data consultancy services to turn policy data into a valuable asset, and an API-first design that allows for the creation of new products and services. Lumera has expanded through strategic acquisitions, including AxyWare in the Netherlands and ITM in the UK, to accelerate growth and enhance its market presence. The company is majority-owned by Monterro, a B2B software investor, and also has minority investments from financial institutions like AMF, Skandia, and SEB, as it prepares for a potential IPO.

Keywords: insurtech, life and pensions, policy administration, digital transformation, SaaS, legacy system migration, data management, financial software, pension funds, insurance technology, cloud-native platform, API-first architecture, European insurance market, policy management, actuarial consulting, wealth management, retirement planning, group protection, workplace pensions, regulatory compliance