Innofactor's expertise in Microsoft technologies was particularly valuable in how to make the most of the capabilities of the Dynamics system
Veritas Pension Insurance is one of Finland's oldest insurance companies still in operation. Veritas looks after the pension security of nearly 68,000 employed persons and over 14,000 entrepreneurs.
Pursuant to amendments to the Self-Employed Persons' Pensions Act (YEL) that entered into force at the beginning of 2023, pension insurance companies are required to review entrepreneurs' YEL earnings once every three years. The amendments are aimed at improving the pension and social security of entrepreneurs by ensuring that their YEL earnings correspond to the value of their work input throughout their career.
One of the practical consequences of the YEL reform was that pension insurance companies need to ensure that their IT solutions enable them to review entrepreneurs' YEL earnings in the manner required by the new legislation.
Veritas uses the Microsoft Dynamics 365 Customer Relationship Management system as the database for its insurance customers. The database needed to be customized in response to the legislative reforms. The CRM system had to be integrated with Veritas' own systems as well as certain systems of Arek, which maintains shared information systems for the pension insurance industry. Veritas decided to use Innofactor as its partner for the project, having worked with the company previously in the development of solutions related to YEL and TyEL insurance services, for example.
As the need for the new information systems development project stemmed from legal obligations, there was no room for flexibility in the project schedule. The necessary changes had to be completed by the summer of 2023. Due to the tight schedule and relative complexity of the project, the implementation had to be as compact as possible, without compromising on quality.
Meeting these requirements required the partner to have strong technical expertise in order to make the most of the built-in features and components of Microsoft Dynamics. Veritas also valued the strong commitment to the project shown by Innofactor's experts, as well as the company's comprehensive experience in project management and resource allocation for technically complex implementations.
The changes to the Dynamics system were completed and rolled out on schedule. Veritas' insurance advisors were satisfied with the outcome, and the first round of YEL earnings reviews was carried out successfully. Planning Manager Nina Karlsson from Veritas considers the collaboration a success.
"Innofactor's experts ask the right questions to determine what kind of implementation serves our needs in the best possible way. Thanks to strong mutual trust, we feel that we are working towards a shared goal."
Going forward, reviews of YEL earnings will be conducted annually, and the plan is to develop Veritas' system further based on the experiences gained from the first round of reviews. One lesson related to the operating model has already been put into practice: instead of the waterfall model, future cooperation projects will use the Scrum method to further improve the specification of roles and responsibilities, for example.
"Innofactor's experts ask the right questions to determine what kind of implementation serves our needs in the best possible way. Thanks to strong mutual trust, we feel that we are working towards a shared goal."
Nina Karlsson
Planning Manager
Veritas
The following solutions and technologies, among others, are a part of of the overall solution delivered to Veritas:
