Nordea Liv Norway migrates 58 million transactions to the cloud
ordea Liv’s Norwegian enterprise has accomplished the migration of transactions, contracts and funding accounts within the newest milestone in its IT transformation modernisation. The life and pensions agency, a part of Nordea Group, stated it is a key milestone in a mission which is about to be accomplished in 2030.
Within the first six months of this yr, a complete of 58 million transactions, 70,000 contracts and 163,000 funding accounts had been moved to a cloud-based platform from Insurtech agency Lumera. Greater than 700,000 insurance coverage insurance policies shall be migrated from a number of coverage administration functions to the Lumera platform by 2028, with the core system modernisation permitting the corporate to cut back complexity. Nordea Liv and Lumera have labored collectively since 2023.
Nordea Liv Norway CEO Anders Granstad stated the transfer to the cloud will allow the broader transformation. “This is a vital milestone within the modernisation of our techniques. Along with Lumera, now we have accomplished an intensive migration that lays a stable basis for additional growth and innovation,” he stated.
Account migrations are vital landmarks for finance corporations as a result of shifting buyer accounts from legacy to cloud techniques is important for contemporary digital monetary companies. However migrating buyer accounts within the finance sector can be a massively dangerous mission.
On the time, then Nordea Liv CEO Hans-Erik Lind, stated: “We’re embarking on a complete improve of our enterprise techniques.” He added that it selected to work Lumera as a result of its “in-depth information of Norwegian life and pensions”.
Insurance coverage corporations reminiscent of Nordea Liv face tech challenges as a result of life insurance coverage and pensions are purchased many years forward with many insurance policies taken within the Seventies and 80s. Methods that had been constructed then should be rebuilt.
Jonas Alfredsson, CEO at Lumera, which specialises in digital transformation of the European life and pensions business, stated: “This mission is a complete endeavor, with massive volumes of information and strict calls for on high quality and stability. Working intently with Nordea Liv, now we have now accomplished two vital migrations that lay the muse for additional modernisation and growth.”
Individually, the corporate’s father or mother Nordea expects to shed 1,500 jobs within the subsequent two years with the usage of synthetic intelligence (AI), as a part of its modernisation.
The financial institution, which has round 30,000 workers, disclosed its plans to alter the “workforce composition” to buyers, with €190m in deliberate restructuring prices.
Nordea’s 2030 technique was introduced in November 2025. On the time, the financial institution stated: “Know-how, knowledge and AI shall be central to this shift. They’ll allow Nordea to show native processes into Nordic-wide ones, scale back platforms and functions, modernise legacy techniques and enhance engineering productiveness.”
It added that the adjustments would make its know-how extra resilient and safe. “By remodeling native buyer processes into Nordic‑large worth chains, and decreasing, simplifying and modernising know-how techniques and infrastructure, Nordea will make more practical use of its Nordic scale to serve prospects even higher and function extra effectively,” it informed the inventory alternate.
The financial institution stated it would proceed to put money into expertise, however “with Nordic scale, the affect of AI and course of optimisation, Nordea expects to have fewer workers sooner or later than immediately”. It stated the job cuts – which signify round 5% of its workforce – are topic to union negotiation and session processes, and that it’ll assist workers with reskilling, upskilling and different inner alternatives.
