PORTMAN is a strategic decision
Changing a portfolio system is not something you do every day. It is a strategic long-term decision based on prolonged and exhaustive analysis and consideration.
In April 2019, Oslo Pensjonsforsikring decided on Vitec Aloc’s PORTMAN solution as their future investment management solution.
Since PORTMAN is a modular solution, this means that the technical platform can support future requirements that might arise as the business grows and encounters new legal requirements. In such cases, the module covering the particular need can be purchased.
“Vitec Aloc convinced us that they have both the ability and the will to further develop the system, and secure its future,” says Lars Haram. “They listen and understand, and generally we are a perfect match.”
Business knowledge based on professionalism
On implementing an advanced new portfolio system, you will not get a ‘Plug and Play’ solution, and there will be bumps along the way. “With that in mind, it’s evident that Vitec Aloc has its roots in the financial sector,” says Lars Haram, who continues: “They have business knowledge based on a high level of professionalism, which is very reassuring.”
To collaborate with Oslo Pensjonsforsikring, a high level of professionalism and business knowledge is required. This is mainly due to the fact that the Norwegian life insurance and pension market is subject to several specific Norwegian functionality requirements, which the PORTMAN solution did not already have. “This has now been developed and implemented by Vitec Aloc. Their ability and willingness to resolve such challenges confirms that we are more than just a ‘client’ and are viewed more as a collaborating partner. That is very important to us,” says Lars Haram.
A very demanding test phase
The test phase was very comprehensive, extremely thorough, and quite time-consuming. “It’s possible that it could have taken place more quickly, but we have to acknowledge that there was an extreme amount of data that had to be double-checked to ensure there were no errors. Quality takes time, and that’s just the way it is,” says Lars Haram.
IT projects always encounter unexpected challenges. You cannot measure a project’s success by that, but instead you must analyse how the challenges are handled.
”Both Vitec Aloc and Oslo Pensjonsforsikring are small organisations, so when the Coronavirus epidemic suddenly knocked on the door, we faced some challenges,” says Lars Haram, who continues: “We chose to postpone the launch of the project, which naturally created some challenges for us, as well as for Vitec Aloc. But Vitec Aloc proved to be very understanding and flexible, and we are really grateful for that.”
We have become a large client…
Oslo Pensjonsforsikring was previously a client of several of the large international suppliers. With this in mind, Lars Haram has a final, important statement to conclude our discussion.
”The most noteworthy difference when collaborating with Vitec Aloc instead of the large international suppliers is that for Vitec Aloc we are a large client that is taken seriously, while for large organisations we are a small fish in a big pond.”
About Oslo Pensjonsforsikring
Oslo Pensjonsforsikring is a life insurance company that handles general insurance and is owned by Oslo Municipality. The company is one of the largest non-governmental investment managers in Norway.
The overall purpose is to keep clients’ insurance costs as low as possible. This is achieved by efficient operations, good investment management and targeted damage-prevention work.
Our customer says
“Vitec Aloc convinced us that they have both the ability and the will to further develop the system and secure its future. They listen and understand, and generally we are a perfect match.”
Lars Haram, CIO and Head of Asset Management at Oslo Pensjonsforsikring.
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Klaus Køjner, Client Executive
+45 2999 7107