“Often, the different custodian banks send information in their own format. This requires life insurance companies to execute a recurrent and often manual process of data retrieval, formatting, reconciliation and injection into their Portfolio Management System.
“With this innovative solution, we are mutualizing the effort, for all insurers, and we will have more impact toward the custodian banks to request more automation. At the end of the day, insurers will be able to continue to focus on their core business,” adds Eric Bemelmans.
A central hub
Through this partnership, VERMEG’s innovative solution becomes available in LUXHUB’s central platform, linking insurance companies and depositary banks. The Fintech, which was built by compliance and continues to be driven by innovation, offers a seamless flow and exchange of data, in a trusted, secure and proven environment.
“Through the automatic data injection into the PMS, insurers will be able to use increased quality data while reducing their operational risks through an elimination of manual tasks. They will also gain in efficiency through automation, with a significant reduction of costs,” underlines Claude Meurisse , COO, LUXHUB.
Custodix Hub has actually been tested by a key local player over the summer, in a Proof of Concept (PoC) project. It proved to be efficient over this period, as it validated the vision and ideas of the life insurance companies, as well as LUXHUB and VERMEG’s ability to help the wealth management industry in its digitalization process.
A win-win partnership – leveraging each other’s tech and business knowledge
VERMEG is a leader in digital transformation with a business vertical approach, renowned experts, and ready to use digital apps. VERMEG has been offering custodian banks integration services and solutions for its existing clients in Luxembourg, and this for many years.