Folksam: Simplifying Insurance and Financial Processes

Folksam's mission is to provide simple and affordable insurance solutions to its customers. They aim to make insurance and financial processes easier to understand and manage.

Their online platform allows customers to easily manage their policies, make payments, and access their documents. This streamlined approach saves time and reduces paperwork.

Folksam's focus on simplicity also extends to their claims process, which is designed to be quick and hassle-free. Customers can file claims online or through their mobile app, making it more convenient to get back on their feet after an accident or loss.

By simplifying insurance and financial processes, Folksam helps customers feel more in control of their financial lives.

Folksam has transformed its approach to financial and Solvency II reporting, automating manual processes to make the last mile of finance less labour intensive.

Folksam was relying on manual processes, which threatened to hold them back from delivering annual reports rapidly and reliably, and meeting the tighter quarterly reporting cycles required under Solvency II.

By adopting a streamlined, automated approach to reporting, Folksam can keep pace with ever-growing internal demands and Solvency II requirements.

Folksam can now create annual reports 40 percent faster on average, thanks to their new automated approach.

Folksam, a customer-owned company, has successfully automated its financial reporting processes, reducing the time taken to create annual reports by 40 percent on average.

The company used to rely on manual processes, where different contributors had to copy and paste data from multiple source systems and spreadsheets, introducing a high risk of error.

This approach was no longer capable of meeting the demands of the business, so Folksam sought a more efficient way to manage the last mile of financial reporting.

With the new approach, teams can access all the information they need with just a few clicks of a mouse, eliminating the need to hunt down data from multiple locations.

The time savings are significant, and the company estimates that automating its financial reporting processes has directly contributed to a reduction in operating expenses.

Folksam has implemented Certent CDM to streamline financial reporting processes, automating the collection of business intelligence and performance management data from numerous source systems.

Approximately 45 contributors from across the enterprise use the unified reporting and analysis platform to produce annual reports for seven group companies.

Standardizing processes and reducing manual data entry has enhanced the data quality and shifted the focus from manual processes to analysis and validation.

The business has a lot more confidence in the data, thanks to the accuracy and consistency of reporting figures.

Folksam has established business validation rules to ensure the accuracy and consistency of reporting figures, which saves a great deal of time.

Data is imported from a central DB2 database into CDM, where it is automatically integrated into reporting templates for Solvency II reporting.

The solution generates the relevant XBRL tags required to pass the automated validation process, making it easier for users to work with.

Folksam has greatly simplified Solvency II reporting with CDM, which would have required one to three full-time equivalents (FTEs) for development and maintenance work without the solution.

The flexibility of CDM has greatly simplified regulatory reporting, making it easier to keep up with changes to the Solvency II quantitative reporting templates (QRTs).

Folksam is looking forward to driving greater efficiencies in enterprise reporting. They're using CDM to support qualitative reports required under Pillar 3 and the ORSA under Pillar 2 of the Solvency II framework.

CDM has already brought about big changes to the way Folksam's teams approach reporting, and they expect it to deliver even greater value as new business demands and regulatory requirements emerge.

Folksam estimates that CDM has reduced the time taken to create annual reports by 40 percent on average. This is a significant improvement that will allow them to focus on other areas of their business.

Folksam is already working with Bdeo since December 2021, and they've seen great results from using their Video Inspection service. Thanks to Bdeo, Folksam's administrators can inspect and document damages remotely.

Faster claims processing, reduced climate impact, and increased customer satisfaction are just a few of the benefits Folksam has experienced since introducing video inspection. They're now using this service in their regular damage management for home, motor, and construction claims.

By replacing physical trips with video inspections, Folksam can help reduce their climate footprint. This is just one way they're living up to their commitment to sustainability.

Folksam, like any other insurance company, faces several challenges and risks. One major risk is a significant increase in claims due to natural disasters, such as floods and storms, which can be devastating to policyholders.

Folksam's financial stability is another concern, as it relies heavily on investments to maintain its solvency. A poor investment performance can have a direct impact on the company's ability to pay out claims.

The company's reliance on a limited geographic market in Sweden also poses a risk, as it makes it vulnerable to local economic fluctuations.

Disappointed customers have reported experiencing unprofessional handling of their refund claims with Folksam, with some facing repeated failures, delays, and a lack of accountability.

Multiple attempts to resolve the issue over a two-month period were met with unfulfilled promises, inadequate responses, and a dismissive attitude toward their concerns.

A straightforward and timely refund process was expected, but customers were instead left feeling undervalued and poorly treated.

Folksam's lack of integrity, efficiency, and respect for customers' time has led to frustration and disappointment.

This experience has left customers feeling that Folksam does not prioritize customer service, and that they should not have to repeatedly chase a company to get what is right.

Folksam, Sweden's largest insurer, accidentally leaked private data on about one million of its customers to a handful of the world's largest technology companies.

This incident highlights the risks of data breaches, which can have serious consequences for individuals and companies alike.

Folksam insures 50% of the Swedish population, making this leak particularly significant.

The incident serves as a reminder of the importance of robust data security measures to protect sensitive information.

Folksam's leak is a stark example of how even the most secure systems can fail, putting millions of people's data at risk.

The company's mistake could have far-reaching consequences, including financial losses and damage to its reputation.

Folksam has a partnership with Accenture, which helped implement the SAS Risk Management for Insurance solution group-wide.

Accenture teamed up with SAS Institute to make this happen, showing the importance of collaborations in achieving big goals.

Folksam's partnership with Accenture was announced in 2012, marking a significant step in their journey towards implementing new solutions.

This partnership highlights the value of working together to find innovative solutions, which can be a game-changer for any organization.

Folksam offers a wide range of insurance products that cater to different aspects of life, including private insurance.

Their private insurance options include home insurance, which can provide financial protection against damage to your home, including fire, water damage, and theft.

Folksam's home insurance also covers personal belongings, such as furniture and electronics, up to a certain value.

You can choose from different types of home insurance, including a basic policy and a more comprehensive one that covers additional risks.

Folksam's private insurance also includes car insurance, which can provide financial protection against accidents, theft, or damage to your vehicle.

Their car insurance policies often come with additional features, such as roadside assistance and windshield coverage.

Folksam's private insurance also includes life insurance, which can provide financial protection for your loved ones in case of your passing.

Their life insurance policies can be tailored to your specific needs, including the amount of coverage and the term of the policy.