- Project duration: 4 years
- Product range expansion for pension funds
- in|sure product family: software solutions for pension fund policy management and administration of company pension commitments, regulatory reporting system, partner administration and system for the settlement of pension payments
The Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG, one of the largest pension funds in Germany, has decided to comprehensively renew its application landscape based on products from adesso insurance solutions GmbH. Furthermore, a long-term maintenance agreement was also signed. The project has begun on March 1, 2021 and will run for approx. four years. The aim is to keep the system landscape and processes future-proof over the long term and to exploit further strategic potential in the product portfolio and digitization.
New application landscape with in|sure products
The Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG has a special business model for pension funds. In addition to administrating another pension fund, the Höchster Pensionskasse VVaG, its activities also include managing and administrating the company pension commitments of sponsoring companies. The new application landscape must therefore be able to illustrate the special features of the heterogeneous supply systems of the sponsoring companies. It should also be flexible with regard to the integration of new supply systems. Thanks to the new application landscape of adesso insurance solutions with components for the administration of pension fund contracts and company pension commitments, a solution for partner 2administration as well as systems for statutory reporting and the accounting of pension payments, processes can be further optimized and automated in the future.
"The portfolio management system of the Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG has so far been largely an in-house development based on SAP-HR. Triggered by SAP's announcement that it was withdrawing the existing SAP ERP HCM from maintenance, combined with uncertainty as to the extent to which functionalities for illustrating company pension schemes would still be available in the longer term, the pension fund decided to tackle the "EASy" project for reorganizing the inventory management system. "In the future, modern standard software will be used," explains Jürgen Rings, Chairman of the Board of the two pension funds based in Frankfurt-Höchst. "For the renewal of our application landscape, we have found a partner in adesso insurance solutions, who has won us over with its technical as well as its professional expertise in the bAV field and is thus optimally prepared to implement what we need and the resulting challenges."
adesso insurance solutions expands product range for pension funds
With the pension fund of the employees of the Hoechst Group, adesso insurance solutions won the first customer for its new product, in|sure PenPay. The already diversified product portfolio for pension funds and company pension schemes is thus expanded by adesso insurance solutions to include a settlement system for benefits from the bAV. In the future, in|sure PenPay will not only enable the pension fund to manage the pension accounts and determine the tax and social security contributions of benefits, but will also provide the information and values of transfer files for banking software, for settlements to benefit recipients as well as for the creation of reports to tax authorities, health insurance companies and the Central Allowance Office for Retirement Assets (ZfA).
"With its high volume of company pensioners, the pension fund for employees of the Hoechst Group is a very good pilot customer for our new in|sure PenPay product. Currently, there is no satisfactory product available on the market for the billing and payment of pension benefits, which is why we have decided to make a bold investment here and offer many companies in the same situation a way to solve the problem. The development of good software and successful projects requires sophisticated and competent customers, and I am very pleased that we were able to win over the pension fund of the employees of the Hoechst Group with our offer", says Oliver von Ameln, Managing Director of adesso insurance solutions GmbH.