ordea Liv’s Norwegian business has completed the migration of transactions, contracts and investment accounts in the latest milestone in its IT transformation modernisation. The life and pensions firm, part of Nordea Group, said this is a key milestone in a project which is set to be completed in 2030.
In the first six months of this year, a total of 58 million transactions, 70,000 contracts and 163,000 investment accounts were moved to a cloud-based platform from Insurtech firm Lumera. More than 700,000 insurance policies will be migrated from multiple policy management applications to the Lumera platform by 2028, with the core system modernisation allowing the company to reduce complexity. Nordea Liv and Lumera have worked together since 2023.
Nordea Liv Norway CEO Anders Granstad said the move to the cloud will enable the wider transformation. “This is an important milestone in the modernisation of our systems. Together with Lumera, we have completed an extensive migration that lays a solid foundation for further development and innovation,” he said.
Account migrations are important landmarks for finance firms because moving customer accounts from legacy to cloud systems is necessary for modern digital financial services. But migrating customer accounts in the finance sector is also a hugely risky project.
At the time, then Nordea Liv CEO Hans-Erik Lind, said: “We are embarking on a comprehensive upgrade of our enterprise systems.” He added that it chose to work Lumera due to its “in-depth knowledge of Norwegian life and pensions”.
Insurance companies such as Nordea Liv face tech challenges because life insurance and pensions are bought decades ahead with many policies taken in the 1970s and 80s. Systems that were built then have to be rebuilt.
Jonas Alfredsson, CEO at Lumera, which specialises in digital transformation of the European life and pensions industry, said: “This project is a comprehensive undertaking, with large volumes of data and strict demands on quality and stability. Working closely with Nordea Liv, we have now completed two important migrations that lay the foundation for further modernisation and development.”
Separately, the company’s parent Nordea expects to shed 1,500 jobs in the next two years with the use of artificial intelligence (AI), as part of its modernisation.
The bank, which has around 30,000 staff, disclosed its plans to change the “workforce composition” to investors, with €190m in planned restructuring costs.
Nordea’s 2030 strategy was announced in November 2025. At the time, the bank said: “Technology, data and AI will be central to this shift. They will enable Nordea to turn local processes into Nordic-wide ones, reduce platforms and applications, modernise legacy systems and increase engineering productivity.”
It added that the changes would make its technology more resilient and secure. “By transforming local customer processes into Nordic‑wide value chains, and reducing, simplifying and modernising technology systems and infrastructure, Nordea will make more effective use of its Nordic scale to serve customers even better and operate more efficiently,” it told the stock exchange.
The bank said it will continue to invest in skills, but “with Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future than today”. It said the job cuts – which represent around 5% of its workforce – are subject to union negotiation and consultation processes, and that it will support employees with reskilling, upskilling and other internal opportunities.
