Skandia Case Study: Pioneering Seamless Digital Wealth

Driven by increasing demand for digital services among private and corporate customers, Skandia began its digitalisation journey three years ago. Along with responding to customer demands, the aim of the strategic initiative was leveraging automation to improve the efficiency of underlying workflows.

The financial guidance and advice services, which constitute the life insurer’s core business, were among the first to go through the transformation. Joakim Pettersson, the digital strategy and innovation lead at Skandia, believes that digitalisation is “the only way to scale financial advisory services”.

Other than improving the business model, customer satisfaction was high on the list of priorities at the Swedish incumbent. Skandia had a vision of providing the same quality of financial advice experience regardless of the customer’s channel of choice. “Some customers prefer receiving financial advice from a person, some enjoy the convenience of online services, while some would prefer a combination of the two,” says Joakim.

The holistic nature of the advisory services is another distinctive feature of Skandia’s digitalisation strategy. “It is crucial to be able to consider the entire balance sheet of a customer, not only a few parts of it,” says Joakim, “And to do that consistently is even more complex. Omnichannel is a buzzword, but that is what Skandia aims for when it comes to the advisory.”