Credimo has found in BSB and in Solife the « ideal solution » for the management of its life insurance policies
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CredimoNV is a Belgian company that has been set up in 1970 by Theo Van Nieuwenhuysen. It was formally constituted as a mortgage and capitalisation company.
The company produces mortgage loans (portfolio worth 550 million euro) and capitalisation bonds (portfolio worth 640 million euro). These products are commercialized through a nationwide network of independent insurance brokers.
Credimo has been constantly growing ever since its foundation. It has become the most important capitalisation company in Belgium (NB : a capitalisation bond is an investment product with a fixed interest rate and period; the interest can be capitalized and can therefore only be paid at the end of the period).
Starting from January 1st 2008, the issuing of capitalisation bonds to bearer will be forbidden. In order to lessen the impact of this interdiction, Credimo has decided to offer its clients life insurance products of the Branch 26, which are capitalisation products that are very similar to capitalisation bonds.
It is in anticipation of this interdiction on capitalisation bonds that Credimo started to look for a software package able to manage both life insurance policies and products of Branch 26.
The solution : Solife
In order to find be best possible solution and partner, Credimo has put forward the following criteria :
The price (but this was not the most important criterion),
Existing knowledge of the Belgian insurance market and products,
Solid financial situation,
Existing software that can be easily adapted to the specific needs of Credimo.
According to Pierre Van den Steene, executive director of Credimo, « BSB was the only company meeting all these criteria ».
For about six months, 6 people of Credimo have been working full time with BSB to integrate their know how into the Solife package. « The implementation of Solife has been done in a relatively short time, without blocking Credimo in its daily activities. » Pierre Van den Steene confirms: « Realizing such a large-scale project in such a short time is not a thing easily done, but thanks to our partnership with BSB, we succeeded in doing so ».
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