Turnkey Online Supplementary Pension Savings

Project Background

In 2015, a legislative amendment that introduced supplementary pension savings for minors played an important role, increasing market potential on a one-off basis. Česká spořitelna – penzijní společnost (ČSPS) wanted to take advantage of this opportunity, so in 2015 it launched a tender for a supplier for the Information System for arranging Supplementary Pension Savings. In the spirit of modern trends, the new system was expected to be a completely electronic way of arranging supplementary pension savings. With this system, ČSPS hoped to jump far ahead of its competition.

Challenge

The dramatic development of IT, especially in the area of front-end application development, places high demands on projects to absorb change during development. It is not uncommon for larger projects whose development began on a modern technology base to already be outdated at an early stage in production.

Profinit’s team surmounted this challenge by continuously updating technologies, especially the Angular framework. The risk of a disproportionate increase in costs associated with technologies becoming outdated was managed by adhering to a sophisticated development organization process. We, of course, did things such as use advanced tools to enable efficient communication, work organization, continuous integration, automated testing, static code analysis, code review, and other necessary procedures and practices.

Business Needs

The solution needed to meet the following requirements:

• Launch a fully digital pension channel quickly to capture the legislative window
• Reduce cost-to-serve through straight-through processing and automation
• Increase sales and conversions across public and adviser channels
• Ensure regulatory compliance, auditability, and strong data security
• Integrate smoothly with existing bank/legacy systems across the full contract lifecycle

Solution & Results

As the supplier and system integrator, we ensured the complete development cycle of the system from analysis, development, and project management to deployment and subsequent system support. We gradually delivered the individual functional blocks of the system, which were for:

• Arranging savings for the public
• Supporting external consultants
• Ensuring the complete life cycle of contracts, including disbursements

It took more than 1,000 man-days, split into two projects, to establish the system.

In addition to our emphasis on high-quality deliveries, we partner with our customers to find the solution that will bring them maximum added value. We continually come up with application improvements and sophisticated graphic design. For example, the graphic design we did for this system was also used for production solutions with only slight modifications.