Viridium Group Selects Omada IGA Solution

Viridium Group Selects Omada IGA Solution

Omada and its partner Devoteam/Alegri was selected by Viridium, the leading specialist in the management of life insurance portfolios, to implement Omada Identity Suite covering 1000 identities.

Viridium Group Selects Omada IGA Solution to Manage Processes for Regulatory Compliance and Identity Lifecycle Management

Omada and its partner Devoteam/Alegri was selected by Viridium, the leading specialist in the management of life insurance portfolios, to implement Omada Identity Suite covering 1000 identities.

As technology and digitization evolves, compliance has become a more complex topic that in today’s businesses has the attention of executives and senior management. Particularly regulated industries like the insurance industry, are faced with tough regulation making compliance a top priority. Another key trend in insurance companies is the changing customer behavior which requires rapid advancement of digitized services to remain competitive.

Viridium Group – a leading specialist in the management of life insurance portfolios, is committed to complying with all respective matters. Moreover, stringent regulatory requirements have made compliance and security a focal point for Viridium Group, as compliance with legal rules and regulations is a natural obligation.

Good corporate governance is part of the company’s ambition and in the interest of all shareholders. Thus, Viridium attributes great importance to the resulting requirements for management and organization. The corporate framework for good governance address questions relating to access management, corporate control, and transparency. Business, processes, policies, and technologies are being continuously assessed in order to amend and further improve management and control instruments.
 

Key challenges for Viridium:

  • Business has become more complex while the scope for strategic and financial action has narrowed
  • Rapid digitalization requires substantial investments in new IT systems
  • Increased and tighter regulatory standards
     

Comprehensive IGA processes

A modern IGA solution is a core component in security infrastructures to ensure compliance and enable the business with secure and easy access to systems and applications. Viridium sought a solution that would further improve its access rights management and transparency by automating its ’joiner-mover-leaver’ processes and reporting capabilities.

Omada and its partner Devoteam/Alegri was selected by Viridium to implement Omada Identity Suite covering 1000 identities. The solution offers comprehensive identity governance and administration features fulfilling Viridium’s requirements:

  • Enables automated identity lifecycle management processes for internal and external users
  • Provides advanced reporting functionality with historic log capabilities
  • Enables on-demand recertification for validation and certification of access rights across target systems and applications
  • Provides role-based access control to ensure segregation of duty policies and reduce complexity of handling access rights
  • Ensures compliance with industry-specific VA-IT requirements (comparable to Bafin requirements for banks)

“A key deciding factor for selecting Omada was their extensive knowledge of the insurance industry and in depth understanding of VA-IT requirements. Additionally, we saw it as a great benefit that the solution offers built-in best practice functionality that covers the core identity governance functionalities that we require, and that the processes can be configured to our existing business processes,” states Rui de Almeida, Project Member IAM-Project, Viridium Group, supported by external Specialists from Insignion Management Consulting.

 


About Viridium Group

Viridium Group is dedicated to keeping private retirement plans based on life insurance reliable and attractive, despite the most difficult market conditions. Its contribution: As the leading specialist in the efficient management of life insurance portfolios in Germany, Viridium Group focuses 100 percent on the management of established customer relationships and their existing contracts. Therefore, it relies on smooth integration processes, efficient portfolio management systems, customer-focused service units and well-performing capital investment.

The portfolio companies of Viridium Group are Heidelberger Lebensversicherung, Skandia Lebensversicherung, Entis Lebensversicherung and, since May 2019, Generali Lebensversicherung. As of year-end 2018, the portfolio companies of Viridium Group has approximately €60 billion in assets under management.

The Group's shareholders are Cinven, a leading international private equity firm, Hannover Re, the world's fourth-largest reinsurance company and Generali, the second-largest direct insurance group in Germany.

Identity Governance and Administration (IGA) Best Practice Process Framework

Identity Governance and Administration (IGA) Best Practice Process Framework

The Omada IdentityPROCESS+ e-book is a comprehensive, best practice process framework, which describes the most important processes needed to ensure a successful IGA deployment. The framework has been developed with the goal of supporting successful IGA projects and has been created to help organizations implement well proven best practice processes.

Download e-book

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