SpareBank 1 Forsikring: Expediting Data Delivery and Enabling New Use Cases

SpareBank 1 Forsikring, a part of the SpareBank 1 Alliance and the third largest supplier of pension products in Norway, faced a significant challenge due to increasing regulations in the financial services industry. These regulations increased the reporting obligations to various internal and external stakeholders at SpareBank 1 Forsikring. The bank needed to detect and report suspicious activities related to money laundering and terrorist financings, such as securities fraud and market manipulation. To meet these obligations, the bank required a new data platform that could efficiently integrate data from all kinds of heterogeneous data sources, deliver the data to consuming applications, provide the flexibility to add new data sources quickly, support a variety of different input/output formats and tools, shorten time-to-delivery of data integration projects, support modern data and analytics use cases, and ensure that the data infrastructure is secure, well-governed, and intuitive enough to promote a self-service data-sharing culture within the organization.

SpareBank 1 Forsikring is part of the SpareBank 1 Alliance, the second largest financial group in Norway. It is the third largest supplier of pension products in the country. Originally a life and non-life insurance company, it was re-established in 2019 as a pension-only company. The banks in the alliance distribute SpareBank 1 Group’s products and collaborate in key areas such as brands, work processes, expertise development, IT operations, and system development.