Velliv: Future-Proof Transformation with SAP Cloud ERP
When people talk about digitalisation in banking and insurance, they usually think of online services, customer apps, or new investment products. Less visible, but just as decisive, are the systems that run in the background: financial accounting, regulatory reporting, ESG data management. For Velliv, one of Denmark’s largest life and pension companies, this was where the decisive lever for future readiness lay.
With more than 400,000 customers, €32 billion in assets under management, and hundreds of millions of data points processed each year, the stakes were high. “For us, this wasn’t just another IT project,” recalls Project Manager Kim Willum from KPS. “It was about the foundation of the business. If financial accounting, controlling, or ESG reporting don’t run smoothly, the whole company is obstructed.”
The challenge was clear:
Velliv needed to ensure its business model could hold up in a world shaped by tightening regulations, exploding data volumes, and ever shorter innovation cycles. The legacy system landscape was reaching “end-of-life” and a new ERP system was needed.
Choosing the Right Path: Standard or Individuality?
Velliv already used SAP and was happy with the platform, but one key question remained: should it be operated in a private cloud, or in the public cloud?
At first glance, public cloud may sound counterintuitive for a financial institution: strict regulation, sensitive customer data, complex actuarial rules. Yet this was exactly where the attraction lay. Instead of heavily customised systems with high operating costs, Velliv chose to follow their overall cloud strategy and standardize their processes with public cloud.
From the beginning, KPS reinforced this mindset. The project was never about copying old processes into a new environment. It was about creating a clean core, ready for future requirements.
The Design Phase: From As-Is to To-Be
The first major step was the design phase, in which Velliv placed existing processes under the microscope. Which workflows were regulatory requirements, and which were simply historical legacy? Where could SAP standard be adopted, and where would adaptation be inevitable?
Instead of abstract discussions, fit-to-standard demonstrations were introduced. With the SAP Starter System, Velliv could test processes live and evaluate them in practice.
Ideally, we would have encouraged everyone to get hands on right away and just try it out. But that is unusual, since many people are used to joining much later in a project. This was an important lesson learned as we found that the solution design was locked down once the workshops were completed. In this case, we needed to shift that mindset from the very beginning, which I would recommend for everyone else embarking on this journey.
Cloud ALM and Agile Sprints: Speed With Structure
A further success factor was the methodology. The project followed SAP Activate and used Cloud ALM as the central project management tool. Everything – from requirements and scope management through to testing and defect handling – was integrated.
“This gave the project a jump start,” says Kim. “We could begin more quickly, because templates and tools were already available.”
The implementation followed an agile sprint model. Step by step, Velliv validated solutions, tested functionality, and moved gradually closer to the target platform.
Equally important: in the public cloud, responsibilities shift. Whereas in the past, IT quietly managed many things in the background, now business units had to take on more responsibility – in configuration, in testing, even in developing lightweight apps. For Velliv, this represented a cultural change.
Challenges Along the Way: Self-enablement – not so easy
To be well equipped for the project, training was needed. In public cloud projects this training is based on “doing-it-yourselves” called self-enablement. It was a challenge to navigate the sheer volume of available information. SAP offers an extensive library of tutorials, documents, and guidelines, which can make it a task to identify exactly what is needed. Here, Anne-Mette Jensen’s pragmatism prevailed. “Google became my best friend. Almost every question eventually led me to an SAP resource that helped me solve it.”
Controlled Deploy and Go-Live
After months of validation and testing, the decisive milestone came – deployment. Thanks to strict governance, there were multiple go-live readiness assessments where every requirement, every risk, every approval were discussed and reviewed before the go-live decision was taken.
The result was a secure go-live that followed a detailed cut-over plan mapping out who would do what, when. Buffers were deliberately built in to deal with the unexpected. And a structured hypercare phase ensured that users could work productively from day one, with direct support available for any issues.
Tangible Benefits for Velliv
The transformation delivered results that went far beyond technology.
Future readiness
With SAP Public Cloud, Velliv is now operating at the cutting edge – and better able to respond to regulatory change.
Clean core
By consistently focusing on standard, Velliv has reduced complexity and minimised upgrade risks.
Agility
Sprint-based delivery and fit-to-standard demos mean Velliv can adapt processes faster.
Empowered business units
The shift of responsibility has brought business teams closer to technology – making them co-owners of innovation.
KPS partnership
With governance, methodology, and communication, KPS provided the framework for success – not only implementing technology but guiding Velliv through cultural change.
Lessons Learned: Takeaways for Other Financial Institutions
The Velliv project illustrates that even in highly regulated sectors, public cloud is not only possible but advantageous – if companies are willing to embrace standardization and change their mindset.
SAP’s public cloud platform still seems young meaning that not everything is developed yet. Features from SAP private cloud are not all available in public cloud, but new features and functions are deployed to public cloud twice a year. This makes it important to keep an eye on SAP’s future roadmap and as a customer seek influence to get missing functionalities prioritized before own extensions are built.
In summary three key lessons stand out:
1. Drive standardisation relentlessly -
customise only where regulation demands it
2. Engage the business early -
responsibility shifts, and business units must be equipped to handle it.
3. Take governance seriously -
clear roles, thorough documentation, and transparent risk management build the trust needed to succeed.
KPS played a key role in making our SAP Cloud ERP project a success. We always felt supported with a high level of quality and trust throughout every phase. We look forward to continuing our work together.
Conclusion: A Bold Step, A Stronger Future
With the move to SAP Cloud ERP, Velliv has not just modernized its IT. It has laid the groundwork for a new way of operating – more agile, more transparent, and more future-ready.
KPS played the role of strategic partner, ensuring that Velliv not only mastered the technology but also the organizational and cultural transformation that comes with it. For a company responsible for the financial security of hundreds of thousands of people, this made all the difference. Technology alone would not have been enough – governance, mindset, and strong partnership turned the project into a success story.
About Velliv
Velliv is a Danish pension and life-insurance company offering pension savings, life & health insurance, health solutions and related services to individuals and businesses. Headquartered in Ballerup Denmark. In 2024, Velliv delivered customer returns of DKK 28.4 billion — a record in its history.
- Industry: Financial and Insurance Services
- Primary project location: Denmark
- More about Velliv
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Kim Willum
Program Director, KPS
