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Storebrand accelerates loan book growth and effectively manages credit defaults with Dreams Technology

Storebrand partners with Dreams Technology to offer customers an engaging and effective way to consolidate and service their consumer loans.
About Storebrand

Storebrand is a leading player in the Nordic market, offering pension, savings, insurance and banking products to individuals, businesses, and public companies. Storebrand looks after the savings of over 2 million people in Norway and Sweden and is committed to managing customers’ money effectively and responsibly, helping them to fulfil their dream of increased financial freedom and security.

The challenge

Offering consumer loans in a responsible and sustainable way

When it comes to debt management, the consumer loans market is very lucrative for financial institutions. Storebrand had historically avoided this market because they were not keen to encourage people to take out expensive loans. However, Storebrand’s customers expressed interest in this product and Storebrand started to explore solutions to meet this demand in a responsible and sustainable way. 

The solution

Making debt management engaging and effortless

Having seen the benefits of leveraging Dreams Technology’s savings solution, Storebrand has decided to collaborate with Dreams Technology to address the needs of its customers. The Dreams debt management solution enabled them to enter the consumer loans market in a time-efficient and sustainable way. 

The solution empowers customers to consolidate their loans and service their debt by helping them to find money they didn’t know they had with Savehacks. Savehacks are unique micro-saving mechanisms that offer sophisticated, fun ways to save money. They help customers to find money to service their debt by turning spending habits into saving habits. 

Using a variety of scientific techniques including temptation bundling and intermittent reinforcement, they help people reprogram their attitude towards debt management, by combining them with simple and fun activities.

The Dreams customer experience successfully engages customers, helps them build financial confidence and motivates healthy financial habits. Within the Dreams experience, customers can naturally progress from servicing their debt to saving money to investing, which allows Storebrand to retain customers and build long-lasting relationships beyond lending.​

The impact

The Storebrand and Dreams Technology partnership has been a success for both Storebrand and its customers. 

Storebrand differentiate itself from competitors with a unique value proposition

The unique and differentiated value proposition has enabled Storebrand to set itself apart from its competitors and has successfully grown its loan book​ by consolidating customers’ third-party consumer loans with an enhanced product that combines guidance and personalisation. They have also reduced the risk of default through payment automation and a proven scientific methodology.

* vs. €38228 average total unsecured household debt in Norway

Engaging and effective debt servicing

With the help of Dreams Technology, Storebrand made debt servicing more engaging and effective, helped customers to overcome procrastination and build healthy financial habits that led to reduced customer stress and increased financial wellbeing.

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