Insurers are well aware that the traditional legacy technology that comprises systems for a new business underwriting, policy administration and claims is quite outdated. Quite a few insurance enterprises have replaced their manual processes, integrating automation and front-end technologies to help them tide over the challenges posed by the volatile environment.
While insurance industries are known to be slow in adopting new technologies, there have been quite a few core modernization projects that are helping companies become more agile, increase efficiency and establish their presence in the market.
Some of the key elements in modernization of insurance core systems are – redefining the product strategy & objectives, technology relevance, service enablement, and rapid development & deployment of new initiatives. At Neutrinos, we work with customers to offer digital solutions across the spectrum.
Infact, we have created an application on the existing legacy system to cater to their business needs. Integrating this solution with GUI [Angular Front End], and adapting micro service architecture, the system was equipped to manage applications and allow customers to upload supporting documents easily.
The journey to modernization
The sense of urgency has already set in with reference to modernization over the last few years, and many research studies have shown that nearly 90% of the population that was a part of the study is quite keen on taking the leap. Making the decision on which approach to take depends on several factors, including the existing legacy systems, the insurer’s ambitions, the market situation and resource availability.
Legacy Modernization Options
There are a few options available for the insurers with reference to legacy modernization –
- Replace by modernizing the existing legacy platforms – Insurers who are working with traditional legacy IT platforms that are adequate but not technologically advanced have limited options to grow. This process of modernization allows the insurers to upgrade to legacy modernization systems, and retain existing features that work with their business needs.
- Retire & build a proprietary platform – While this option involves eliminating a few of the existing solutions, it could lead to building a new system architecture that fits the growing demands of the market and seamlessly integrating it into the existing landscape. While this option allows the insurer to customize the system, the drawback is with reference to the cost and time taken to deliver.
- Remain – Retain the current state of things and work with what is available.
- Retool – In order to continue with the existing solution, the insurers might look at incorporating new software, apps, adding a layer to the processes to achieve desired results. Neutrinos developed an interactive web portal to help a customer to ease their customer onboard and online policy buying. Integrated with 180 APIs with many third party applications including integration with the payment gateway.
- Resource – The option that involves transferring complete responsibility and risk, thereby reducing accountability factor for managing future business.
Once the insurer takes the decision about which path they choose, there are other factors to be considered as well -the transformation preferences, existing internal capabilities, and business objectives. Neutrinos offers a range of digital solutions that includes digitization of the legacy paper-based process with a multipurpose application that offers end-to-end lead management lifecycle on one single platform.
A leading insurance company in Singapore, who experienced a shift in business, has implemented this solution. It offers optimization of time spent on lead management [a boost by 80%], and makes it easier to track and follow-up on agent related activities, including their performance.
Talk to us now to ensure you can implement legacy modernization into your business.