The insurance marketplace is transforming. Chief Information Officers need to quickly launch new products, improve market share through new sales channels, meet changing regulatory requirements, and reduce expenses in funding new technologies. If your solutions and software packages are not able to meet the needs of the marketplace, we can help. With our support and maintenance, enhancements, consolidation, or modernization of existing systems, we can reduce your legacy system operating expenses by up to 50%. Our in-house tools for legacy environments can also help you to significantly reduce manual efforts.
Adapting a Flexible Support Model for Life and Annuities Legacy Systems
Many insurers are unable to cope with the dizzying array of outdated technologies and antiquated development methodologies, along with other structural constraints, making it difficult to modify legacy core systems quickly or effectively. To compete effectively, today’s life and annuities carriers need to partner with IT solutions providers that can deal with these complexities at a significantly reduced cost.
We, with 15 years of experience in supporting the life and annuities business, maintain, support, modernize, consolidate, and enhance legacy systems while integrating new applications into the mix.
Our Capabilities
Our Insurance Practice supports the IT needs of businesses in the life insurance and annuities sector. With our full force of resources with expertise in various Life & Annuity platforms and applications, we can guide insurers toward successful legacy system management.
Blended Onshore/Offshore Model We follow a blended onshore/offshore model that provides support, maintenance, enhancement, and modernization services from state-of-the-art offshore development centers and business analysis from onshore client locations.
In-depth Expertise and Proven Implementation Methodology Our expertise in modern and legacy applications and platforms in use by this industry globally along with our proven, accelerated implementation methodology, help our clients achieve cost savings of up to 40%.
Centers of Excellence Our Centers of Excellence fully train our employees prior to their deployment on projects.
Custom Tools for Better Performance and Processes In-house tools such as Insight for legacy code migration, testing framework and use cases, integration and interface mapping tools, and data conversion and migration tools enhance performance metrics.
Delivering More Value to Life Insurance and Annuity Businesses
Our experience has helped us develop a business-driven approach that aligns business strategy with transformation goals:
- More Efficiency: Our highly skilled pool of 1,500 insurance resources has exceptionally deep and broad domain and application knowledge that accelerates the development of products and improves time-to-market. Our proprietary portal ‘INSIGHT’ institutionalizes static and dynamic knowledge of an application, organization, or project, leading to effective knowledge management. We also have a highly effective automation framework for Mainframe and Distributed Application environments.
- More Expertise: We provide expert support for the development of release management, prioritization process, and knowledge transition plans—reducing the need for rework.
- More Savings: Our operational cost optimization models establish build-and-run teams for legacy and distributed environments. We offer mature process methodology expertise at substantially lower rates than the product vendors for application packages.
Success Story: Reducing Operating Costs for a Leading Global Financial Institution
Our upgrade, development, migration, customization, quality assurance, and testing experts worked together to:
Consolidate, transition, and transform Mainframe data center applications:
- Reduced overall license costs by $24 million
- Saved $2 million in migration execution due to a 1:20 onshore/offshore resource ratio
Migrate data center applications to a third party for hosting:
- Reduced operating costs by 24%
- Complied with SEC’s requirement of quarterly statements and reports
Integrate fund operations systems following company acquisition:
- Improved stability and reduced downtime by 90%
- Remove additional license costs
Success Story: Improving Efficiency for a Large, US-based Financial Services and Fraternal Benefits Society
The society partnered with us for System Support and Maintenance:
- 35% cost savings year-on-year, both during the first five-year contract and after contract renewal
- 20% productivity improvement
- 25% reduction in production issues
- 34 hours-per-month reduction in CPU processing time
- More than $200,000 savings through system error corrections
Legacy Decommissioning:
- Exclusive planning, management, and execution role in decommissioning throughout our relationship with the client
- Creating program charter and analysis of applications
- Establishing a custom decommissioning center
- Decommissioning at an average of 10 systems per year
Migration from Legacy Systems:
- More than 43% increase in efficiency
- 19% reduction in cycle time in the new system
Managed Security Services:
- Process definition and implementation for 11 security domains
- 32% reduction in security services cost
- Extensive process improvements through incident resolution procedures
The Coforge Advantage
Our cross-trained experts, capable of supporting multiple systems, enable us to immediately provide talent with the required skill sets to quickly ramp up and deliver results. The ability to migrate historical data and create easy-to-use flexible interfaces, which can access applications and data from legacy systems, goes a long way in enhancing our service levels.
