LEGACY SYSTEMS

Solving the insurance IT challenge

February 17, 2010


Ageing insurance mainframe systems stall product development and are not flexible enough to handle the dynamics of today’s regulatory environment. Our Profit Life&Pension solution answers to all of these challenges and more.

Running insurance processes on an ageing system is expensive and can slow down business development. Mainframes rarely support the 24/7 uptime required of a modern insurance operation, while poor support for retroactive or future calculations causes costly manual work and additional reporting rounds in the back office. These problems are compounded when changes in the external technical environment force costly compatibility modifications.

In addition, many ageing IT systems no longer have proper support for new insurance products. Developing and launching new products on an old in-house system may be too complicated and costly, or a legacy system vendor may simply have halted product development. Sales and distribution models have also grown in complexity and thus insurers need to support many more channels than in the past.

The result of these challenges is that many insurance IT departments are locked into maintenance mode, with few resources to invest in new business development or the improvement of customer service. Insurers with ageing systems often use the vast majority of their IT budgets simply to maintain an existing solution based on undesirable product and service concepts.

During recent years there has also been a great deal of flux in the regulatory environment for insurers. Requirements such as the Solvency II framework, for example, will place additional demands on the financing and reporting structures of many EU insurers. At the same time a host of local tax and pension reforms are changing the way insurers look at their business. This dynamic regulatory framework is not only raising compliance costs for insurers; it is also causing them to consider moving from offering traditional defined benefit policies to a defined contribution model. Such a move can be extremely challenging to make on a legacy mainframe system.

Profit Life&Pension
Designed to meet all of the challenges faced by today’s insurers, Profit Life&Pension is a complete suite of web-based software modules that you give you full control over your life, pension, risk and long-term savings products.

  • Faster time to market – comprehensive parameters let you easily create and launch new insurance products
  • Proven and available – enjoy the benefit of a ready solution that has been implemented more than 25 times
  • Low risk migration – facilitated by our productized offering and 100% delivery completion record
  • From old to new – easily move from traditional defined benefit policies to modern defined contribution/universal life
  • Reduced costs – the burden of compliance is built into our roadmap and shared by multiple clients
  • Clear future roadmap – our dedication to the insurance industry and continuous R&D secure our clients’ product development path

Read more