Legacy and ecosystem transformation projects are generally highly risky projects, and many insurance CIOs prefer avoiding these long transformation journeys. With Project Electric, Union Assurance PLC has been ambitious and demonstrated that –— when well prepared and managed — replacing legacy systems and digitizing key business processes can be highly valuable. Project Electric was not only about replacing an AS400 legacy system, but Union Assurance PLC also decided to leverage the cloud model and add new digital capabilities to promote automation.

Solution Overview

While selecting the right technology partners is an important element, we should not forget that execution remains where insurance companies tend to fail when embarking on legacy and ecosystem transformation projects. Project Electric demonstrates that without identifying key challenges early and addressing them with the relevant mitigation techniques, insurers can face difficult issues. The lessons learned from Union Assurance PLC are certainly valuable for all insurance companies desiring to start a legacy ecosystem transformation program.