Model Insurer 2018: Case Studies in Legacy and Ecosystem Transformation
Key research questions
- What would it look like for an insurer to do everything right with today’s technology?
- What are some best practices and measurable business results of technology projects in legacy and ecosystem modernization?
- What can other insurers learn from the other Legacy and Ecosystem Transformation Model Insurer initiatives?
Celent recognizes four companies with a 2018 Model Insurer Award in Legacy and Ecosystem Transformation:
- AIG Canada
- Anadolu Hayat Emeklilik
- Integra Insurance Solutions
- Northbridge Financial Corporation
These award-winning cases related to system consolidation, market expansion, digital enablement, and future proofing are detailed to illustrate the benefits and challenges of such initiatives.
The goal of any core system modernization is to allow an insurer to execute the business decisions it needs to succeed in an increasingly unknowable, but probably disruptive, future.
Opportunities for growth in existing and new markets, digital engagement with clients and agents, automating and modernizing back offices to gain efficiencies, and simplifying and accelerating product development drove the winning insurers to transform their IT ecosystems.
Insurers across the globe are looking for systems that give them what they need to be competitive in the market. They are looking for new back office system to get them there. These systems may include cloud deployment, application programming interfaces (APIs), microservices architectures, customer-centered design, agile, and DevOps techniques. These case studies give examples of some of these.