Future Core: The SPP Pension & Försäkring AB Legacy Conversion
Digitizing a business requires having a flexible information system and IT landscape. As life and pension insurers are trying to increase the frequency of interactions with their customers, they need to diversify their touch points. In this contest, online communication is essential. However, state-of-the-art front ends require access to relevant back office services with a quick response time.
The SPP Future Core project is particularly interesting for life and pension insurance companies that are still hesitating to embark on an ambitious legacy and ecosystem transformation journey involving decommissioning old systems and converting policies to new target core insurance systems. Of course, the journey is long and the transformation can be risky, but the SPP case demonstrates that there are clear and tangible benefits down the road.
Drivers for System Conversion Projects:
This report starts with a short summary of the SPP Future Core legacy conversion project. We then provide our perspective on this topic before detailing the SPP project and drawing out the main lessons any life and pension insurers can derive from the insurer’s experience.