Legacy System Modernization in Insurance

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Meet Changing Customer Expectations and Business Requirements with Legacy System Modernization

Today’s policyholders, agents, partners, and other stakeholders expect highly personalized interactions, products, and services. On the other side, insurance carriers, brokers and intermediaries struggle to slash operational costs while making their core processes resilient and future ready. These goals can be achieved, but there’s a hindrance: old, legacy core systems. Insurers now have a simple choice-either face the risk of being left behind or go for legacy modernization for their systems, applications and architectures.

Being over complex, and slow-moving with huge maintenance overheads, legacy system-based core insurance applications hinder seamless data access and exchange, which is a must-have to develop hyper-personalized offerings. Damco can help as we are here to partner with you in designing a business-driven modernization. Maybe you are executing a roadmap or developing a certain business case or initiating any stalled transformation initiative, the fact remains unchallenged-you can count on Damco’s team to drive innovation, agility, and customer experiences through an end-to-end overhaul of your legacy system.

Legacy Modernization in Insurance

Ready to Modernize and Grow While Saving Costs?

70% Improvement

In CSAT through a highly innovative, self-service driven digital experience.

30% Improvement

In operational productivity through digital-first approach.

85% Reduction

In manual operations across claims, policy, and underwriting through AI-led solutions.

Damco’s Key Capabilities in Insurance Legacy System Transformation

Future-Ready Insurance Business with a Connected, Digital Approach

Legacy Systems and Application Modernization

Get modernized insurance systems and apps for improved flexibility, agility, and speed through methodologies including application re-architecture, data modernization, automated migrations, and custom accelerators.

Infrastructure Modernization

Gain access to a highly reliable, flexible, and scalable IT infrastructure- designed for global insurers to have easy remote access with an uptime of 100%.

Technology Modernization

Move away from legacy programming languages, including COBOL, RPG, and Pascal to new, highly secure languages and advanced technologies like AI, and machine learning for sustained success in a dynamic landscape.

Digitalization

Digitize the traditional insurance processes through the power of cloud, mobility, data analytics, AI/ML capabilities, automation, and digital marketing to achieve profitable growth.

Data Modernization

Establish a seamless pathway to access real-time and consistent data required from product personalization through the migration of legacy applications to a highly secure cloud environment.

UX Modernization

Enhance policyholder, broker, and agent experience across all touchpoints through effective information architecture, user and device responsive plan, content contextualization, and customization.

Start Your Insurance Modernization Journey and Move Toward a Resilient Future

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Driving Innovation Across Insurance Functions

Modernizing Core Systems for Greater Business Efficiency

Sales and Distribution

Unify and redefine siloed insurance sales systems into a personalized, omnichannel, customer-centric platform for improved customer satisfaction and lifetime value. Harness the potential of low-code platforms and cloud to reduce time-to-market for sales process updates.

Actuarial and Underwriting

Streamline policy pricing, fine-tune risk assessment, and improve policyholder profiling with new-age digital solutions. Leverage AI, advanced analytics, and cloud to supercharge underwriting and equip team with the real data-driven decision-making.

Policy and Claims

Make the most of AI and automation technologies, low-code platforms, and cloud to optimize end-to-end claims processing in the most effective and cost-efficient manner. Automate the labor and time-intensive processes, reduce the probability of human error, and augment policy management.

Operations

Get your insurance operations on the fast track and keep them up and running with intelligent automation, cloud-based technologies, SaaS, and low-code platforms, all while minimizing maintenance costs and improving their resilience and adaptability.

Why Damco for Legacy Modernization in Insurance?

Project Delivery

Delivered 400+ legacy software and system modernization projects over 1000+ man-hours.

Cloud-First Approach

Our cloud-first legacy migration accelerates cost optimization while minimizing risks.

New-Age Tech Expertise

In-depth domain expertise and experience in the latest tech stack- AI and ML, Blockchain, Cloud, RPA, and Data Analytics.

Low-Risk Modernization

Our legacy modernization services focus on a low-risk and gradual approach to core system improvements.

Strategic Technology Partnerships

Strong Partnership Ecosystem including Microsoft, Salesforce, Amazon, UiPath, OutSystems and more.

End-to-End Support

24×7 availability of L1, L2, and L3 support services —aligned with your time-zone and business requirements.

Insurance Insights

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A Match Made in the Cloud: Insurance Claims and Policy Management + CRM

FAQs

According to Damco’s insurance technology experts, some key signs indicate the system needs an overhaul.

  • Business application management has taken a dip and maintenance costs are overshooting the budget.

  • Updates or adding new functionalities in applications are taking longer than ever, resulting in prolonged time-to-market.

  • Employees with extensive technical skills are facing a steep learning curve when it comes to the business logic of the application

  • Introduction of the smallest change or update impacts the entire system, resulting in downtime and severely impacted time-to-market.

  • A single bug, typing error, or small mistake in the codebase is sufficient to derail the entire system.

The legacy system modernization process is a huge undertaking, requiring enormous investments. However, it reaps equally huge benefits. Modernizing legacy systems helps incumbent insurance firms run parallel to tech startups in customer experience, time-to-market, and efficiency. It improves employee productivity through unified systems and easy data access. Modernization helps improve customer satisfaction as insurers can process claims in just a few minutes while offering personalized products and services at scale. Lastly, there is a huge reduction in maintenance costs in terms of hardware and the workforce required to maintain the legacy systems.

A typical process of legacy insurance system modernization involves some key steps including assessment and planning, data migration, system integration, implementation, training and support, and post-implementation improvement.

  • Assessment: Thorough assessment for identification of pain points and development of modernization roadmap.

  • Data Migration: Safe and secure data transfer from legacy systems and applications.

  • System Integration: Integration of new technologies with existing applications and systems.

  • Implementation: Deployment of new hardware, software, or cloud-based solution as per the roadmap.

  • Training and Support: Comprehensive training for employees for easy adaptation of the new systems.

  • Post-implementation Improvement: Regular updates and reviews of the system to keep the modernized system in sync with the changing business requirements.

Yes, modernization of the legacy insurance platforms augments regulatory compliance as these systems are equipped with built-in compliance features that automate adherence to industry regulations. Their advanced analytical and reporting tools offer real-time insights into compliance status, ensuring all issues are addressed instantly. Additionally, these systems maintain audit trails for easy tracking and document compliance.

There is a significant impact of legacy system modernization on customer experience as it augments the accuracy, speed, and personalization of insurance services offered. By upgrading the obsolete and slow systems, insurers can improve the claims processing speed and other transactions, reducing waiting time. Modernized insurance systems also enable accurate data management, resulting in reliable services. Additionally, the integration of advanced AI/ML technologies facilitates the personalization of insurance products and services, thus meeting the requirements and expectations of customers.