In the rapidly evolving world of insurance, one thing is clear: adapt or fall behind. Today’s insurance industry landscape is unrecognisable from what it was a decade or two ago. Innovations in technology, changing customer expectations, and evolving regulations demand a dynamic response. Outdated policy administration systems simply don’t cut it in the digital age. Modernisation is not just a nice-to-have—it’s an essential survival strategy. And this is where ISB Optimus, in partnership with its global strategic associates, steps in.
Part 1: Assessment and Planning
Modernising legacy systems is no small task; it requires careful planning and strategic execution. It’s a journey that begins with understanding the status quo. The first step is a comprehensive and granular assessment of your existing systems, processes, and challenges.
A McKinsey report highlights that many insurance companies are still operating on legacy systems using technology from as far back as the 1970s. In the era of high-speed internet and AI-driven solutions, this can significantly hamper efficiency and competitive standing. At ISB Optimus, our initial assessment stage involves delving deep into the heart of these outdated technologies. We meticulously identify potential problem areas, system gaps, and map out your specific modernisation requirements.
With this knowledge in hand, we create a detailed, customised plan for modernisation. This strategic roadmap covers every aspect of the process—from timelines to estimated costs, and even anticipates potential challenges that might arise. A well-thought-out plan provides a robust framework, reducing the risks associated with system overhauls and ensuring a smoother transition.
Part 2: Oracle Insurance Policy Administration Solutions
The essence of modernising policy administration lies in the incorporation of innovative, flexible solutions. Oracle’s Insurance Policy Administration Solutions for life and group insurance is one such solution. These are designed to be not only versatile but also highly configurable, allowing your systems to easily adapt to changes in the market.
Unlike rigid traditional systems, these Oracle solutions are data-driven and built on a modern technology platform. This approach significantly enhances both user experience and system performance, ultimately driving your company’s competitive edge. A recent survey conducted by Oracle revealed that a staggering 90% of insurers recognise the transformation of policy administration systems as a critical factor in improving their competitive positioning.
Part 3: System Integration
At ISB Optimus, we passionately believe that modernisation should not mean discarding your existing systems wholesale. Instead, we focus on integrating the new solutions with your current systems where feasible. By doing this, you can leverage your existing investments while still benefiting from the enhanced capabilities that modern technologies offer.
Our partners, Oracle, Sage, and ZAP Data Hub, offer an array of powerful APIs and integration tools. These tools facilitate a smooth and seamless integration process, allowing your company to merge the best of both worlds: the familiar functionality of your existing systems and the robust capabilities of modern solutions.
Part 4: Data Migration
Modernisation is synonymous with the transfer of existing data to new systems—a task that poses substantial challenges. Experian’s recent survey indicated that 83% of organisations have experienced failures or budget overruns in their data migration projects. Such issues stem from the complexity of accurately moving vast amounts of data without disrupting operations.
ISB Optimus tackles this challenge head-on. Our team uses sophisticated tools and proven methodologies to handle your data migration process. This rigorous approach ensures the accuracy and integrity of your data, maintaining its usability in the new system and minimizing operational disruption during the transition.
Part 5: Training and Support
Any technology transformation initiative is incomplete without the human element. The shift to new systems requires users who can effectively utilise these systems. Recognising this, ISB Optimus provides comprehensive training and ongoing support to ensure a smooth transition.
Our training programs cover both technical aspects for your IT (Information Technology) staff and functional aspects for end-users. By investing in people alongside technology, we ensure that your team can confidently navigate the new systems, optimising productivity and minimising potential teething troubles.
Part 6: Robotic Process Automation (RPA)
RPA is revolutionising the insurance industry. By automating routine, repetitive tasks like data entry or basic claim processing, it significantly enhances efficiency. This automation not only improves accuracy but also frees your team to focus on more complex, higher-value tasks.
According to a Gartner forecast, the global RPA software revenue topped $2.9 billion in 2022 (an increase of 19.5% from 2021)—an undeniable indication of its rising adoption. As part of our modernisation strategy, ISB Optimus helps companies harness the power of RPA, driving cost savings and productivity enhancements.
Part 7: Continuous Improvement
The modernisation journey doesn’t end with the implementation of a new system. Instead, it’s an ongoing process of continuous improvement and adaptation to evolving business landscapes. After the new system is live, ISB Optimus continues to work alongside you to extract maximum value from it.
We assist you in refining your processes, leveraging new features and technologies, and adapting to changes in the business environment. This partnership ensures that you stay ahead of the curve, always ready to seize new opportunities.
In conclusion, the journey of modernisation is not a one-time project; it’s a process that requires ongoing effort and the right partner to guide you through it. With ISB Optimus, you gain more than just a service provider—you gain a strategic partner committed to helping you stay at the forefront of technology and best practices in the insurance industry. Our goal is to ensure that your firm is always ready to meet the demands of the modern insurance world, today and into the future.
Brian Mudhokwani, Chief Operations Officer.