SIGNIFICANTLY REDUCED COST OF OPERATION BY TRANSFORMING AND DIGITIZING POLICY ADMINISTRATION SYSTEM

CLIENT

A leading life insurance provider in Canada.

BUSINESS CHALLENGES

The client struggled with its highly complex and customized, multi-platform legacy mainframe Policy Administration environment with few applications being 20 years old.

The client also had a high run cost due to four different insurance administrative systems, resulting in duplication of operational & technical work. In addition, the regulatory and business changes (e.g., Taxation) across four distinct Policy Administration systems increased technology health and regulatory risk. Further, there was a very high risk of losing knowledge because of the aging workforce and legacy technology.

SOLUTION

Mphasis helped the client develop a 5-year road map that aligns with the client's strategic aim of migrating the legacy platform to the latest, digitally enabled Ingenium 7.7 platform. Our solution roadmap included:

Upgrading of Ingenium platform with digital channel option
Migrating Term products and New Business to Ingenium 7.7
Migrating over 600 K policies of term product
Building a roadmap to retire one PAS/year eliminating legacy by 2022
Setting up a Data Migration Factory for full-stack migration
Building a Gateway Services (Pathfinder) to integrate multiple channels and over 56 systems

BUSINESS BENEFITS

Successfully set up Ingenium 7.7 enabling new product on sale for advisors

Enhanced customer experience while simplifying and reducing the cost of operations

15% effort savings achieved for core client and policy servicing operations through increased straight-through processing

Optimized end to end migration cycle with 25% savings in schedule