Life Insurance – Core System Review
The Challenge
Legacy core systems are an issue for most large organisations, our client was no exception. The challenge was to consider what to do with their core policy administration system. The existing system was in-house developed in a 1990’s 4GL language. The development team was aging and the skills necessary to support the system are increasingly scarce in the market. They are also facing challenges coming off general support agreements and obsolete infrastructure. The client wanted an independent assessment of the business risks being incurred, what mitigating strategies could be employed, and how to transition away from the system over time in the most cost effective and efficient manner
Our Work
At a high-level, Frazer Walker’s approach was to identify risks, create and analyse future options and deliver tangible recommendations. We took a business focussed approach and involved key business people across all impacted business areas at all levels of the organisation. Having gained an understand of the issues and risks from the business, we worked with the technology team to determine the related problems from their perspective. To provide the client with external context, we presented them with a view of the alternative systems and services available in the market. An important realisation was the business capability that these alternatives could provide in an increasingly digital and competitive market, to support future growth
The Outcome
For our client the review provided clarity that transitioning away from their core system is an urgent priority due to the business risks being incurred and the potential for increased business capability provided by alternative solutions. Our recommendation provided a pragmatic roadmap to immediately stabilise the current environment by dealing with current solvable issues. Whilst planning the next stage to transition away from the legacy system
Contact
For more information please contact Ian Chisholm, Phone: +61 401 316 004, Email: ian.chisholm@frazerwalker.com