Author : Pravin Patel
Managing Director - EMEA & North America
21/Feb/2022

Pravin leads the European business operations for Espire with emphasis on developing and managing strategic accounts for the region. As a strong advocate of Customer Centric Solutions, he has been leading the UK/Europe region’s initiatives to bring about exponential growth for Espire's Customer Communications and Digital Content Management business lines.


Delivering total experience in the insurance sector with scalable legacy transformation to drive post pandemic growth

The COVID-19 pandemic has radically transformed customer needs and expectations, compelling insurance companies to adapt digital transformation solutions for ensuring business continuity and streamlining operations.

With the world becoming digital-first, insurance companies are increasingly depending on digital platforms to engage with the customers for designing customizable products, managing claims/policies or carrying out timely customer issue resolutions to drive exceptional customer experience and service across touchpoints. Overhauling their legacy core IT infrastructure and adopting cloud-based solutions has become a must for insurance companies to reap the benefits of total experience.

According to Gartner, the three drivers to map if legacy transformation is required are business fit, business value and agility. If the legacy application does not meet the new requirements imposed by digital business, it needs to be modernized to fit properly, and should be upgraded to provide greater business value.

In this blog, we will discuss the top 5 reasons why insurance companies need a legacy system transformation to unlock growth in a post pandemic world.

1. Reduce Operational Costs

Most companies in the insurance sector are typically dependent on legacy software for end-to-end policy administration and management of key financial data. Legacy systems act as a roadblock to an insurance company’s digital transformation initiatives, as it is difficult to integrate the latest tools and technologies with their outdated infrastructure. Deploying custom APIs and enhancements on these legacy systems is not only time consuming but can also be expensive.

By implementing state-of-the-art digital platforms which can include embracing Cloud solutions, insurance companies can develop a roadmap to transition from their legacy systems in a more seamless manner, thus enabling more cost effectiveness.

Espire helped a leading London-based insurance company carry out a legacy transformation by deploying a scalable cloud-based crystallisation system to drive process automation and reduce operational costs. Read more

2. Deliver Impeccable Customer Experience

'Customer is the king', the common catchphrase of business world has proved to be the absolute truth in the post pandemic world. With the burgeoning growth of insurtech startups, driving personalized customer experience across touchpoints has become the key differentiator for insurance companies to build customer loyalty. Legacy systems and processes change challenges, do not readily support the latest DXP platforms and hamper the CX delivery with a slow time to market.

With latest digital experience platforms that address customer journey mapping, digital content management and personalization, insurance companies can mitigate the problem of distorted digital experience and deliver contextual customer communication across multiple touchpoints at scale.

This success story showcases how Espire leveraged Sitecore to deploy marketing automation to drive personalized & contextual experiences to customers across touchpoints. We carried out effective customer journey mapping providing a 360-degree view of the customer, put in place persona driven marketing campaigns with custom predefined goals to drive greater customer acquisition and retention. Read the complete case study here>

3. Mitigate Data Security Threats

Legacy systems can also be prone to potential security threats, where updates are not timely or indeed challenging to address. These risks in a highly regulated market and indeed with access to so much data can pose a huge challenge for insurance companies.

To address this, it is paramount to have security monitoring, regular cloud security maintenance and timely security testing with assessment and review.

Legacy Transformation in Insurance with low cost, low risk cloud-based systems in record time

4. Enhance Employee Experience

Mckinsey & Company states that businesses with modernized IT are substantially more productive than their peers with legacy IT systems-for example, the total number of policies processed is more than 40 percent higher.

By overhauling the legacy systems with the latest digital workplace solutions, brands in the insurance sector can improve workflow mechanisms with easy access to information- eliminating duplication and fostering greater collaboration between departments, which will not only improve productivity but also result in enhanced employee experiences across enterprise functions. For example, setting up a central document repository, maybe hosted on the cloud, to be shared between different departments like claims, policy, customer services for seamless access anytime anywhere.

5 Improve the Time to Market

As opposed to the legacy system, state-of-the-art modern IT core systems can easily integrate with modern tools and technologies to support end-to-end insurance processes like automated document generation and premium calculations, delivering relevant & contextual customer communications across touchpoints and much more, which improves the time to market and reduces churn rate.

As per Gartner, by 2026, 60% of large enterprises will use total experience to transform their business models to achieve world-class customer and employee advocacy levels.

In conclusion, companies in the insurance sector should adopt Total Experience solutions to craft impeccable customer experience, business experience and employee experience to bolster growth in the new normal.

As a Digital Transformation leader, Espire is helping leading insurance companies in their legacy transformation journey by deploying modern and scalable technology architectures to meet the ever-changing demands of the customers and stay ahead of the competition. To know more about our service offerings, visit > https:// www.espire.com/industries/insurance or get in touch with us at marketing@espire.com


MORE FROM OUR BLOGS

Top 5 benefits of digital insurance fast track your digital journey and bolster growth in 2022

Digital Insurance has empowered the insurance and reinsurance industry streamline key business operations like premium calculations, claims management, customer communications and customer data storage etc, thereby enabling leading companies to deliver unmatched customer experience, business experience, employee experience, multiexperience and user experience at scale

Delivering total experience in the insurance sector with scalable legacy transformation

Overhauling the legacy core IT infrastructure and adopting cloud-based solutions has become a must for insurance companies to reap the benefits of true digital transformation. Businesses in the insurance sector should adopt Total Experience solutions to craft impeccable customer experience, business experience and employee experience to bolster growth in the new normal.

7 strategic technology trends for business to unlock growth in 2022

Gartner's Strategic Technology Trends for 2022 provide businesses a deep insight and understanding of futuristic technologies that are necessary for building resiliency and achieving sustainable business growth. Espire is helping businesses across industries achieve total experience at scale and attain true digital transformation to bolster business growth.

Fast track your cx transformation with cloud migration

To accelerate CX transformation, businesses need to eradicate disparate legacy systems and deploy agile cloud or hybrid cloud solutions. Cloud migration can help brands accelerate their Customer Experience transformation and deliver Total Experience solutions at scale.

Top benefits of automated reinsurance to fast track business growth

Reinsurance is the practice of different insurance companies purchasing multiple insurance policies to share the risk and reduce their loss in case of a calamity. Automated reinsurance helps leading brands in the insurance industry simplify key processes while reducing operational costs and facilitating seamless audit management.

Accelerating digital experiences with powerful ui ux for leading industries

UI & UX has emerged as a mainstay when it comes to offering an engaging and easy-to-navigate website/user interface to users. A careful UI/UX design strategy can help in transforming the way organizations interact with their customers as well as their employees by making the platform more streamlined, agile, proactive, easy-to-use and intuitive. Moreover, it can help in increasing user retention, engagement, conversion rates and eventually better ROI.

Top benefits of leveraging cloud solutions for customer communications service providers

Leading customer communication service providers are leveraging agile CCM solutions hosted on cloud to drive contextual communications at the right time and through the preferred customer touchpoint. Cloud native CCM solutions are secure and a scalable way of future-proofing your business to achieve greater outcomes in record time

Insurance claims management system top 5 ways to maximize business growth

Insurance companies have been struggling with disparate systems and outdated claims processes for decades. Leveraging claims management software can help brands in the insurance industry automate manual processes and optimize workflows, while improving staff efficiency and reducing operational costs

Mitigating the problem of unallocated cash in insurance industry with digital transformation

Businesses in the insurance sector need to deploy agile technology solutions to reinvent complex operational processes and adopt an aggressive strategy for the efficient management of unallocated cash, to strengthen their credit position and build lasting customer relationships

Speak to Our Digital Transformation Specialists

Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!