Author : Nick Record
Founder & Managing Director Anchorstone Consulting

Nick has been a senior executive with over 20 years of experience in development and delivery of global HR transformation strategy, technology and operations. He has expertise in understanding what can go wrong during a transformation & knows that short-cuts merely pile the pressure on downstream. He works with organisations up front to minimise risk and avoid kicking the can down the road.

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

With increased regulatory scrutiny and the financial implications of operational risk it’s more important than ever to address your legacy systems.

The pressure on financial institutions from the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority) is only set to increase along with the need for cyber security compliance and the requirement for increased reporting and data governance (GDPR) also a key factor.

Now is the time to address and fix these issues before they have an irrecoverable impact on your business.

The FCA recently issued a statement setting out its view on operational risk management for general insurance firms during the coronavirus pandemic; in this statement the FCA stressed the importance of proper business continuity planning and process resilience. Businesses are expected to have suitable systems and controls in place to manage the operational impact of the current climate.

Additionally, the drive towards technological innovation has also been supported by regulators, with recent regulatory focus on operational resilience appearing to be more pertinent than ever.

In support of this, the FCA recently expressed that it welcomes "firms taking initiatives going beyond usual business practices to support their customers".

Regulators are looking to firms to be cognisant of the risks posed by the greater reliance on digitisation and technology. Charlotte Gerken (Bank of England PRA) said in May...

"Insurers will need to be on the front foot in identifying the potential impacts on their longer-term business models in order to meet changing customer expectations."

She went on to say…

"The insurance industry - all the people who work in it - responded extremely well to the operational challenges that have arisen from the Covid-19 pandemic. There are, of course, still challenges for all of us as we move from immediate crisis management to medium term sustainability. This includes reassessing the impact on cyber and other IT-related risks, whilst at the same time recognising the need for technology- driven solutions to support certain activities."

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

The challenges that businesses are currently facing are:

Regulatory: can your business demonstrate that your systems are fully compliant with SM&CR (Senior Manager & Certification Regime) and GDPR (General Data Protection Regulation)?

CyberSecurity: can your business identify breaches and report on unauthorized access?

Data: is your business able to adequately protect access to sensitive data? Are you able to demonstrate that adequate controls are in place and working effectively?

These challenges also come with technical risks where legacy systems are in place. Problems with flexibility and ongoing maintenance can be costly and time consuming.

For long term stability and compliance it is necessary to stay ahead of the game, and technology is evolving and changing the rules of the game. Many companies are choosing to move to multi-distribution models where having an application portfolio that is flexible greatly supports new ways of working.

With all this in mind, you'd be forgiven for thinking that this is a huge and expensive undertaking, and not something that you have the time or budget for. However, replacing legacy systems does not require a huge budget, it doesn't carry a high risk and equally does not need to take months to implement.

It's not as much of an insurmountable mountain as you might think.

The answer is a Cloud based solution that has a lot of capability and flexibility. A move to the Cloud does not mean a compromise, instead it provides long term peace of mind with a system that will continue to stay current.

This low risk option is developed with open source technology, uses compliant solutions and world class security. Hosted on Azure technology you have the reassurance of more than 90 compliance certifications globally and the ability to produce audit reports on data access and attempted breaches. This is future proof technology with regular upgrades, updates and release management, disaster recovery and backups every 30 minutes.

Additionally, moving to the cloud reduces on-premise risk and ensures applications remain up to date and in support.

Espire & Anchorstone have a track record of success and are able to support your organisation through this process from end-to-end, dispelling any worries or fear of change within the back office, whilst providing a cost-effective approach.

Contact us for more information and an initial no obligation discussion to explore your needs and requirements.

For more information about Espire, please visit:

For more information about Anchorstone, please visit:


Designed a scalable cloud-based Crystallisation System for a leading Insurance Run-Off Claims Business in London

The customer needed a user-friendly cloud-based accounting and reporting solution to support Crystallisation processes. Espire designed & implemented an automated crystallisation system to support the end-to-end inward and outward data flow with all business use cases. We successfully migrated critical business data from legacy solutions to cloud-based crystallistion system. Our solution provided easy access to critical business data and faster generation of reports, improving staff efficiency and experience

Delivered personalized customer experiences for a leading UK-based Motor Insurance Company

The need was to drive personalized engagements to target specific customers and address their needs. 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

Revamped Customer Communications Management for a leading Canadian Insurance Provider

The brand was leveraging a legacy customer communications system and was unable to process high volume insurance requests. Espire implemented Quadient-based solution for timely delivery of customer centric information across all touchpoints and multiple devices, which improved customer engagement and loyalty

Enhanced Customer Retention for a leading Singapore-based Life Insurance Company

The need was to devise a way to address the non-engagement of the customers. Espire helped the company implement a scalable multi-channel customer communication strategy to drive real-time contextual and personalized communications across all devices and channels, which improved customer satisfaction by over 5% and retention by over 6%

Automated High Volume Document Generation for a leading American holding company

The need was to mitigate communication bottlenecks, such as increased time for document generation along with escalated costs due to communication delays. Espire proposed a CCM solution for delivering consistent and improved customer communications-at scale. We leveraged GMC Inspire Designer (a composition utility) for developing 500+ policy documents for end customers, automated end-to-end process to accelerate document production, by almost 50%

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

Transforming the insurance sector with digital experience data analytics and automation

The customers of today demand one-click claim submissions, 24X7 access to customer service professionals, seamless transactions and premium renewals etc. Leading insurance brands are accelerating their digital transformation initiatives to simplify complex business processes like regulation, policy design, claim management and customer service among others.

Digital transformation usecases for the insurance sector

There is a need for a holistic digital transformation in the insurance sector to offer innovative solutions, keep pace with changing social, technological, economic and environmental change and identify new opportunities in real time. From engagement, retention, selling, and servicing, digital transformation has the ability to bring a customer in direct correspondence with an insurance company

Espires top 10 webinars for fy20 21 a win win for us our partners and customers

With FY20-21 in hindsight, in this blog, we share a list of Espire’s top 10 webinars from the past financial year that resulted in win-win for us, our partners and our clients!

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