The global insurance industry relies on robust applications to eﬀectively administer policies in a complex business and regulatory environment. Ineﬃcient applications hinder an organization's competitiveness while being a burden on resources.
Here is how Mindtree helped a global insurer headquartered in the United Kingdom consolidate its policy administration applications under a single platform. By doing so, we helped them streamline their performance, prepare for growth and reduce costs.
The customer had multiple policy administration applications supporting redundant functionalities, resulting in high maintenance and support costs. Moreover, the absence of a centralized strategic systems with a rating and rules engine had led to creation of inconsistent premium quotes across channels and applications; thus leading to loss of business and in some cases, credibility. Its existing systems were also unable to support its growth aspirations.
Speciﬁc challenges posed by existing legacy systems were:
Mindtree collaborated with the customer’s business and technical teams to identify constraints they were facing with existing systems; and translate those into goals for the "to be" platform. We then devised and implemented a solution aligned with business expectations and technical goals while eliminating the constraints such as dependency on proprietary frameworks and vendor lock-in.