Transformation programs for insurance platforms remain highly complex initiatives, touching the heart and lungs of an institution. The trade-off between market diversification and procedural efficiency has to be managed tightly during an implementation.
The following constraints in existing architectures very often detain insurance companies from keeping up with market demands.
- Straight end-to-end processing is limited by application silos
- Mainframe infrastructures with related cost levels prevent easy scalability
- Fragmented processes with proprietary developments make an end-to-end evaluation (including the related costs) of changes almost impossible
- Long implementation cycles for new functionality turn efficiency optimizations into cumbersome endeavors
- Long time-to-market for new product ideas due to the inflexibility of IT architectures
- Poor customer service due to disparate channels
- Lack of insight into business revenues
Fortunately, Axxiome has several years of experience in insurance transformation projects and can provide solution design, implementation, and advisory services to lead organizations through these transformations and ensure project success while avoiding these costly and timely constraints.