Unlocking the value of legacy systems without breaking the bank or breaking the business
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Transcript of Unlocking the value of legacy systems without breaking the bank or breaking the business
September 2016
Customer Centricity Conference
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Unlocking the value of legacy systems without breaking the bank
or breaking the business
Charlie Samolczyk / Dave Ovenden
The Four Horseman of the Model Apocalypse are Knocking
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2
Do we really understand the client needs?
What do customers expect?
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 3
Constantly “on”
Easy to use
Accurate
information
Systems need to
be available
Customers are looking
for rewards for their
loyalty
Information is
available at their
“fingertips”
A problem in the making
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 4
Customer expectations have outpaced legacy system capability
This is the gap modern insurers need to close
Abacus Ruler Mainframe PC Laptop Tablet Smart
Phone
It’s not just the technology that’s
changed… but our approach to data.
The current
climate of
customer
expectations
Seth Familian – Working with Big Data
When most
‘legacy’ systems
were built
Closing the gap
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 5
Insurers know what they want…
Mainframe Increased automation
Data availability
Expense management
Customer experience
Speed to market
Pricing/Product sophistication
Analytics
Batch
Manual processes
Costly changes
Lack of flexibility
Insurer
Ambitions
Back
office
Limitations
Getting there is the challenge…
50% of insurers do not have a
realistic plan for a digital transition
79% of consumers worldwide will
use digital channel for insurance
interactions over the next few years
- Bain
What does a typical insurer to do?
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 6
Portal
PAS
PAS
Underwriter
Finance
Portal
Data Warehouse
Large Scale
Replacement
High risk
Time
Expensive
All consuming
Hard to react
and change
course
mid-project
PAS
PAS
Database
Database
Database
Claims
Brokers
Agents
Modernize
Managed risk
Targeted system
replacement
Considerably
cheaper
Phased
approach
In-flight course
adjustments
What are the options?
3rd party
data Modernize
Managed risk
Targeted system
replacement
Considerably cheaper
Phased approach
In-flight course adjustments
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 7
BrovadaOne: Simplifying the journey to digitalization via modernization
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 8
Focus on improvements to key workflows to augment the end-user experience: Single client record
Real time and accurate quoting, binding and amendments
Customer self serve
More efficient claims processing
Modernization: Key Concepts
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
“Modernize key functions and workflows in order to enable real-time interaction and overcome
typical back office limitations.”
9
Underwriter Finance Claims
Agents
PAS PASPAS
Brokers
Consumer
1. Legacy Integration
1. Legacy system modernization
Leverage rules and logic embedded in the
existing screens
Map data to a common standard
Externalize rules
Reduce dependency on system changes
Capture/leverage data not stored within
the PAS
Abstract the legacy interface
3rd party
data
PAS PASPAS
Modernization: Key Concepts
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
“Modernize key functions and workflows in order to enable real-time interaction and overcome
typical back office limitations.”
10
2. User-Based Portal
3rd party
data
Broker / Agent / UW
PortalConsumer Access
1. Legacy Integration
Underwriter Finance Claims
Agents
Brokers
Consumer
2. User Based Portal / UI
Build streamlined interfaces for each user
type
Focus on user experience
Elimination of data re-keying
Apply data validations and rules in real-time
Tools for bulk data import
Modernization: Key Concepts
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
“Modernize key functions and workflows in order to enable real-time interaction and overcome
typical back office limitations.”
11
2. User-Based Portal
PAS PASPAS
3rd party
dataUnderwriter Finance Claims
Agents
Brokers
Consumer
3. External Service Integration
Pre-population of data
Data warehouse
Analytics
Pricing and predictive modelling
Decision support and prescriptive analytics
and modelling
4. PAS
Migration and
Consolidation
1. Legacy Integration
3. S
erv
ice In
tegra
tion
4. System Migration and Consolidation
Cleanse and migrate data during conversion
Route transactions based on context
Make it transparent to end user
Implications outside of IT
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Journey is not just technical…
12
Claims management
Marketing
Customer Decisions
Finance
Product development
Customer servicing
Sales
Enterprise risk
managementHuman resources
Pricing
Underwriting
Claims Reserving
Process Culture Communication
Governance Profitability
Your Advantage
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 13
Real world examples of success
Insurers already have…
CapitalCustomer
Data
Deep Industry
Knowledge
Technology
Green Screen
Integration
Rules
Pricing
Workflow+
= Efficient
access to data
AnalyticsTrue
customer experience
Expense Management
Stable back office
processing