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?


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


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


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?


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

BrovadaOne: Simplifying the journey to digitalization via modernization


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


“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





10

2. User-Based Portal

3rd party

data

Broker / Agent / UW

PortalConsumer Access


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





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


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


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


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

Questions


unlocking the value of legacy systems without breaking the bank or breaking the business

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