Insurance Applications modernization: For a leading retirement and wealth solutions provider in the US, Mindtree helped lift and shift around 40 legacy applications across their retirement and employee benefits business functions to microfocus on Azure Cloud through a cost-effective and efficient solution.
The insurance industry and its stakeholders are faced with the challenge of survival and remaining relevant for the future, and maintaining their competitive edge. At the same time, their legacy landscape creates bottlenecks in terms of huge TCO and rigidity in addressing key industry imperatives like - faster product rollouts, improved underwriting discipline, improved Ops efficiency, increased customer engagement, and faster claims settlement.
There is tremendous pressure on companies across tiers and segments in which they operate. They have started to lose the market share of customers to peers with technology-led modern systems and solutions.
Mindtree has designed an offering framework backed by experience in helping companies manage their legacy portfolio and adopt newer technologies. This, coupled with the depth of expertise in the insurance industry, assists in modernizing IT systems to align with business objectives and outcomes. Insurance companies can leverage Mindtree's expertise by:
- Evaluating legacy systems based on business and IT drivers, product portfolio analysis, closed books vs. open books etc.
- Utilizing Mindtree's analysis framework for modernization through app complexity, sequencing, and modernization roadmap definition.
- Identifying and prioritizing legacy modernization options through rewriting, rehosting, replatforming, refactoring, and replacing
- Defining business and operational ‘To-be Architecture’ with the help of Mindtree's repository of reference business architecture like BCM and cataloging of APIs for insurance.
- Fast-tracking development by leveraging Mindtree's in-house solution accelerators.
- Setting up the target environment with high security through cloud provisioning and migration.
- Leveraging Mindtree's proven partnerships with Microsoft, AWS, and Salesforce Mulesoft and prior experience with large-scale modernizations.
| USD 3.5 million TCO reduction through legacy modernization across three major lines of business – Retirement Services, Employee Benefits, Producer Services | Reduced time to launch new funds and migrated 54,000+ employers, 50+ funds to the new platform, servicing around 10 million members | Improved speed to market; operational cost benefits, increased policy retention, and enhanced user experience | 20X increase in volume of claims handled |
| Cost-saving through legacy modernization: 95% lift and shift of around 40+ mainframe applications to microfocus on Azure Cloud | Modernization of core platform; migration of superannuation funds; managing 50+ retirement providers for occupational pensions administrators. | Customer transformation journey by accelerating the pace of digitizing core end-to-end processes and capabilities using cloud technology, new third-party partnerships, and operational process changes. | Enabled handling of peak claims volume without deterioration of experience. |