No insurer can wave away the mission critical systems that underpin their business, yet they have to move to an infrastructure built for today’s open and instant world over time.
There is no reason why you should not instantly enjoy some core benefits: an infrastructure for product innovation and customer connectivity. Start across your entire portfolio or choose one segment and move additional segments later. The data centric platform will give you immediate and more accurate insight and turn your data into knowledge: better risk, more personalized products. This sharper and deeper product innovation can in turn be brought to market at an accelerated pace to a segment in which you have deeper insight.
As you will be able to integrate to legacy systems, there is no immediate write-off of this investment although you do ring fence and freeze further investments in that solution. Your internal users will enjoy working with a solution built for usability and therefore will immediately embrace the new and additional functionality. A central depository coupled to the maximum front end connectivity will make your customer more self-service driven, which decreases cost.
Most importantly probably in terms of immediate: retention of your customers. With the rich data insight your chosen business can be better served with your improved insight and their better customer experience.
The immediate benefits to you build a long lasting mutually beneficial client relationship.