September 2, 2020
TABLE OF CONTENTS
A multinational finance and insurance corporation, headquartered in NYC, wanted to modernize their life insurance customer experience. Because their commercial underwriting systems were outdated by 20-30 years, it was difficult to create a great consumer experience or implement system upgrades easily.
As Insurtech startups rapidly claim their stake in market share, insurance giants are feeling the pressure to modernize and innovate. This report highlights the symptoms of outdated legacy systems for insurance organizations, and offers vital business solutions and strategies on legacy modernization to improve business success.
Levvel was brought in to drive the modernization of these antiquated systems, as the client wanted to modernize their underwriting platform with a more flexible application that would allow them to launch new products and features quickly. The legacy application was built on an end-of-life platform that was no longer supported and unable to be maintained in its current state.
The insurance client was worried about:
Levvel’s mission was to re-architect and reshape the client’s current platform. Using application development and enterprise architecture expertise coupled with insurance industry knowledge, the goal was to modernize the legacy commercial underwriting platform with state-of-the-art web technology and business services.
The recommended approach included:
The re-architectured platform was successfully rolled out, which would ultimately create the re-platforming gold standard for this client and the hundreds of applications the client supported.
New architecture also allowed application performance to be improved for functions that couldn’t be tuned in the previous version, resulting in a much better user experience for underwriters.
Re-platforming inspired the client to use this project as a playbook for future modernization efforts within their company, including another project with Levvel focused on serving the unique needs of their high net worth customers.
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