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 Because their commercial underwriting systems were outdated by 20-30 years, it was difficult to create a great consumer experience or implement system upgrades easily.
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:
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 This report highlights the symptoms of outdated legacy systems for insurance organizations, and offers vital business solutions and strategies on legacy modernization to improve business success.
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.
You’re going to use technology to change the world. We’re going to help you create it. Whether you are reinventing your company, creating an industry-changing product, or making existing products even better with new technologies—we exist to make your endeavor a success story. Our team is made up of leaders, thinkers, designers, and builders whose collective experience spans many industries and companies of all sizes. We’re avid fans of technology but even bigger fans of solving business problems. An understanding of the difference between an idea and a solution is just one of the things that set us apart.
Experts from Levvel and Truist discuss insights gained from our 2020 Legacy Modernization Report. We'll cover companies’ legacy systems dependence, as well as how to tackle digital strategy and achieve business goals with modernization efforts.
In this brand new video series from Levvel, our industry experts discuss what the future of insurance looks like, how insurers are leveraging emerging technologies, and what steps established insurers can take now to prepare for the future.
Many organizations struggle to understand how to best innovate and improve. However, doing things the way you’ve always done them will prevent your business from scaling effectively.
Many legacy systems in the business world tend to be Monolithic design in nature. A monolithic application is one where it, and it alone, handles all the business needs. Many industries have this architecture in place for their core applications.