The client is among the largest global providers of insurance, annuities, and employee benefit programs and a Fortune 500 company with a revenue of more than $50 billion (2018). The company offers a wide range of products including annuities, life, and disability to individual customers and life, dental, disability, long-term care, critical illness, legal insurance, and pet insurance to institutional customers.
The client’s existing Actuarial System was an in-house legacy system, where most of the processes setup were manual in nature. There are multiple modelling systems for risk management, liquidity risk, etc, wherein data for all these feed from various systems. The source systems transferred data to the staging environment in an unstructured manner using disparate technologies. With these systems built over 15+ years, there was no documentation of the data transformation wherein all logic resides only in code.
Infosys collaborated with the client as a part of their modernization program to move the data and data loading logic into a Hadoop based big data platform to improve efficiency and accuracy of the modelling process. The Business Rule Extraction (BRE) approach accelerates the journey of harvesting ASIS rules from Legacy Applications for any modernization, digitalization or platform consolidation program. This is a Zero distance initiative pioneered by Infosys.
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Infosys Methodology Leveraged
Reduced the requirement definition time for large transformational initiatives and helped implementing them sooner by three months
Reduced the risk and cost avoidance of missing requirements by identifying the business rules in legacy applications early in the analysis phase for the modernization initiatives
Helped in improving the productivity of customer service reps by 30%
Reduced the cost of the original project from 600K to 200K and executed with >30% PAT using few resources
Mined rules from 30+ applications covering 4M LOC at 2.5 MUSD additional revenue
99% accuracy in rule extraction achieved
35% reduction in cost/time along with 100% test automation
Resulted in a productivity gain of approximately 30% over and above the offshore cost savings
Reduced the elapsed time required for the Business Rule Extraction process considerably
Supported documenting the current system’s functionality