Technology optimization: Manage scarce technology dollars to build the future
Is legacy IT spending hindering your investment in new technologies?
Increasing complexity across business and technology means insurers must take measures to safeguard their investments in existing systems, while adding newer technologies to support business growth. Carriers often find it hard to leverage these emerging technologies owing to high implementation costs. However, continuing with legacy systems involves challenges in retaining and attracting a skilled workforce to maintain dated technology.
How do you support emerging technologies to meet growing business needs?
The annual cost of managing the existing technology landscape is going up by three to five percent on average across industry. If old technologies and systems are not managed effectively, you are bound to lose more money in maintaining them. Even a simple regulatory change, which is a frequent event these days, will potentially impact several applications. This increases the risk of non-compliance arising from multiple points of failure. Similarly, if you fail to identify and leverage new technologies, the result will be dissatisfied customers, slower time-to-market, and declining business growth.
Today’s new-age digital customer expects integrated cross-channel service delivery, including across mobile and social media. Hence, delivering services on newer platforms is a compulsion, not a choice for insurers. But typically you either don’t have the technology or the know-how to use it effectively. To stay relevant especially to the millennial customers, you must prioritize technology investments such that you spend on what your business needs the most.
What if you could optimize technology dollars for reinvesting into your future?
Do more with less. What was once an incessant pressure on the IT budget is now a business mandate. You need to optimize your existing technology ecosystem to find more dollars required to introduce a prioritized set of new technologies. These will help you navigate your growing business complexities. And to do all this, you need an experienced partner, who can help you get the most value from your technology dollars, as well as help you meet future challenges. Once you start working with a partner who ties in with your plans – delivering a seamless cross-channel customer experience or staying compliant to complex regulations can become a reality.
Our proprietary IMPACT framework offers a structured and consistent methodology to identify, optimize, improvise, and standardize capabilities that drive value for all your stakeholders. We will help you leverage your technology investments, moving your business from an 'application view' to a 'capability view' through technology optimization. We offer a wide range of solutions and services that include:
- Defining technology roadmap and engagement strategy
- Migrating applications to a strategic technology platform and reinvesting recovered hardware and network infrastructure
- Consolidating multiple applications to service similar business functions
- Modernizing legacy applications to enhance flexibility, mitigate risk, minimize disruptions, and reduce operating cost
- Transforming user experience to enhance usability, usefulness, and customer engagement
- Enabling virtualization and infrastructure optimization
- Leveraging advanced technologies to enable business model innovation through self-service and straight-through processing capabilities
We make your technology investment work harder for you – driving up profit, driving down cost
Across several engagements with insurance leaders, our expertise in helping clients optimize technology investments is particularly remarkable. Through a defined framework for managing near and long-term technology needs, we help you reduce total cost of ownership (TCO), simplify maintenance, and easily cross regulatory hurdles. Thus we help ensure high customer satisfaction and increased business agility.
We help you identify opportunities to manage and consolidate technologies in a meaningful manner. In this way, we enable your business to:
- Save 'green' dollars by optimizing investments and investing in less paper-intensive technologies
- Enhance business agility to respond to future needs and move to a 'capability view' – helping you stay relevant to the next-generation customers
- Increase customer satisfaction through consolidated customer profiles, integrated service delivery, and self-service capabilities
- Provide integrated service delivery across multiple channels, including mobile, social media, and analytics
- Reduce time to market through quicker product launches and improved service delivery
- Comply with regulatory requirements by consolidating customer data across product lines for increased reporting accuracy
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Reducing costs of IT maintenance