The Insurance industry is burdened by legacy products, processes and technologies. These have, over the years, become more complex as they have had to be integrated with diverse systems and platforms. With each such iteration, system and process efficiencies have degraded, affecting operations and margins. For the Insurance industry, the solution to legacy management lies in process and technology Simplification and standardization. Standardization can deliver improved service levels and enhanced bottom lines.
How Wipro Helps
Wipro believes that standardization and Simplification across products, processes, applications and infrastructure is achievable, can be self-funding and can be attained while also addressing local market requirements.
We have developed a Simplification Diagnostic kit combined with empirical benchmarking data that can drive Simplification and deliver immediate cost savings.
Key Simplification Service features include:
- Process Standardization We accelerate the target to-be design of systems and processes using pre-defined insurance models
- Legacy Management We de-risk using tools for business rules extraction, structured methodologies or application decommissioning and technology blueprints for migration
- Product Rationalization - We accelerate using outlier analysis, a product reference repository as well as proven frameworks from multiple engagements
Wipro defines Legacy as "unsustainable." Legacy becomes a problem when it inhibits a business from creating value or managing risk, such as unsupported platforms or technology, changes in standards or patterns, unavailability of skills. The key components of our approach to Legacy Management include SaaS, Re-hosting, Re-platforming and Rules Extraction
Process Standardization along with product and technology roadmap:
- Your business strategy can be "operationalized" to create greater clarity of its implications
- We provide clear context and direction for the IT Architecture needed
- We also provide a framework for defining the roadmap of change and measuring progress against it
We address the complexity and redundancy created by multiple product implementations through:
- "Componentized" building blocks of the product
- Reusable, standard processes and strategic technology platforms
- Common and re-usable proposition components across multiple product lines and multiple geographies without compromising regulatory compliance or local market flexibility