A leading life insurance provider in Canada.
The client struggled with its highly complex and customized, multi-platform legacy mainframe Policy Administration environment with few applications being 20 years old.
The client also had a high run cost due to four different insurance administrative systems, resulting in duplication of operational & technical work. In addition, the regulatory and business changes (e.g., Taxation) across four distinct Policy Administration systems increased technology health and regulatory risk. Further, there was a very high risk of losing knowledge because of the aging workforce and legacy technology.
Mphasis helped the client develop a 5-year road map that aligns with the client's strategic aim of migrating the legacy platform to the latest, digitally enabled Ingenium 7.7 platform. Our solution roadmap included:
Successfully set up Ingenium 7.7 enabling new product on sale for advisors
Enhanced customer experience while simplifying and reducing the cost of operations
15% effort savings achieved for core client and policy servicing operations through increased straight-through processing
Optimized end to end migration cycle with 25% savings in schedule