A subsidiary of a national insurer had become a leader in the specialty lines market by establishing effective business partnerships with its agents and a strong reputation for service with its customers. But in order to continue and build on its success in a increasingly competitive and time-sensitive market, it looked to deploy new capabilities to its agents and explore new channels and market opportunity.
This client needed to be able to
- Bring new products to market quickly and efficiently
- Deliver self-service capabilities to independent agents across the entire insurance policy lifecycle
- Position itself for a future move into the direct-to-consumer sales channel
- Create a platform to enable crossselling and up-selling across its own products and with its parent company
Unfortunately, the insurer could not achieve any of these objectives in its current systems environment. Hardcoded product rules required extensive IT resources to change, preventing the company from responding quickly to new opportunities. Its legacy systems were never designed for web-enablement, making it difficult to meet the increased demands of agents and customers for online self-service.
Additionally, different platforms supported different product lines, creating a siloed environment where systems were either entirely disconnected or coupled by inflexible, brittle connections. This prevented a single view into customer information and made it difficult to share customer information with the corporate parent, agents, or business partners. Finally, many of the client’s legacy systems were proprietary, based on outdated technologies, or purchased from defunct vendors, and employees knowledgeable in the maintenance of these systems were becoming scarce.
The client needed to overhaul its entire policy administration platform to a modern architecture, but lacked the internal knowledge to make an accurate technology assessment. Additionally, a highly matrixed organizational structure created the potential for friction among various stakeholders and made consensus on key issues diffi cult to achieve.
- Business Capabilities Analysis
- Application Architecture and Strategy
- Integration Architecture and Strategy
- Buy v. Build Analysis
- Package and Solution Evaluation
- Time and Cost Analysis
- Implementation Strategy and Roadmap
- Proof-of-Concept Oversight
- EA Roadmap Alignment
The insurer needed an expert, objective resource that could deliver the intelligence and insight to support a strategic plan around both system architecture and individual system development or acquisition. The company chose X by 2 for breadth and depth of architectural expertise and a specialization in the insurance industry.
X by 2 began by creating a conceptual solution architecture that would facilitate the company’s growth objectives and serve its desired constituencies. There were also external system boundaries to cross, both to the parent company and to the myriad of agency management technologies independent agents’ use. Therefore, it was important the chosen solution be SOA-based and supportive of insurance industry (ACORD) data interchange standards.
X by 2 then translated the conceptual solution into a fulfillment strategy, including a buy-versus-build analysis. Potential solution providers were evaluated along key business criteria, including features and functionality, technology architecture and SOA readiness, integration capabilities, company viability, and total cost of ownership.
By partnering with X by 2, this insurer was able to cut through the clutter in the solution marketplace and achieve solution clarity. The objective voice of X by 2 also enabled the client to overcome internal barriers to consensus.
Following a 12 week preliminary analysis, a 6 week deep dive of the two leading candidates and a 4 week proof-of-concept of the preferred candidate was completed. In addition, the insurer was given an implementation plan for delivering the chosen system components in alignment with targeted outcomes, including a clear roadmap for implementation success. Most importantly, the insurer was able to create the technological framework needed to maintain its market leading position and deliver worldclass service to its agents and customers.