Core Transformation

The insurance industry is seeing a massive technological overhaul and owes this rapid shift to changing business models, renewed product centricity, and evolving customer expectations.

Latest market trends suggest that Core Platform Transformation and Consolidation has surfaced as the top priority for Property & Casualty and Life & Annuity insurance carriers. This revamp has risen mainly due to legacy systems in need of transformation, the need to significantly improve system value chain and offer better, unified experiences to enterprises as well as its customers.

Coforge sits at the helm of revolutionizing insurance providers and financial institutions by addressing aging business processes, quality of data, and the accompanying technology architecture that may need a retrofit. Our focus on Core Platform transformation includes policy administration systems, billing systems, claims systems, reporting systems and surround systems.

Core Platform Transformation and Consolidation changes

Coforge’s experience in Core Platform Modernization and Transformation helped create an industry-focused framework that delivers the best business outcomes while optimizing costs and business functions. Our framework offers the following business solutions for our clients.

• Consolidation Strategy, Assessment, and Roadmap
• PAS Conversion and Transformation (PACT) framework
• Duck Creek Core Systems – End-to-End Transformation and Modernization Services
• Duck Creek Platform Upgrade Services
• Decommissioning and Version Upgrades

Expected Business Outcomes

• Create Your Next Cutting Edge: Embrace new technologies that develop potentially disruptive ideas
• Find Partners to Scale With: Commit to new ideas via APIs with an ecosystem of partners and InsureTech alike
• Disrupt from the Inside Out: Experience freedom to innovate by scaling core systems
• Strengthen Link Between IT and Business: Foster flexibility and standardization in platforms, analytics, data, and ML services
• Reduce Overall Costs to Serve: Inculcate agile operations and pay-as-you-go models

Our Life &Annuity Core Platform Transformation Services Framework is as shown below

Benefits

• Digitalized, flexible product systems that yield a faster time-to-market
• Reduced technical debt due to upgrade of legacy systems
• Service enablement by digital integration
• Reduced operations cost and increased productivity
• Improved application availability and response time
   

Over the period of our engagement with various clients, we provided an entire spectrum of development and maintenance services using the dual shore model. Our offshore and onsite teams collaborated to implement new policies and convert legacy policy management systems for the required lines of businesses. We also engaged with our clients to provide the best quality assurance across an entire gamut of functional areas