Over the years, Life and Annuities (L&A) insurance companies have experienced unprecedented growth and are more proactively pursuing expansion. Our client, a retirement plan vendor, was looking to grow their business by optimizing support for legacy applications and chose to leverage the services of Coforge. We laid the groundwork, with the team continuously focused on managing the client’s legacy systems to support the changing business needs. We also delivered more value by providing diverse options in fund management to the client’s customers .
About the Client
A retirement investment and insurance company, the client serves approximately 13 million individuals and institutional customers in the United States. As a top-ranked retirement plan provider, the company manages assets worth over $460 billion with a dedicated workforce of approximately 7,000 employees. The comprehensive portfolio of the client includes asset accumulation, asset protection, and asset distribution of products and services.
L&A carriers are trying to manage or leave the world of legacy systems and move more aggressively into the digital world to increase revenue streams and reduce operating expenses. To transition from the legacy world and become a more modern carrier, Application Support and Maintenance (ASM) is critical for enhancing and extending the life of applications while focusing on digital processing enhancements.
The client was facing difficulty in supporting and maintaining applications as these activities were carried out by multiple distributed groups—resulting in redundancy and waste of effort and time. They needed a single vendor having competencies across multiple systems to achieve their operational goals and manage changing business needs in a more cost-effective manner.
The client chose Coforge as their global support partner based on domain and technology expertise in managing and supporting all existing enterprise applications in a cost-effective manner .
The client was using multiple life and annuity platforms to provide flexibility in administering their life insurance annuity, and pension products for qualified and non-qualified markets. They partnered with Coforge in 2002 to solely focus on seamlessly maintaining and transforming business-critical applications and meeting the changing business needs. We provided multi-level ASM support for critical business systems and applications including retirement services, broker dealer, investment management and commissions line of business. Corrective, preventive, adaptive, and perfective approach methodologies across technologies and business domains were used for ASM. In order to provide faster online access to the Life and Annuity platforms in use, with updated policy information, Coforge redesigned the daily batch process for new policies issuance—reducing the overall processing time by 3-4 hours. We met business service level agreements (SLAs) and ensured that the client’s customers had online access to the applications. The operating cost of these applications was also analyzed and costly Mainframe tools were replaced by Linux/Unix tools, reducing operating and licensing costs. We used the dual-shore development model for continued support and maintenance.
As part of the client’s strategic direction, Coforge also took responsibility of conducting assessments to identify the right conversion/migration approaches for costly IBM products.
Coforge’ Center of Excellence (CoE)-trained skilled resources were leveraged to provide better up-time, system availability, and faster response to market changes. Resource training sessions were focused on how to support the client’s applications better and reduce the operational costs.
Delivering More Value
- More Support: Our team provided 24X7 continuous business support for the client’s applications—helping them reduce the total cost of application maintenance by approximately 30%
- More Efficiency: CWe increased the productivity of the employees by 10% through knowledge management and automated processes.
- More Revenue: We reduced the operational costs by 10% YoY with the help of proactive correction and root cause analysis approaches—leading to increase in working capital.
- More Cost-savings: Through Coforge’ performance-tuning initiatives and solution expertise, the client achieved annual cost savings of over $1 million. Our expanding global capabilities helped improve time-to-market of services.
The Coforge Advantage
Coforge delivery excellence capabilities and skilled resources ensured that the client met their schedule and quality requirements. We were the preferred partner of choice for providing support and maintenance of re-hosted applications.