Significant Technical Debt resides around Policy & Claims systems. Many Insurance companies face technical debt issues such as Ageing systems, Redundant codes, Obsolete technologies, Unsupported Platforms, Skill gaps, etc. and the process performance is impacted due to Technical Debt such as

  • Operating environment redundancies & process variations
  • Increased turn-around time and high operating costs
  • Unused License Cost; Future Maintainability compromised
  • Tightly coupled environment impacting adoption of newer technologies

 
Insurers are increasingly adopting Replacement and/or Enhancements strategy for their Agency Management, Billing, CRM, Document Generation, Workflow and Reporting systems. According to Novarica Research Council CIO Survey 2015Q3, About 40% insurers have multiple application supporting policy and claims systems and 15% insurers plan to launch SaaS/Cloud based new systems for their Billing, CRM, HR applications in 2016. 30% of core spend is on systems supporting the Policy & Claims systems like Billing, Collections, Agency mgmt., Document Generation, Workflow, etc.

The available options are limited and requires detailed analysis but the decision making becomes complex due to lack of data and clear problem definition.

Transform technical debt for improved process efficiencies - An important first step is to ascertain your technical debt index. Our proprietary assessment framework helps insurers drive standardization through insurance information models. Subject matter experts on various technologies, supported by automation that helps derive business knowledge are drivers of client transformation.

Zensar assures reduction in operating cost (to the tune of 15% guaranteed), and more importantly promises a simplified IT environment. Zensar has helped its clients reduce operating cost, measure predictability of business as usual cost and control on health of their IT estate and mitigating business risks.

Through an automated approach to assessment, and industry models for standardization, expert involvement, industry models for standardization, SME involvement for speedier delivery and faster execution and committed savings.

Zensar helps its client yield better control of Technical Debt through Cost Transformation through

  • Extensive partnership community for analysis of source code for 50+ languages
  • Partner eco system to support buy decision
  • MDA (Model Driven Architecture) accelerators using ACORD Information Model to simplify integration architecture
  • Build business case through Maintenance Led Modernization (MLM)

Zensar’s brings in expertise through its

  • Assessment framework to ascertain your technical debt index
  • Insurance Information models to drive standardization
  • Subject Matter Experts on various legacy technologies
  • Automation to derive business knowledge required for transformation

And the Business Outcomes it offers are reduction of operating cost. predictability of BAU cost and Control on technical health of their IT estate and mitigating business risks

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