An insurance company outsources virtually all legacy platforms and business processes, and launches a future-oriented digital platform
One of the world's leading international financial organizations had grown through acquisitions with 10 million policies spread over 25 legacy platforms serviced by a mix of internal service centers and multiple outsourcing providers. There were multiple ideas by product line and function on how to address platform complexity issues and improve operations, but no real end-to end strategy to consolidate platforms, combine their sites, and blend internal and sourced operations to improve customer experience. The client was looking for assistance in developing a broader operational improvement strategy to create a digital platform and cohesive operation.
Imagining IT Differently
- ISG assessed the operations by line of business and analyzed client plans to select a new providers and a new digital platform. ISG realigned the client to focus on a single all-encompassing go to market strategy that would include all lines of business, technology, real estate and rebadge all personnel.
- Crafted RFP for all BPO and ITO of all lines (life, health, annuity, employee benefits, long term care), introduced new Third-Party Administrators (TPAs) and short-listed via a series of collaborative workshops, conducted site visits to the two finalists, and managed due diligence with the selected provider.
- ISG supported the client and through the transition and go-live with governance, transition methodology, roadmaps and support to operationalize the contract.
Future Made Possible
- ISG delivered the largest insurance TPA deal in the US – $2.3 billion contract with savings well in excess of $100 million annually.
- 10 million policies to be converted from legacy mainframes to a new digital platform
- Improved service levels and transferred significant operational risk to the provider.
- Creation of new digital platform for new products with modernization of related policyholder services