AMI Insurance, New Zealand's largest general and fire insurance provider, has been recognized by Celent, a research and advisory firm, as a 2015 Model Insurer, Asia, for its legacy core-systems administration transformation project. AMI’s enterprise technology modernization effort included the implementation of EIS Suite, the core administration system from EIS Group.
AMI writes business through a network of 70 stores and two call centers nationwide. Prior to the transformation project, AMI's business operations were limited by manual processes, EIS said, and a legacy system that had become expensive to maintain and incapable of supporting current and future business needs, including improved customer service and faster speed to market for new products.
"The AMI core systems replacement with EIS Suite is an excellent example of how insurers can reap very broad and significant business benefits and competitive advantage from modernizing legacy systems while also establishing a robust foundation for growth," said Wenli Yuan, a senior analyst at Celent and author of the report. "In the industry at large, due to the complexity of these projects, the probability of realizing these benefits is often quite uncertain. Consequently, few insurers have completed front to back modernization processes. This is what makes the AMI transformation praiseworthy."
The new core system enables AMI to standardize processes across the enterprise, automate underwriting, streamline new business processing, reduce operational costs, improve the overall customer experience and modernize communications and self-service capabilities, EIS said. AMI so far has converted more than 50 percent of all customers and policies and is working toward a full conversion of all in-force policies.
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