Below is the 8th of 11 Novarica Research Council Impact Award nominee case studies, which INN is presenting in no particular order. The awards will be presented at the research and advisory firm’s August 21st event in New York and honor best practices in insurance industry IT initiatives and strategy.
Over the course of three years, Aegis Insurance, a midsize mutual specialty commercial insurer, completed an overhaul of its legacy core systems. The result is a 50-percent reduction in the average time it takes to process a transaction, a 70-percent improvement in quoting and an 80-percent improvement in renewal processing.
This was part of a five-year plan called a NextGen program that consisted of building a unified platform for underwriting, rating and policy administration that integrates with peripheral systems, including document printing, billing, reinsurance, claims and data warehouse. To manage the multiple heterogenous technologies, Pega RULES Process Commander, a BPM platform, was incorporated into the architecture.
The main challenge was keeping business flowing during the transformation, which was overcome by using a service-oriented architecture that enabled the legacy and new components to work together.
Novarica’s Take: “Their unusual success in rebuilding their core systems, rather than bringing in a vendor package, speaks to their very strong project management capabilities.” —Matthew Josefowicz, managing director at Novarica
