The challenge
In 2018, a Global life insurer acquired an Australian life insurance business, mandated by the Royal Commission to streamline operations across the financial sector. With a deadline looming the complex separation was to be completed by June 2022. The Global Life insurer was under pressure to transition systems swiftly and seamlessly. Central to this challenge was a life insurance investment product entrenched in a mainframe legacy system, with approximately 11,000 active policies.
This product’s integration with the Adviser Registration and Remuneration systems added another layer of complexity to the separation process. Mid-2021, uncertainty persisted regarding the re-platforming strategy, casting doubt on the ability to meet the impending deadline.
The global life insurer engaged DB Results to deliver a viable solution with a quick turnaround.
The solution
DB Results wasted no time jumping into action, armed with their unique DB Digital Methodology, low-code accelerators, and deep industry knowledge. Through careful planning, the DB Results team swiftly mapped out a path forward. Using the flexibility and efficiency of a low-code platform, they started the ambitious task of reimagining the Policy Administration System (PAS) and the Adviser Registry and Remuneration system.
Despite its complexity, the PAS was developed within a mere 12-week timeframe, establishing a new benchmark for rapid innovation.
Similarly, the creation of the Adviser Registry and Remuneration system, albeit more intricate, was accomplished in 18 weeks. These solutions were not developed in isolation, instead, they seamlessly integrated with various business systems, ensuring cohesive functionality. As the separation deadline approached, both applications were fully prepared for launch on cutover day.
The results
Legacy mainframe systems were replaced with modern agile applications, making the business more flexible and efficient.
The Global insurer saved a substantial amount of time and money – exceeding $ 3million, validating the efficacy of the chosen approach for a swift and seamless transition.
However, it wasn’t solely about financial gains. There was also a notable uplift in employee morale and job satisfaction, leading to smoother operations throughout the entire organisation.
Moreover, new products were easily added to the new PAS without disrupting daily business operations – demonstrating the new system’s flexibility and agility. There are plans to incorporate even more products in future, ensuring the continuous advancement of both technology and the business.
For nearly two decades, the team at DB Results have successfully collaborated with hundreds of customers, spanning local and global landscapes across various industries such as financial services, utilities, government, and health. We take pride in ensuring end-to-end delivery success for our diverse customer base. Our tailored solutions are designed to enable your growth and enhance your competitive edge.
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Legacy mainframe systems were replaced with modern agile applications, making the business more flexible and efficient.
The Global insurer saved a substantial amount of time and money – exceeding $ 3million, validating the efficacy of the chosen approach for a swift and seamless transition.
However, it wasn’t solely about financial gains. There was also a notable uplift in employee morale and job satisfaction, leading to smoother operations throughout the entire organisation.
Moreover, new products were easily added to the new PAS without disrupting daily business operations – demonstrating the new system’s flexibility and agility. There are plans to incorporate even more products in future, ensuring the continuous advancement of both technology and the business.
