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EngineeringBeat: Transforming with mainframe modernization
Accelerating digital transformation in insurance
The insurance industry is at a crossroads where opportunity collides with challenges like evolving customer and regulatory demands, rising costs, and a shrinking talent pool. To meet the challenges and seize the opportunities, digital transformation in insurance is imperative, but mainframes can struggle to support the advanced technologies required.
Learn about digital transformation challenges insurance organizations can face and strategies to overcome them.
Modernize to accelerate digital transformation
Once the lifeblood of IT, legacy mainframe systems now hobble the digital transformation needed to solve complex insurance industry challenges. Modernizing to a more technologically advanced environment can help. Mainframe modernization can enable access to next-gen capabilities like artificial intelligence (AI), cloud, and big data analytics—which can help optimize performance and compliance and accelerate digital transformation to spark innovation and power long-term growth.
1
Enhance the customer experience with next-gen tech
Customer expectations are evolving. Modernization helps via access to next-gen tech for timely data access, faster processing, and seamless mobile integration—which enhances the customer experience.
2
Use cloud-based platforms to access next-gen tech
Cloud-based platforms enable the use of AI and big-data analytics to help insurers improve data analysis, risk prediction, and fraud detection—and offer more tailored products and services.
3
Detangle regulatory compliance complexity with AI and machine learning (ML)
Modern platforms with AI/ML capabilities can simplify compliance by automating reporting and regulatory data analysis, and ensuring reporting accuracy, which builds trust and improves efficiency.
4
Address cost and talent issues with cloud
Cloud modernization optimizes costs with resource efficiency and flexible pricing options, reduces reliance on legacy skill sets, and expands the talent pool—sparking innovation and driving growth.
Mainframe modernization in action
A leading European insurer wanted to replatform critical mainframe applications to a Linux environment as part of a modernization plan. Working with Deloitte, the insurer used automation for legacy code refactoring, database and interface updates, and third-party tool replacement—which cut operating costs by 80%. The initiative also boosted agility, reduced reliance on mainframe talent, and delivered a lean, modern IT platform without business disruption.
Modernize to innovate and thrive
Digital transformation in insurance can help organizations develop the agility and advanced capabilities they need to thrive in a dynamic, customer-centric future. Mainframe modernization can accelerate that transformation by enabling more personalized services, streamlining operations, and improving risk management. The result? Resilience, innovation, and competitive advantage, which turns tomorrow’s promise into today’s reality.
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Ashim Kumar
Application Modernization and Migration Insurance Sector Lead
Marlin Metzger
Application Modernization & Innovation Offering Leader
Contributors
Anushri Anand, Deloitte Consulting LLP
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Looking for a way to future proof your organization with the right modernization strategy that aligns to your business objectives? Get in touch with our experienced team to discuss how modernizing legacy systems can help you boost revenue, drive innovation, and foster growth.
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