Core system

Core System Modernization
for Insurers

Leap from legacy to lean with minimum latency

Core system
Insurance statement

Checkmating Insurance stalemates in a pandemic stricken world

Insurance statement

Several insurance carriers have embraced heavy weight digital change to mitigate issues like greater financial insecurity, higher rates of mortality and shrinking numbers of in-person interactions. Many other carriers are following suit.

 

Two motives that are emerged clearly are:

The problem is in the fact that most of these revamped digital programs are not quite as effective as promised.

Challenges in Core
Transformation

The reasons for digital projects not yielding desired results are manifold. However, one of the biggest challenges for insurers is the legal Policy Administration Systems (PAS). As it stands in 2021, very few insurers have made any type of investments in their PAS. Of those who have done so, several are struggling with the way forward.

 

As far as PAS goes, here are the major challenges in core transformation for insurers:

Lack of Documentation

Lack of Documentation

Insurers are often found wanting when it comes to knowledge or documentation about the existing application’s landscape or even its functionality.

Change Resistance

Change
Resistance

This typically translates into a raging and internalized fear of job losses among executives and managers alike. This stems from several prejudices about modernization.

No will to enforce

No will to
Enforce

More than time and resources, it is the lack of will in the management to enforce a new system that promises better results but requires structural changes.

Leadership challenge

Leadership Challenge

Change management is not easy - the most common reason for failure being the lack of an impactful leader who reinstates belief in the team and new processes simultaneously.

Best Practices in
Core Transformation

COVID - 19 Updates

At Futran, the safety, health and well-being of our employees is of paramount importance and over the past several weeks we have taken a series of preventive measures to protect our employees from the Coronavirus outbreak and ensure business continuity for our customers.

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