Legacy modernization services for insurers
Say farewell to cumbersome legacy applications that inflate your IT spending. Boost scalability, mitigate risks and make your business more adaptable to ever-changing market conditions with our legacy modernization services in insurance.
How our legacy modernization services help insurers
Sales and distribution
Transform disparate sales systems into a customer-centric unified omnichannel platform that boosts customer satisfaction, retention and lifetime value. Leverage the cloud and low-code platforms to accelerate time-to-market for sales process updates.
Actuarial and underwriting
Refine risk assessment, streamline pricing and enhance customer profiling with cutting-edge solutions. Leverage advanced analytics, cloud and AI technologies to speed up underwriting and power truly data-driven decision-making.
Policy and claims
Don’t let your legacy policy and claims limit you; let Luxoft help you make the most of what you have using the power of the cloud and low code to maximize claim processing efficiency, minimize the risk of human error and enhance policy management.
Operations
Leverage intelligent automation, SaaS, cloud-based technologies and low-code platforms to prepare your operational systems for any challenge. Minimize running costs, streamline operations and improve your adaptability and resilience.
Asset management
Take your risk, asset, and liability management to the next level with state-of-the-art cloud-based platforms and SaaS solutions. Make the most of Luxoft’s strategic partnerships with Murex and Calypso.
What it takes to become the industry leader
How can leveraging our expertise in advanced insurance solutions help you lead?
Let us make your legacy modernization predictable and frictionless
With Luxoft, legacy modernization becomes manageable without missed deadlines and costs spiraling out of control. Our comprehensive expertise across both legacy and modern technologies allows us to map out and execute your IT estate’s modernization efficiently and predictably.
Our domain expertise and technical prowess are at your service to help you attain your strategic goals and overcome your unique challenges. We can help you transition to the cloud, accelerate time-to-market, adopt SaaS and more.
Leave excessive IT spending and slow time-to-market behind with Luxoft
Why choose Luxoft for insurance modernization?
Client-first approach
No two legacy modernization cases are identical. That’s why we study every client’s legacy estate and strategic goals closely. Armed with our legacy and modern technology expertise, we pinpoint the most befitting solution for their unique challenges.
Investment protection
Our goal isn’t just to overhaul your operations with cutting-edge software. We enable you to continue capitalizing on your previous investments and preserve the business value already embedded in your legacy systems.
Strategic value
Luxoft is more than a service vendor — we’re your partner. We’re here to help you attain your strategic goals with bespoke solutions that work where conventional, one-size-fits-all approaches fail.
Luxoft's Insurance modernization capabilities
20+
years of legacy modernization experience
100%
success rate in mainframe modernization projects
350+
active insurance and financial services clients
Related insurance services
Related insurance services
Supercharge your decision-making with Luxoft’s decades-long domain and technical expertise. We’re at your service when you need expert help assessing buy vs. build, mapping out your digital transformation or attaining strategic goals like faster time-to-market.
Drive adoption rates and boost user happiness with intuitive, convenient and appealing UX/UI design. Let us help you leverage the best UX/UI design practices to extract maximum value from the underlying business logic and boost customer satisfaction and employee productivity.
Speed up your operations across the board, from underwriting to claims processing, and make your customers and employees happier. Our intelligent automation expertise, domain experience and extensive partner network let us streamline processes of any complexity.
Turn your data into the company’s most valuable asset. Our data, analytics and AI solutions can enrich decision-making on all levels with actionable insights and streamline and refine processes like risk assessment and fraud detection.
Accelerate your time-to-market with Agile and DevOps best practices. Our large-scale development experience and insurance industry expertise are here to help you streamline your application development in-house, increase testing efficiency and reduce costs.
News and insights
Prepare your systems for the future of insurance with Luxoft
FAQ
In our experience, there are five major signs that an insurer needs to modernize their legacy estate:
- Legacy applications have become cumbersome to manage and maintenance entails substantial costs
- It takes prohibitively long to introduce changes to the application due to its complexity, effectively slowing down time-to-market
- Uninitiated employees can’t quickly grasp the underlying business logic of the application despite their extensive technical skills
- Introducing even the smallest of changes to the application impacts the whole system, stretching out time-to-market
- One small mistake, typo, or bug in one place in the codebase is enough to make the whole system go off the rails
We recommend insurers ponder the following seven questions before embarking on a legacy modernization project:
- What do you want to achieve as a result of legacy modernization? In other words, what state should your systems attain once the project is complete? Make sure the desired state is specific and realistic
- What are your requirements for the modernized applications’ performance?
- How will legacy modernization impact the underlying business logic, data storage and processing, and security?
- What training will your teams need to make the most out of the modernized system?
- What is your plan B in case you discover major issues once the system is rolled out or if your chosen approach doesn’t live up to your expectations?
- Who will be responsible for quality assurance, testing, migration and other aspects of legacy modernization?
- How will you secure a proof of concept before the full-scale modernization? What resources will you need for it?
An average insurer’s legacy estate is 18 years old, according to McKinsey’s data. But insurtechs aren’t constricted by legacy debt as large, which makes them dangerous opponents for incumbent insurers.
Here’s how legacy modernization can help the latter compete with tech startups:
- Accelerated time-to-market. Introducing one change to a legacy system may require months of development. Modern technologies allow new features and products to be rolled out within weeks or even days
- Reduced maintenance costs. Legacy modernization frees up the capital and human resources that would otherwise go to system maintenance. These resources can then be dedicated to enhancing the company’s competitiveness
- Improved customer experience. Policyholders want lightning-fast responsiveness from their insurers. Modern systems can deliver it through fully or partially automated claim processing, underwriting and contract renewal. They can also power individualized omnichannel experiences with personalization at scale
Legacy modernization is a massive undertaking that requires substantial investments. Here are four reasons why this investment is worth making:
- Gaining a competitive edge. Modernizing legacy systems allows incumbent insurers to compete with tech startups in time-to-market, customer experience and efficiency. It also enables them to roll out innovative insurance products faster
- Boosting efficiency. Employees no longer have to waste time manually entering data from one system into another. With a unified digital ecosystem and intelligent automation, they can dedicate their working time to more value-adding tasks
- Improving customer experience. With the help of the latest technologies, insurers can process simple claims in a matter of seconds (case in point: Lemonade) and offer personalization at scale
- Reducing IT spending. Legacy systems that require narrow, rare skill sets are prohibitively expensive to keep running. Modernized systems don’t come with the same problem