PolicyDock offers users full flexibility. Its cloud-driven, API-first platform allows you to control which services remain under legacy control and which ones are handled by the cloud, any cloud.
Find out how we partnered with a renowned carrier to simplify their product portfolio, replicate their business in the cloud while maintaining a connection with the core legacy Policy Administration and Servicing (PAS).
Challenge:
A renowned carrier wanted to simplify their product portfolio and roll out digital insurance products globally. Internal estimates expected a rollout to take at least 18 months per product line in each region. Key hurdles included 25 years’ worth of disparate legacy insurance products and different PAS systems in each region, with thousands of different product data models for insurance product variations, many of which were redundant. For the incumbent to digitize each model would take at least 2-3 weeks, moreover this would not solve the harmonization of product data models.
Solution:
PolicyDock leveraged AI and machine learning techniques to simplify thousands of legacy product data models into a modular schema while eliminating redundancy. This process enabled digital products to be released in the market very quickly through the carrier’s new digital systems. PolicyDock’s flexible data platform with well-documented API’s provided an ongoing interface between digital systems and core legacy PAS while empowering the local tech teams in each region. The carrier’s old products and workflows which were on legacy systems also remained unchanged with little interference.
Results:
- Products were deployed 45x faster than expected
- Project came in 80% under budget
- Product harmonization and simplification eliminated product redundancy
- Data standardization allowed real-time oversight of global rollout results
- Third-party services were integrated using PolicyDock’s modern APIs
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