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Streamlining Legacy Systems and Accelerating Go-To-Market Timelines with Digital Transformation

Background:
A prominent insurance provider faced significant challenges in introducing changes to their legacy framework, such as launching new products and plans. These changes were time-intensive, leading to prolonged go-to-market (GTM) timelines. Additionally, fragmented systems caused delays in underwriting, claims processing, and application handling, impacting operational efficiency and customer satisfaction. To address these issues, the organisation sought to modernise its systems, accelerate GTM timelines, and streamline core processes.

Challenges:
The insurance provider encountered multiple roadblocks due to their outdated framework:

  • Extended Go-To-Market Timelines: Launching new products or making updates to existing ones was a lengthy and inefficient process.
  • Operational Inefficiencies: Disconnected systems for underwriting, claims processing, and application handling created delays and inconsistencies.
  • Delayed Application Processing: Legacy systems resulted in slow approvals, affecting customer experience and satisfaction.
  • Data Inconsistencies: Siloed data sources led to frequent errors and disputes, further complicating workflows.

Solution:
Novitates partnered with the insurance provider to design and implement a unified portal that served as a single platform for underwriters, claims handlers, call centre agents, and citizens. This comprehensive solution streamlined processes, reduced processing times, and enhanced overall operational efficiency. Key features of the solution included:

  • Unified Stakeholder Portal: A single, integrated platform catered to all stakeholders, providing seamless collaboration and easy access to necessary tools and data.
  • Faster Product Changes: Streamlined workflows for launching and modifying products significantly reduced GTM timelines.
  • Efficient Underwriting and Claims Processing: Integrated systems facilitated faster decisions and quicker claims settlements.
  • Optimised Application Processing: Integration with legacy systems ensured faster approvals and reduced errors.

Outcomes:
The implementation of the unified portal led to significant improvements:

  • 40% Faster Go-To-Market Timelines: Rapid introduction of new products and plans enhanced competitiveness in the market.
  • Improved Operational Efficiency: Optimised processes in underwriting and claims processing reduced delays and enabled quicker decision-making.
  • Faster Application Approvals: Streamlined workflows minimised inefficiencies in legacy systems, improving customer satisfaction.
  • Enhanced Data Accuracy: Consolidated data ensured consistency, reducing errors and disputes across processes.

Conclusion:
With Novitates’ expertise in digital transformation, the insurance provider successfully overcame the limitations of their legacy systems. The unified portal not only streamlined operations but also reduced GTM timelines, improved efficiency, and delivered superior service to customers.

Partner with Novitates today to revolutionise your operations with cutting-edge digital solutions. Together, let’s create a seamless, efficient, and future-ready enterprise!

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