An IT architecture is only as strong as the strategy behind it. Acquisitions, organizational change, and rapid growth have left in their path legacy technologies that slow down business processes, impact the customer experience, limit distribution, and create talent acquisition and retention issues. While today’s market and regulations demand greater operational agility and flexibility. Insurance and financial services providers must rapidly evolve to drive innovative products to market quickly, support a growing set of distribution needs, with an emphasis on securely embracing the digital consumer.
“The adoption and use of digital tools by the field is a critical component of our ability to meet the needs of our customers. NEOS delivers strong architectural design and agile program management skills to help bring distribution into the digital age.”
– Dave Castellani, Senior Vice President and Business Information Officer, New York Life
Leveraging our signature FutureFirst Product Scorecard, we help our clients organize technology and product portfolios to simplify oversight and optimize return on investment. Understanding how products, processes, and technology drive your business is essential. The NEOS methodology focuses on standardized processes to facilitate compliance and increase the transparency of IT investments. Our team of experts employs proven, adaptable methods for rationalizing and simplifying large portfolios of business products, processes, and technology. We deliver:
• Technology portfolio rationalization & scorecard
• High priority requirement gathering & RFP analysis
• Application rationalization & modernization
• Product rationalization
• IT operations risk & talent assessment
Before a modernization journey begins, an organization needs to take stock of its technology portfolio. Leveraging our signature assessment tools, we will provide a comprehensive scorecard of your technology investments across various dimensions, including system maturity, operational costs, compatibility, performance, and maintainability. The output of the assessment will be a crucial element in developing a future state modernization roadmap and prioritizing the investments that deliver the most value to your organization. Our goal is to ensure that a clear vision of the technology establishes that your organization can achieve its business objectives.
A critical component of a modernization strategy is determining how business and IT operations are managed as part of the future state solution. Many factors determine which operating, and support models make the most sense for an organization. Determining the path that is right for your organization can be daunting, and we understand the challenge well and have successfully guided many clients through the process. We can help evaluate the options and deliver recommendations that achieve strategic goals.
One of the single most significant challenges faced by insurance carriers is an aging and often antiquated policy administration system. The need to support active policies for extended periods (often generations) coupled with the daunting complexity of converting to a new system, create significant barriers migrating to a new system. Research shows that less than a third of legacy modernization efforts achieve successful outcomes and the average time to implement exceeds 36-months with an average cost greater than $10M for a tier one carrier. We have helped multiple carriers successfully navigate the legacy modernization challenge and know what it takes to deliver results successfully. We can assist with developing your strategy and building the business case, to vendor selection, and project execution.
After a comprehensive strategy has been defined and technology platform selected, the challenge shifts to building a team and developing a plan to implement the chosen solution. Decisions regarding methodology, systems integration, product development, business, and IT readiness, and rollout strategy are just a few of the many decisions that need to be made. We partner with your team to take the guesswork out of these critical decisions and provide guidance along the way. We offer a full slate of implementation services from program and project management, business and process analysis, integration development, data extraction and validation, and quality assurance.
When it comes time to migrate policies from a legacy policy administration platform, you need a consulting partner who has three key competencies: in-depth legacy systems knowledge, specific product expertise, and a proven methodology to validate the results. Our team has helped clients migrate policy blocks with a combined asset under management of more than $75 Billion. We can help realize the goal of simplifying your technology environment while lowering support and maintenance costs and achieving business objectives.
Whether an organization is considering a new policy administration system, looking to outsource business operations or technology support, or make improvements to the technology assets already owned, picking the right vendor partner is critical. We provide a full range of vendor evaluation and selection services. Leveraging our signature Vendor Selector service, our team evaluates potential technology and services partners, leverages our extensive ‘real-world’ experience, and uses both our in-depth knowledge of the vendor marketplace coupled with a proven evaluation methodology to ensure clients have the information needed to make the right choice.