Unqork and Infosys joined for an insurance industry Tech Talk to discuss legacy system modernization challenges and how no-code helps overcome them.
Infosys’ Nageswar Cherukupalli (vice president and sales head, finserv & insurance) joined Unqork’s Christian Barrera (vice president, alliances and ecosystems), Chandresh ‘CK’ Kothari (insurance lead), and Adriana Royal (client manager) in an insurance industry Tech Talk to discuss why modernizing legacy systems has never been more important. CK starts by diving into the major industry challenges that make moving away from legacy urgent:
Customers expect carriers to know them, so that carriers can be transparent and responsive enough to quickly get things done
Cost pressures are increasingly intensifying, with cost performance not improving in P&C insurance for the last fifteen years
External changes to the risk landscape (e.g., cyber risk, climate change, the pandemic) require carriers to be nimble and deliver product innovations rapidly
CK makes it clear that none of these themes are necessarily new. “We have talked about legacy systems for a long time. We've talked about customer expectations that are changing, whether it’s group benefits, individual insurance, commercial insurance, or direct-to-consumer insurance,” CK explains. “But what's really changing across these major themes is the speed of change. And the question then becomes, ‘How do you react to that?’”
Reacting to the speed of change
Legacy code that slows down development, a lack of subject matter expertise for said legacy code, and drawn out time-to-value all hamper innovation efforts—especially for an industry that needs to deliver personalized experiences despite tight budgets.
To discover the best path forward for legacy modernization—one that is realistic for insurance agencies dealing with these burdens—Infosys conducted a thorough analysis of various client use cases and platforms that are in the market. They discovered two patterns for legacy modernization.
Watch the full Tech Talk to learn more.
According to Nageswar, “Pattern one is more about, ‘How do I deliver some of these experiences quickly? Should I take incremental or big bang approach? How do I deliver business capabilities without replacing the core?’ Pattern 1 is about retaining the core system, but then build an abstraction layer and, on top of it, start building an experience layer to drive differentiation. This is where Unqork plays a great role. Together, we have built some solutions that will not only deliver these experiences, but deliver these quickly.”
This is where Unqork plays a great role. Together, we have built some solutions that will not only deliver these experiences, but deliver these quickly.
Pattern two is where insurance carriers want to completely replace the system, including core—in most cases, moving away from a monolithic legacy platform to a more modular solution. "We’ve talked about clients having twenty- to thirty-year-old legacy systems managing some of their core business processes. Some of these legacy platforms are no longer supported, and clients have huge concerns in continuing with these platforms,” Nageswar continues. “Clients are keen to replace the entire platform, but they want to do it quickly and not create a multi-year migration strategy.”
Applications built within the Unqork platform can help carriers modernize their current systems through either of these approaches.
Adriana demos the flexibility of building applications with no-code in line with the first pattern. “What we have here is an application that was built in Unqork for rate, quote, and bind, which covers the entire payment experience, is agent-facing, and was built using drag-and drop components,” says Adriana. “These forms are easily configurable based on an insurance agency’s rules and product offerings.”
In a matter of minutes, Adriana filled out the underwriting application, received a quote for general liability insurance, and was taken to a payment page.
Interested in a more in-depth overview? Watch the full webinar here.
Curious how Infosys and Unqork can be used at your insurance agency? Schedule a personalized demo with one of our solutions experts today. Sign for the Unqork newsletter to learn more about the potential of no-code.