How legacy systems aren’t as difficult to transform as many may think
Claim Central Chief Executive Brian Siemsen, touches on legacy systems and how they’re not necessarily as difficult to overcome as many may think. Below is a brief transcript on what he had to say as part of a panel discussion at a recent Insurtech conference in Sydney.
Moderator: Angus Kench, Vice President Claims Asia Pacific, Liberty International Underwriters
Panellist: Brian Siemsen, Chief Executive Officer, Claim Central Consolidated
ANGUS KENCH: I want to touch on legacy systems, so anyone sitting out there from insurer land or most lands suffer from this problem of systems built, 10, 20 sometimes 30 or 40 years ago, and not just dealing with an old system, but dealing with four or five of them. So, I know that in Liberty we feel lucky in our claims team because we only have one system to deal with, but our colleagues in London have five, and in the U.S. it’s even more. It’s a nightmare in terms of processing claims but also in data, moving data around and understanding what you can and can’t do as a business. How do you deal with that legacy problem?
Brian you’re stuck right in the middle I guess, trying in that claims process to bring together builders, adjusters, claims repairers and others. How do you deal with that issue of all those different systems and in some of those more than one, how do you deal with it?
BRIAN SIEMSEN: From an insurance perspective I don’t think we have a major issue there because the world has adopted either a reasonable Guidewire solution or something equivalent, we’re not dealing with green screen anymore, so from that perspective in our world it’s not too much of a challenge.
However, one of the things we did do early on is identify a partnership ecosystem, very similar to what you were talking about in terms of identifying who’s the best in customer engagement. So whether we’re working with partners in WiCover who are loyalty engagement specialists, or in the new world of insurance platforms in the Blue Leopard space, you’ve got the customer engagement piece, the core middle tier and the claims back-end, and this ecosystem is the best go to market strategy for us, because it allows us to not get caught up in any type of road block or bottleneck, because these platforms are today’s platforms.
They’re already 10 to 15 years ahead so the runway to not run into that legacy again we feel very comfortable with, and certainly what it allows us to do is to start thinking about other insurtech partners such as immersive technologies and videos, and we can add those to the core baseline suite that we offer to the market.