Modernize your legacy system
The insurance industry is going through a time of radical disruption. Traditional insurers are no longer safe, with InsurTechs, Google, Amazon, and others challenging incumbents to rethink their business and operating models.
This disruption creates increased pressure on IT departments to deliver intrinsic business value through their
ability to provide new offerings and services while continuing to provide traditional business systems. Yet, most carriers face a widening divergence between the IT infrastructure demanded by these emerging business needs and the infrastructure they’ve built up over decades or even centuries.
The result? Many carriers find it difficult to modernize their legacy systems to enable them to create an IT strategy that supports quick adoptions of newer technologies such as SaaS and big data.
For many carriers, legacy systems that run day-to-day business operations aren’t going anywhere for many reasons. One of these is the increased business risk associated with replacing systems that have had many custom, internal IT add- ons connected through a maze of custom internal integrations.
Since these legacy technologies serve a purpose, it doesn’t always make financial or logical sense to eliminate them. Savvy carriers recognize this as they look at a digital IT strategy and try to balance both worlds. That means they must simultaneously support both legacy and cloud systems. SaaS technology does offer a lot of scalabilities. Still, if they are unable to integrate with your legacy systems, they will be yet another data silo that limits how you can view and act on the data they provide.
So, the question becomes: How can you modernize legacy systems without years of disruption and a hefty price tag?
The answer could be as simple as a modular SaaS solution that can pull and ingest data in a format that your legacy system can already provide.
By transforming your legacy data into modern, easy-to-use portals with single sign-on, bank-level encryptions, real-time data analytics, and dashboarding, you can offer both your employees and customers a modern digital experience without ditching your old legacy systems.
One such SaaS solution is Exactuals PaymentHub. PaymentHub helps your business meet your client and partner’s expectations of a modern payments experience. Our white-label SaaS platform provides a secure all-digital
portal where they can quickly and easily view the status and make-up of their payments, along with supporting digital documentation. Example use cases include claims payments, vendor payments, carrier payments to MGA’s and downlines, producer payments, provider payments, and many others.
To schedule a demo or learn more about how PaymentHub can give your legacy admin and payment platforms a modern digital transformation in weeks vs. years, contact me at Sandy.Dougherty@Exactuals.com
Exactuals is SOC 2 Type II and HIPAA compliant, and is a wholly owned subsidiary of Royal Bank of Canada/City National Bank.
Exactuals is an RBC company and subsidiary of City National Bank Member FDIC. City National Bank is a subsidiary of Royal Bank of Canada.
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