VIVAT nominated for Celent awardNovember 30, 2017
VIVAT, Asysco and TCS are nominated for the prestigious Celent Model Insurer Award.
Every year for the past 12 years, research, advisory, and consulting firm Celent recognizes excellence in technology throughout the insurance and banking sectors through the Model Insurer Awards and Model Bank Awards.
The VIVAT mainframe migration project is nominated for the Model Insurer Award in the Legacy and Ecosystem Transformation category.
Celent’s analyst team will be judging the entries and selecting winners in the coming months.
Each submission is evaluated based on the following criteria:
1. Demonstrable business benefits
2. Degree of innovation
3. Technology or implementation excellence
We believe the VIVAT migration project has a good chance of winning.
Awards will be presented at Celent’s Innovation and Insight Day on the United States east coast in April.
No place for legacy systems in InsurtechJanuary 11, 2017
The insurance landscape has changed drastically over the last few years. As Insurance thought leader Matteo Carbone states in his article: ‘The future of insurance is insurtech‘, the insurance sector has entered a phase of profound transformation. According to Carbone: “The amplitude of the digital transformation happening in the insurance industry is widespread and encompasses all of the phases of the insurance value chain, from underwriting to claims.” This requires a complete shift of IT processes and technologies that most established insurance companies still run their business on.
Carbone has developed a classification framework called Connected Insurance which represents a new paradigm for the insurance business, an approach that fits with the mainstream Gen C, where “C” means connectivity.
The question is how to enter this new paradigm when burdened with legacy systems, while competition is fierce and new insurtech companies are entering the market quickly.
When asking Carbone, he replied that he basically sees two possible scenarios for established insurers with legacy systems: they either cooperate with start-ups or they purchase new systems and migrate their applications. Either way, there’s no place for legacy systems in today’s insurtech landscape.
These legacy systems, however, contain a business value. Many of the more or less standard packages have long been migrated to off the shelve applications. What’s left are business-critical, in house developed applications. On the one hand, they are the heart of the business but on the other hand, they are a bottleneck for innovation. Inflexible, high maintenance and difficult to integrate with modern technologies. It seems like a daunting prospect.
What if there was an automated way to transform these applications while keeping their business value, in a way that does not interfere with business and has little to no impact on users? Sounds too good to be true? Check out a real customer experience at OTP Banka Croatia.
Asysco raises awareness for the legacy challenge at DIA BarcelonaJuly 13, 2016
Legacy systems like mainframes, still power the core administrations of many insurance companies. These systems are expensive, inflexible and difficult to integrate with. They negatively impact your ability to innovate and to gain competitive advantage.
Competitive advantage is tightly linked to an organizations’ ability to respond quickly to market changes and customer demands. Innovation is key. Every euro spent on these legacy systems is a euro lost on innovation. The only alternative seems to be to replace the legacy system with a commercial insurance package but that’s not a simple undertaking: implementation takes a lot of time, it usually requires you to adapt your business process and is costly.
Innovation for the finance and insurance industry
Asysco has helped many insurance companies, such as Aegon, Aviva, American Public Life, Cosvi and others to move their core systems to modern technologies in as much as 9 months to 1 year. Once in the new environment, these companies have been able to selectively replace and integrate (parts of) the system in a matter of months allowing much faster innovation with new trends such as mobile, cloud, self-service, business intelligence, data mining and so on.
Legacy is no longer an inhibitor but an asset waiting to be leveraged for business success. Innovation happens much faster than through any other approach and with manageable risk and clear ROI. Imagine all the things you are currently unable to do with the old technologies: real time insight and knowledge, fast and flexible changes, easy and straight through integration with all the solutions presented at DIA Barcelona.
Why was Asysco selected for DIA Barcelona?
Asysco has a long and proven track record in mainframe migration and legacy transformation. Over the years they have completed over 70 migration projects with a 100% success rate. They have never failed a single project. Their Asysco Migration Technology (AMT) and methodology is unique in the market. The key to success is Asysco’s proven automated migration of the entire legacy ecosystem: code, data, batch, scheduling, operations management, security, etc. are all automatically converted to open systems equivalents delivering a target environment that delivers same or better quality of service (availability, scalability, resilience, manageability, security, …). This combined with their extensive experience and large number of references in the insurance industry makes Asysco a valuable speaker at DIA.
Asysco speakers Bernd Sakulski and Suzanne Glorie were interviewed by DIA Asociate and co-founder Conny Dorrestijn who has a long track record in marketing and business development roles in the international financial technology industry.