With Vlocity Insurance, carriers have the flexibility to abandon or phase migration of legacy systems in order to deliver modern digital experiences and faster innovation
Executives Rank Legacy IT as a Top Barrier to Change
According to a recent Newsweek insurance survey that we sponsored with Salesforce and Deloitte, 68% of C-level insurance executives globally ranked existing legacy IT systems as a significant barrier to change in how their company engages with a customer, above lack of proper skill sets and cultural aversion to risk. As Mike Fitzgerald from Celent explains, “exchanging data between systems is essential as customers change channels, receive personalized service, and agents seek to have the right answers at the right time. Aging automation was built for transaction efficiency, not real-time data exchange.” To deal with this challenge, insurers may replace legacy systems completely, augment existing core systems, or build entirely new platforms. All of these options are achievable with Vlocity insurance.
Vlocity Brings Agility to a Variety of IT Landscapes
Vlocity’s cloud-based insurance solutions are designed to integrate seamlessly into any IT landscape – from an engagement layer on an on-premise core system to a greenfield operation – and many points in between. Vlocity’s modular microservice-enabled engines, declarative guided user interactions, and low-code integration technologies enable fast time-to-value in a variety of deployment scenarios. Insurers have the ability to phase legacy migrations projects, while still delivering modern digital experiences and faster product innovation in the short-term.
- Vlocity Digital Interaction Platform, including Vlocity OmniScript™, enables the rapid development of deep, guided interactions within a Salesforce customer journey. Carriers can use Vlocity to consolidate an omnichannel engagement layer across multiple backend systems.
- Vlocity’s Agile Middle Office suite, with product, rules, rating and forms, reduces the drag of legacy systems. Carriers can accelerate product innovations while continuing to use their existing applications for record keeping.
- Vlocity’s End-to-End Insurance Capabilities, including claims, renewals and endorsements, enable carriers to move their entire business to the cloud. Launching a new brand or line of business can be very rapid.
A carrier can maintain existing back-end systems while using Vlocity to modernize front-end contact center operations with fast, digital experiences for service transactions. Or they can leverage the agility of Vlocity’s rating engine and dynamic quote and apply experience to facilitate quoting for advisors, while still using an existing core system for other policy administration functions. For carriers that fully embrace the benefits of a 100% cloud-based platform that’s tightly integrated with Salesforce, Vlocity can power the entire lifecycle, including policy administration, billing, and claims.
Vlocity’s modular microservice-enabled engines, declarative guided user interactions, and low-code integration technologies enable fast time-to-value in a variety of deployment scenarios.
Vlocity is unique in that all of our product development efforts start not from the perspective of a data processor or a policy admin system, but rather from the digital experience of the policyholder, broker, or service rep. Carriers today need to deliver user-friendly, omnichannel applications to consumers, producers and employees in order to remain competitive. Vlocity can work with carriers to develop a plan for providing these experiences as quickly as possible, with or without legacy constraints.
To learn more about how Vlocity Insurance can help with your digital transformation plan, visit insurance.vlocity.com