Unlike a traditional policy administration system we compartmentalize critical functions to map specific transformation steps into the implementation. The result is a flawless record of safe implementations.
The right approach
The excitement around big picture outcomes in Life and Pensions transformation can conceal the complexity involved in making those changes real.
But it’s vital not to let the desired results overshadow the journey itself. The steps you take on your transformation journey have a material impact on the results you see.
Smart implementation is the difference between a Prudent Revolution and a destructive one – between moving quickly, safely and effectively, or doing more harm than good.
Lumera has a range of implementation approaches designed to help customers set themselves up for success – to make high-value change non-disruptive and optimized for specific goals.
Iterative, compartmentalized change
Transforming large companies is an enormous, high-risk task. That’s why it’s critical to keep your implementation approach tightly focused around specific business requirements.
What pains are you trying to solve? What new capabilities or products are you aiming to launch? What market or customer needs are you trying to address? What systems are you retiring?
The deep flexibility and interoperability of our policy administration environment means we can break large transformation ambitions into smaller components and deliver change incrementally.
Our implementation approach supports iterative transformation that de-risks potentially disruptive change by only touching the systems and processes relevant to immediate goals.
Business and technology convergence
Serve new business needs frictionlessly
Small, iterative, safe change
Leverage any function at any time
Leverage any function at any time
Quick-wins that build to big results
Discover our implementation models
Every transformation objective has its own implementation journey – but here are some common approaches we take to de-risk transformational change by compartmentalizing into smaller deliverables.
The system-based implementation
This is a traditional system-based approach for companies with multiple legacy systems supporting duplicate functions.
- Consolidate multiple systems into a single platform
- Integrate and deduplicate redundant functions
- Radically cut maintenance costs
- Build a single data view
The pilots and products-based implementation
This method slices implementation by pilot and product requirements – to get new initiatives off the ground quickly by composing ready-baked functionality into a complete offering.
- Compose new offerings from individual functions
- Quickly launch new pilots and products
- Eliminate dependency on old systems
- Integrate discrete functions across traditional business areas
The function-based implementation
This method slices implementation by discrete business requirement across all business areas – so you can start with a desired outcome and launch discrete functions to progress towards it.
- Translate business needs into technology requirements
- Leverage discrete functions against those needs e.g. outpayments and fund order management
- Support new business areas and initiatives (like fund trading or digitalization)
- Employ function-based thinking to your whole operation
Join the Prudent Revolution
The Prudent Revolution delivers controlled,
delibera transformation for Life and Pensions providers. But the
results are big, bold and obvious almost immediately.
A customer-centric digital transformation accelerates transformative business outcomes across the whole Life and Pensions value chain.
We enable you to get better insurance and pensions products to market with shorter lead times to serve ever-changing customer and regulatory needs.
Our policy administration environment is a central platform for digitalization across your whole operation to unlock efficiencies and create new business value.
Centralised policy data is easily analyzed to surface deep competitive insights and activate them for better customer outcomes and market advantage.
Replacing legacy IT with efficient and automated systems and processes lowers costs, cuts complexity and improves administration.
We enable Life and Pensions companies to effortlessly respond to continually evolving compliance and regulatory demands.
A tailor-made plan
Want to see how our approach could work for you?
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