How product rationalization can help insurers modernize life & annuity products

The life and annuities sector is riddled with a multitude of unique challenges.

• Presence of countless similar products has complicated business process flow.
• Use of legacy systems has become a financial liability in the long run and technical maintenance is no longer cost-effective.
• Ever-growing variations in legacy policy administration systems have created operational issues that impact both workforce productivity and customer experience.
• Consistent use of legacy data has constrained modernization efforts and shifted old problems onto newer platforms.
• Prevalence of legacy policy administration system in insurance has made it difficult to identify profitable products.
• Lack of an upgrade in the standard operating procedures of policies has added to redundant costs.
• Myriad calculations for different products have further complicated matters.

Rationalization could help firms reduce operational complexity and overcome these challenges.