As a global carrier’s legacy source systems were set to be discontinued, find out how Gallagher Bassett stepped in to take over management of its portfolios for Workers’ Compensation and primary Property & Casualty lines.
One of the bigger challenges in legacy system infrastructure is that it is often crafted to solve a specific set of parameters relevant – and restricted – to a moment in time. The result of this often means a lack of support as the businesses evolves away from the requirements the package was initially developed to address. Compounding the issue further, legacy systems are generally not designed to integrate with other software systems or technology, which limits the opportunity for a streamlined transition to a new solution or business strategy. It is the brutal reality in the complex, evolving and highly competitive insurance environment.
For this North American insurance carrier, the opportunity to outsource the transition to Gallagher Bassett represented a number of wins. Firstly, a chance to hand over the work to a dedicated team with the expertise to safely manage the integration, before designing a holistic solution to grow with the business. Finally, the unexpected win in the rapid delivery of a new product line to a lucrative market across the US.
At Gallagher Bassett, as always, the first step was a strategic one. Develop a plan to assess, manage and leverage operational expertise in order to meet the business need. In this instance, that included overseeing migration to the Gallagher Bassett IT platform and creating a new tailored product for more precise targeting of an attractive market segment.
Harnessing solid market insight and our proprietary systems, Gallagher Bassett delivered successful migration of both projects, including seamlessly transitioning more than 1,000 Workers Compensation’ claims to our integrated IT platform.
By tailoring our Risk Management Information System (RMIS) and intake capabilities for the carrier, we were able to facilitate a more rapid market launch for a premium service offering and introduce a different and unique approach in a competitive landscape. The resulting opportunity enabled rapid release of a niche premium package created to appeal to, and better support the carrier’s strategic plan.
Gallagher Bassett’s transition team allowed this US carrier to deliver a quality outcome on schedule for their internal and external stakeholders. Through leveraging our expertise and systems, the commitment to streamlining project delivery shone through with a single point of contact to guarantee open, honest and regular communication for peace of mind.