Global Insurance Company - Bailey & Associates

Global Insurance Company

30 MARCH 2020
Global Insurance Company
Gill Summers

Overview

This initiative was delivered for a major global insurer operating in multiple countries each with their own set of IT applications. The objective was to optimise and simplify the global landscape, identifying priorities for decommissioning, rationalisation and investment and thereby future proof the business by enabling the organisation to achieve its Business goals and strategy.

Objectives

  • Consolidate systems across the business divisions
  • Manage dependencies and de-risk systems
  • Simplify and optimise the application landscape

 

The Mission

Our Associate was tasked with leading the Application Rationalisation Project; the company had a costly and extremely complex applications landscape, as a result of a series of acquisitions, accumulating multiple different applications. Duplication of functionality led to business-related risks, an overly complex system landscape and lack of efficiency.

What our Associate did

Initial review

Our Associate undertook a full review of all the systems and applications, and in doing so discovered ageing, disparate and duplicated applications between, and within business units which were driving costs and complexity as well as hindering the delivery of the business strategy and plans.

Setting targets

After establishing the initial issues and opportunities (ageing and inefficient applications, too much complexity, high working and integration costs), our Associate worked with the business and senior management to align and prioritise the application rationalisation opportunities with their business strategy and risk management. Following these discussions, our Associate developed a strategy and roadmap for rationalisation which would support the delivery of the overall business strategy and priorities.

Working with the business

A review of the business strategy showed which applications were necessary and which could be consolidated or decommissioned. Our Associate worked closely with the board, stakeholders and people across the business to ensure pain points were being addressed in the project and that the status quo was being challenged in order to get the desired results. Our Associate then created a transformation roadmap to set out the timing and priorities for delivery of an optimised application landscape.

Action on applications

After understanding the way the business worked and the leadership team’s desired results, our Associate created a proposal and plan to de-risk and consolidate the systems; opportunities were identified to integrate functionality into single applications and for use of enterprise systems in order to manage the operating costs, leverage the application functionality and also to enable the sharing of data across teams and business functions.

The results

Over the course of this project, our Associate was able to identify opportunities to reduce the number of the company’s in-use applications by 25% through a number of de-commissioning initiatives. This identified real cost savings of over 15% of the application operational costs in the first year, as well as an improved ability to achieve required regulatory compliance thanks to simplifying the application platform. The main objective of reducing financial and operational risks across the organisation was achieved thanks to the new-look application environment.

 

In order to deliver a comprehensive overview of our Associates experience and to detail the service that they can deliver, some of our case studies will contain work carried out by our Associates prior to joining Bailey & Associates. Please note that we are not able to publish every case study, so if you would like to ask about our experience in a specific sector or industry, please contact us directly.

 

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