Digital Transformation for the Insurance Sector
Future Processing supports insurance companies in their journey toward a full-scale Digital Transformation into Cloud-first InsurTech businesses.
Our end-to-end services allow us to innovate within the Insurance marketplace, helping companies in their transformation every step of the way.
As a technology partner, we provide strategic technology consulting, Cloud migration, modernisation of existing systems, process automation, and technology stack adapted to your business needs and implemented in a cost-efficient model.
in the Insurance vertical
In Future Processing’s 23 years of experience, we have supported numerous companies in their Digital Transformation.
We have worked with companies from various industries. One of them is the Insurance sector – our experience includes partnering with underwriters, insurance brokers and technology providers, Lloyd’s syndicates, P&I Clubs and insurance Fortune 100 companies. Our collaboration is always based on partnership and mutual trust.
Right now, we are working with multiple insurance companies ranging from exciting start-ups to some of the biggest names in the Insurance market.
Future Processing - a reliable Tech Partner
As a strategic technology partner for the Insurance sector, we share actionable insights with our experience and expertise, and can assist you with:
migrating legacy core business systems to cutting-edge technologies,
design thinking and strategy workshops aimed at ecosystem planning,
Cloud migration and modernisation,
complex data cleaning and data migration,
delivering bespoke solutions based on Artificial Intelligence, Machine Learning, and microservices,
improving the overall quality, reliability and efficiency of applications while cutting down costs,
processes automation, using the low-code and no-code technology,
enhancing customer experience.
From Insurance to InsurTech
The Insurance industry is facing rapid digitalisation. To achieve your full potential and stay up-to-date with state-of-the-art technology, you need to focus on innovative, competitive solutions. Future Processing monitors the latest trends in the industry. We are here to help you with applying them in your business reality.
Becoming a Cloud-first company
Migrating insurance system infrastructure to the Cloud ensures better security, scalability, availability, and observability. Future Processing’s experts working on a well-thought-out and proven framework guide you through the transformation process and ensure that nothing is overlooked.
Our partnership with Azure and AWS means that you can also benefit from favourable pricing conditions and the technological support of MS Azure and AWS-certified specialist consultants.
Leveraging AI & ML
You work with massive amounts of complex data and these numbers are constantly growing. To be able to stay proactive, assess the risks and respond to their clients’ claims much faster yet much more accurately, automation and optimisation is the key to your success.
Even though we approach each project differently and create custom AI & ML solutions, we have one framework we follow when delivering them. Our expertise and experience ensure smooth and high-quality delivery to make your vision your reality.
Transforming the ecosystem
The rise of business ecosystsems is a trend that is taking insurance by storm and is driving significant change. Customers want to have a seamless, comprehensive, end-to-end experience, and insurance ecosystems are the answer.
We build scalable, efficient environments for global deployments and can assist you with improving the customer experience and planning out your ecosystem by means of Design Thinking Strategy Workshops aimed at developing your business strategy and fulfilling your clients’ needs.
Modernising Insurance systems
To be able to stay up-to-date with the market and your clients’ evolving expectations, your core systems have to reflect your business strategy and drive towards providing a competitive offering. Streamline and modernise your system, so that it is simple, efficient and integrated with all data sources in your company.
Moving towards modernisation and full-scale Digital Transformation will help you further improve your clients’ experience and ultimately stay ahead of your competitors.
From application development, to QA, mobile application development and even IT consultancy. Consequently, we have worked with a range of different employees with different skill-sets, but every time we have been delighted with the outcome of the individual projects (…).
Future Processing provided UI/UX and iOS expertise. These are skills we don’t have, or frankly even need, when we work with them. I was particularly pleased with the off-line data management capabilities of the App that they delivered. These are a huge benefit to the user and, as an outcome, very much reflect the collaborative and synergistic nature of working with Future Processing.
They took the time to absorb and understand our business and technology landscape, which made them contribute quickly as a partner. People in every role bring their A-game.
They are very helpful for us to tap into their expertise and get ideas that we sometimes hadn’t even thought of. As well as helping with the architecting and design of the new applications, they have also given us advice on other projects.
They have industry-standard agile team skills and come up to speed quickly in every role they play. The team not only gels into the program, they bring expertise and insights and are an integral part of the program.
They were able to form the backlog quickly and were mindful to grow the team's velocity over time. They’ve reduced the onboarding time for new team members. Now, someone can show up and be able to develop and check-in code within two weeks.
Success Stories in the Insurance Sector
A Fortune 100 insurance company:
Delivering Cloud-based solutions and data warehouse management
Challenge: processing enormous amount of data for reliable decision making, being able to operate smoothly and effectively with all databases and systems up to standard, working together seamlessly and in different market environments all over the world.
Result: delivering a smooth flow of data and co-designing new architecture, providing business and technology consulting, including: creating a new, state-of-the-art and secure data warehouse in AWS Redshift, switching from on-premises Data Source Systems to AWS Cloud, transforming a monolithic application into a distributed, serverless system.
A Global marine insurer:
Developing core management system which went live with 0 critical defects
Challenge: maintaining the highest technological standards of a core management system to navigate and analyse all the information about the transactions, enquiries, shipping operations.
Result: delivering an innovative and reliable core management system according to our Best Practices in Software Development, ensuring the go-live went smoothly and with no critical defects reported, complex data cleaning and data migration.
The system now provides transparent and detailed reports and analyses allowing to optimise the processes, manage costs and refine the offering.
A Lloyd’s syndicate:
Allowing our client to become a data-driven InsurTech company
Challenge: the need to expand and improve key current initiatives, including the API monetisation product development.
Result: accelerating the go-to-market of key initiatives and collecting the assumed revenue early. Revenue connected to the developed API product rose from 1 M GBP to 5 M GBP, while retaining a strong division’s Combined Ratio below 90%.
A UK insurance company:
Migrating and modernising a legacy Claims and DRS management system
Challenge: the BIS System used to manage both Claims and DRS insurance cases did not meet their standards for case traceability, case management, and reporting, and the need to improve the efficiency and quality of services and customer experience.
Result: migrating Claims and DRS cases from legacy systems and modernising the whole core management system to reduce the time needed for the processes and to improve the accuracy of claims decisions and overall customer service, allowing our client to develop their offering and stay ahead in the market.
a full-scale Digital Transformation into Cloud-First InsurTech businesses.