07/01/2021 | Written by: Think Blog Editor and Koos Quak
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The insurance business is very process oriented — assembling quotes, evaluating risk, issuing policies, collecting payments, managing claims. The digital architecture of the modern insurer must be equipped for the openness and flexibility that business platforms require. Some legacy systems may work fine and may still be very cost-effective. Others may hinder business growth through lack of agility and lack of data analysis capabilities required for a data-driven enterprise. To optimize profitability, processes must be expertly designed, effectively executed and diligently managed. Therefore, smart application rationalization analyses are required to make the right application modernization investment choices.
APIs were an early instantiation of loose coupling. Microservices, containers and serverless computing are newer techniques that facilitate, among other things, the continuous delivery and deployment of new workflows. Microservices allow monolithic applications to be broken down into single-use services so that teams can work on them in parallel. Containers bundle microservices in such a way that they are portable. With serverless computing, organizations can write cloud-native functions that scale on demand and pay-per-use with no cost for idle time.
IBM can help to accelerate insurers efforts to rationalize your application portfolio. IBM has performed many successful application rationalization projects with our customers in the financial services sector. For this purpose, IBM has developed supporting tools that have been applied in a factory-based approach.
How we want to maximize your business outcome:
- Attain certainty in outcome: maximizing benefits of a hybrid multi-cloud ecosystem requires an experienced strategic partner. IBM has the experience and depth to help you realize the benefits of modernizing your applications in the cloud. IBM is willing to make a commercial arrangement that commits to delivered outcomes.
- Modernize faster and cost-effectively: reduce technical debt and accelerate time-to-market of digital initiatives by using IBM’s proven best practices automation / accelerators / tools /services, and the IBM Garage Method for Cloud™.
- Operate a future-ready business: optimize operational costs and address customer needs faster by realizing the benefits of a modernized application that is based on secure open standards.
Explore the co-creation experience that can help you with your digital transformation and drive innovation with the speed of a startup. Ready to get started? Try a free virtual Framing Session with our team so you can experience first-hand how the people and practices of IBM Garage can accelerate your business outcomes.