Reducing IT and operating costs with a true standard platform
Several studies show that high-maintenance legacy systems are the biggest obstacle in pushing new products and services to the market. At the same time, they tend to be extremely resource-intensive and cost-heavy.
Thus, it is critical for life and pension (L&P) companies to build their businesses on a robust and flexible industry platform, to meet both ever-changing market and customer needs as well as regulatory requirements.
Plexus, Keylane’s modern platform for policy administration, helps L&P companies to overcome these obstacles. It does so through a standard SaaS platform, offering streamlined administrative processes and workflows, and high levels of automation and scalability.
Reducing IT costs up to 50%
A fragmented legacy IT landscape is often a root cause for failing to leverage economies of scale, driving high IT costs as well as escalating operational costs. Keylane’s business case shows that implementing a modern, SaaS based standard platform offers streamlined operating processes, best-practice functionalities, higher levels of automation and efficiency while reducing IT costs up to 50%. At the same time, L&P companies gain cost benefits from shared development between multiple organisations.
Automating business processes
Eliminating inefficiencies by streamlining, standardising and automating your business processes where possible is key to achieving a strong competitive position and improved customer experience.
The workflow module of Plexus is a business process model and notation (BPMN) inspired workflow system which enables the configuration and execution of straight-through processing (STP) and exception-handling workflows consisting of both manual and automated tasks. We distinguish between workflow configurations, which define how workflows should execute, and workflow instances, which are individual executions of workflows each with their own state.
Workflow instances are either created manually by users or when the workflow engine receives a message that matches a start event. Start events can be emitted from service endpoints, system configuration (i.e. to trigger an event when something happens), batch jobs and external integrations.
Workflow instances may be related to business entities such as policies, persons, companies, agreements, claims and output. In the case of issuing a policy, information needs to be updated in internal systems and communicated to the customer. The whole process involves a lot of manual work. Plexus significantly streamlines the whole cycle of policy management operations through automated workflows while reducing the amount of time and manual work required. Workflow configurations can be created or updated in the configuration GUI. Plexus offers the possibility to orchestrate an entire workflow and sub-flows within the GUI.
The high degree of business automation provided by advanced workflows in Plexus, empowers you to achieve efficiency in your administrative processes and impressive operating cost reductions of up to 40%.
Staying compliant and future-ready
Built upon a shared SaaS architecture, Plexus is frequently updated with legislative requirements and industry standards such as IFRS17, GDPR, Solvency II, and continuously maintained and upgraded according to the latest technology. This enables you to stay compliant at all times and at low costs, while future-ready in terms of changing market demands.
Our services and operations are aligned with standard application management processes like ITIL and ISAE compliance. Plexus takes care of “dull” processes, so you can focus your time and resources on developing your business, introducing new products and providing better service to your customers.
Want to know more about how you can reduce IT and operating costs while staying compliant with a true standard industry platform? Please contact Jacob Goltermann, Head of Product Development, at email@example.com.
For more information about our standard SaaS platform Plexus click here.