Multinational leading insurer upgrades legacy system in partnership with Objective

Objective assessed and enhanced the group life insurance management platform to meet evolving business needs

This multinational insurer, with years of expertise and a consistent drive for innovation, strategically aimed to advance its group life insurance management system to keep pace with market demands. To achieve this, it established a strategic partnership with Objective, which mapped out and implemented new platform functionalities, enabling the system’s optimization to meet future challenges.

Convergence between business and IT

The primary challenge for this client was achieving a convergence between the business and IT sectors, aligning the insurance market’s specific needs with suitable technological solutions. The insurer required a deep understanding of the business sector’s strategic demands and needed to optimize the system with new modules and features to enhance the customer experience.

Assessment and enhancement

The first phase of this partnership involved a detailed analysis of the system and business requirements. Objective collaborated closely with relevant departments to understand and align all needs, resulting in the identification of 159 updates for the system. With a well-defined and stakeholder-approved scope, Objective executed a full development process encompassing critical modules, such as finance, accounting, commissions, product registration, underwriting, reporting, batch processing, audit trails, and access control.

Comprehensive updates were also implemented to consolidate operations of products like clubs and creditors into a unified platform. This transformation enabled the retirement of previous systems, integrating essential modules for registration, billing, collections, commissions, recovery, accounting, document handling, endorsements, and claims, as well as features for quoting, policy acceptance, and issuance.

An additional key initiative was the inclusion of payment options via credit card and PIX, addressing a market gap and providing greater flexibility for customers. Furthermore, reinsurance processes were enhanced with improvements in calculations, new reports, and better integration. Data migration to a single platform centralized all reinsurance operations, making management more efficient and integrated, while strengthening reliability and analytical capacity.

A successful strategic partnership

With a focus on aligning business demands with IT solutions, this partnership enabled the modernization of essential modules, retirement of legacy systems, and centralization of operations into a single platform. These improvements helped increase operational efficiency, reduce costs, enhance customer experience, and consequently strengthen business continuity.

The insurer not only met market expectations but also set the stage for sustainable growth. The collaboration with Objective reaffirms the importance of integrating technology with business strategy, ensuring robust results to face industry challenges.

Does your company face challenges in system upgrades and implementing new functionalities? Talk to our specialists to discover how to achieve greater efficiency and competitiveness through new technologies.