Legacy systems for Insurance
Imagine an insurance provider struggling with slow claims processing due to an aging COBOL-based system. After partnering with COBOLPRO , we optimized their legacy infrastructure, reducing processing times by 35% and enabling seamless integration with AI-driven underwriting tools—all without migrating to a new platform. The result? Faster claims adjudication, improved customer satisfaction, and zero downtime during peak periods like renewal seasons.
- Sector expertise
Policy Administration Systems (Legacy Systems for Core Operations)
Legacy systems handle essential functions such as policy issuance, premium calculations, and renewals. At COBOLPRO , we optimize these systems to reduce processing times, improve accuracy, and ensure compliance with industry-specific regulations like NAIC and GDPR.
Key Benefits:
- Streamline policy issuance and renewals using legacy system enhancements.
- Ensure compliance with NAIC standards through automated workflows.
- Improve customer satisfaction with faster response times.
Claims Processing Systems (Legacy Systems for Real-Time Adjudication)
Claims processing systems powered by COBOL manage high-volume transactions, including claims adjudication, settlements, and fraud detection. We enhance these systems to ensure real-time processing, integrate with modern analytics tools, and support predictive fraud detection—all within the framework of your existing COBOL infrastructure.
Key Benefits:
- Reduce claims processing times by up to 40% through system optimization.
- Enable predictive fraud detection using AI-driven analytics integrated with legacy systems.
- Ensure compliance with HIPAA and other data privacy regulations.
Actuarial Calculations and Risk Management (Legacy Systems for Complex Data Processing)
Legacy systems support actuarial analysis and risk assessment, handling complex calculations needed for premium pricing, underwriting, and risk profiling. We optimize batch processing capabilities to improve speed and accuracy, ensuring insurers can make data-driven decisions efficiently.
Key Benefits:
- Perform high-speed actuarial calculations for accurate premium pricing.
- Enhance risk profiling and underwriting processes with optimized legacy systems.
- Integrate with modern risk management platforms for advanced analytics.
Customer Data Management (Legacy Systems for Secure Record-Keeping)
Legacy systems enable insurers to securely store and manage vast amounts of customer data, ensuring accuracy and accessibility. We optimize these systems to improve data retrieval speeds, enhance security, and ensure compliance with data protection regulations like GDPR and HIPAA.
Key Benefits:
- Safeguard sensitive customer data with advanced encryption and access controls.
- Improve data retrieval speeds for faster customer service responses.
- Ensure compliance with data privacy regulations through automated workflows.
How we help
At COBOLPRO , we don’t just maintain legacy systems—we optimize them to meet the unique demands of insurance businesses. Here’s how we help
Migrating from legacy systems can result in significant downtime, impacting claims processing, customer service, and policy management. Using Debug & Sustain , we resolve bugs and performance bottlenecks in legacy systems, ensuring uninterrupted service delivery. For example, we’ve reduced claims processing delays by 35%, improving operational continuity during renewal seasons.
Insurance data is highly sensitive and must be protected during migration. Legacy systems offer robust security frameworks designed to safeguard policyholder information. Through Encapsulate & Integrate , we enhance legacy systems with advanced encryption, multi-layered access controls, and intrusion detection mechanisms, safeguarding sensitive data while ensuring compliance with HIPAA and GDPR standards.
Full-scale migration projects demand extensive financial and operational resources, including data validation, mapping, and comprehensive testing. Leveraging Optimize & Refactor , we pinpoint inefficiencies in the codebase, reducing resource consumption and lowering operational costs by up to 30%. One insurer saved $500,000 annually in mainframe MIPS costs while improving transaction speeds.
Manual reporting processes in legacy systems often lead to errors, increasing audit risks and potential fines under NAIC, HIPAA, and GDPR regulations. With Develop & Comply , we automate compliance workflows within legacy systems, eliminating manual errors and ensuring seamless alignment with industry standards. For instance, one insurer saved $750,000 in potential fines after automating HIPAA compliance audits.
Bridge your existing COBOL infrastructure with modern e-commerce platforms, mobile POS (mPOS) systems, and cloud-based ERP solutions to support unified commerce strategies and deliver a seamless customer journey.
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8 Benefits of COBOLpro
- Reduced Mainframe MIPS Costs by Up to 30%
- Zero Downtime for Claims Processing and Policy Renewals
- Enhanced Cybersecurity for Sensitive Policyholder Data
- Automated Compliance Reporting for NAIC, HIPAA, and GDPR
- Faster Claims Adjudication with Real-Time Processing
- Seamless Integration with AI-Driven Underwriting Tools
- Preserved Institutional Knowledge for Legacy Systems
- Scalable Performance for Growing Customer Bases
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The Ideal Partner for Insurance
- Deep Industry Expertise: With over 20 years of experience in insurance IT systems, we understand the nuances of policy administration, claims processing, and actuarial calculations—all rooted in legacy systems.
- Proven Track Record: Our team has successfully completed 120 projects focused on optimizing legacy systems for insurers, ensuring operational continuity and compliance while avoiding costly disruptions.
- Tailored Solutions: Unlike generic IT providers, we customize our services to address the unique challenges of insurance businesses, all within the context of legacy systems.
- Cost Efficiency Without Compromise: Migrating away from legacy systems can cost millions. We offer a cost-effective alternative by extending the life of your existing COBOL legacy infrastructure through optimization and modernization.
- Future-Ready Legacy Systems: We prepare your legacy systems for the future by integrating them with emerging technologies like AI-driven underwriting tools, cloud-based claims processing, and blockchain-enabled fraud detection—all without replacing the core infrastructure.
Ready to Optimize Your Retail & Wholesale Operations?
連絡先 COBOLPRO today for a free consultation and discover how we can help your business achieve operational excellence, enhance customer experiences, and drive sustainable growth.
