Eoin Lyons Protect Association Golf Day [19 June 2018] Re-Platform? Re-think Eoin Lyons Protect Association Golf Day [19 June 2018]

We’re amongst friends….

We didn’t win!!!! Re-Platform? Re-think OPAL was recently asked to enter an RFP to re-platform a Mutual Society. We didn’t win!!!! http://www.opal-uk.com/

1. Our proposal / system is not good enough to support a small Mutual with a range of closed and open Protection and Investment products Unlikely! http://www.opal-uk.com/

2. Somebody else’s platform was better for the specific needs of the client Possible! http://www.opal-uk.com/

3. We suggested that they were bonkers and that their strategy was doomed to failure and they didn’t like that! High Likely! http://www.opal-uk.com/

When was the last time you heard this…? “Our re-platforming project has been a complete success, was completed on time and we managed to stick to the budget we set. ” http://www.opal-uk.com/

Re-platforming projects are high cost, high complexity and high risk Professional Advisor (27 Jul 2017): “Re-platforming – where did the millions go?” Aviva (£80m) Old Mutual (£450m) Alliance Trust Savings (“Undisclosed”) Funds Network (“Undisclosed”) Ascentric (£44m balance sheet impairment) http://www.opal-uk.com/

How are recent re-platform projects going? http://www.opal-uk.com/

Why do they fail? Processes Technology People It’s not just about… “Change” New vs Tried and tested Threat of “efficiency” Processes change organically Fill the time available They “work” http://www.opal-uk.com/

So what is the alternative approach? Need to launch new products Need to adapt and change products – “test & learn” Quickly! Need to make customer service better not worse “We need to re-Platform” Need to protect Brand identity Need to keep distribution channels happy Don’t “do a TSB” http://www.opal-uk.com/

Case Study: HSBC Life In 2017 HSBC decided to re-enter the Protection market, initially with a low cost, selective product distributed via intermediary, aggregator and Private Banking channels Objective Get to market quickly MVP – test and learn Connect to multiple 3rd party channels via API Test and learn and evolve Constraints Legacy systems = slow Legacy systems = un-connective Legacy systems = inflexible Resource allocation (18 months +) Solution Don’t mess with the legacy system! Innovate outside Manage brand and service reputation via SLAs [Choose OPAL!] http://www.opal-uk.com/

“Project Cambridge” – delivered in 4 months Customer Intermediary Admin / Super-users Multiple channel access Fully branded digital journey Multiple Stakeholder access http://www.opal-uk.com/

So what is the alternative approach? 1. Innovate & Grow New Platform 2. Migrate if easy 3. Leave well alone! CUSTOMERS 4. End point! Legacy Platform TIME http://www.opal-uk.com/

Advantages of this approach Lower complexity Focus on immediate needs for new product – migration secondary and flexible priority Modular approach using tried and tested technology – 15-20% of re-platforming costs Lower cost Lower staff disruption Existing products managed in existing environment – new products digitised greater self-serve Lower customer disruption Existing products managed in existing environment – new products digitised greater self-serve Lower Project Risk More manageable, “chunks” of development building towards a new “platform” over time http://www.opal-uk.com/