Protect Association [20th March 2019] FINDING OIL IN LEGACY Eoin Lyons

“In times of rapid change, experience could be your worst enemy” (John Paul Getty)

What is “legacy”?

What’s the problem?

What’s the problem?

What’s the problem?

What’s the problem? Source: “Modernising legacy systems in insurance” [Protiviti 2016]

Case study: What have I missed? Took out protection with his bank in 2001 Since then he has moved house twice, re-mortgaged several times, had half a dozen jobs, been self-employed, got married and had 2 kids, and has developed expensive middle class habits Only interaction is annual statement in the post Offered a phone number or an address to write to (not a joke) His policy is on a legacy system (we know – they’re a client) The bank has missed a dozen or more “moments of truth”

So where is the oil?

How are people trying to solve the problem? ❹ Leave alone A potential solution to Legacy issues is to take a flexible approach: Launch new products in more appropriate and flexible ring- fenced environments Migrate simple, lower risk back books Add digital functionality into Legacy products via API Leave complex declining books well alone!

(3) Legacy Link: Enabling Digital Functionality Improved Functionality Enhanced flexibility Cost out Digital “Halo” Outsource Admin IFA Portal Conduct Risk / TCF Customer Self Serve Payment holidays Single Customer View Interface Legacy Link Environment OPAL Legacy Layer Marketing Database Data Warehouse Product CRM Client Environment

What impact will automation have?

A few thoughts

What could it mean for Matt? Online portal to self-serve his policy? No paper (unless he wants it)? Webchat? Join up his banking data and identify his protection needs “People who bought this also were interested in this” Able to act and create value at moments of truth ….. Amazon don’t have the data or insight your bank has (yet) ….. And the regulator will be happy with better engagement

“If it ain’t broke – don’t break it” (Charles Oakley)

Your vision – our system Thank you! www.opal-is.com Your vision – our system