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

2. We’re amongst friends….

3. 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!!!!

4. 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!

5. 2. Somebody else’s platform was better for the specific needs of the client
Possible!

6. 3. We suggested that they were bonkers and that their strategy was doomed to failure and they didn’t like that!
High Likely!

7. 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. ”

8. 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)

9. How are recent re-platform projects going?

10. 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”

11. 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”

12. 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!]

13. “Project Cambridge” – delivered in 4 months
Customer
Intermediary
Admin / Super-users
Multiple channel access
Fully branded digital journey
Multiple Stakeholder access

14. 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

15. 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