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

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

3. What is “legacy”?

4. What’s the problem?

5. What’s the problem?

6. What’s the problem?

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

8. 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”

9. So where is the oil?

10. 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!

11. (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

12. What impact will automation have?

13. A few thoughts

14. 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

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

16. Your vision – our system
Thank you!
Your vision – our system