Many Insurance organizations find themselves with a broad portfolio of applications that are not optimized for change, flexibility and leading business demands. With constant changes in client demographics and advent of newer ways of doing business, organizations have over the years added more applications to meet new functionalities. They are thus left with a large set of applications to manage their processes such as policy administration & management, claims management, regulatory compliance and premium processing, yet their true value is not realized. Maintaining this diverse application portfolio also eats into their IT budgets. Organizations should treat its ‘IT portfolio’ as any business should treat its important assets, investments and capital and also understand how to take actions to optimize performance and quickly meet changing business needs.
There is thus an urgent need for an application portfolio rationalization or platforming exercise to realize maximum return on your IT investments.
Virtusa’s APM approach
Our portfolio assessment approach to IT applications can help CIOs with rationalization and quality strategy and decisions. We extend our expertise to provide acontinuum of platforming services that match the platforming maturity level of our clients, harvesting existing IT assets and consolidating them into reusable components for accelerated business outcomes.
Our approach involves 3 key steps: