Digital adoption in India has become increasingly imperative for insurance companies, as indicated by the growth rate of nearly 8.4% p.a. between 2008 and 2023E, outpacing the global growth rate of 2.4%, according to a Nasscom ICICI Lombard report released in November 2023. Certain services like policy search, selection, and purchase have witnessed high digital adoption in the Indian insurance sector, driven by factors such as simplified comprehension, comparison, and round-the-clock access. 

Financial Services Leader with Massive Customer Base 

The prominent financial services provider in the Indian private sector offers a wide range of solutions spanning life, wealth, savings, and retirement insurance to suit various requirements. Corporate Social Responsibility (CSR) is a core purpose defined by this well-established business. 

With a customer base exceeding 78,000 families across 400+ branches in India, this leading financial player needs to rely on an agile, scalable, and resilient infrastructure to handle rapid growth, new features, digital services, and massive data volumes. Operational efficiency, data insights, faster innovation, regulatory compliance, customer retention, and risk management are other key factors driving the need for transformation. 

Accelerating Meaningful Digital Transformation for the large Financial Services Provider 

This customer was looking to modernize their legacy infrastructure, including operating systems, address security vulnerabilities, and enhance performance. 

Microsoft had previously enabled collaboration with Noventiq to help the prominent financial services provider with data transformation. Phase 1 ended with the Noventiq team assisting in migrating 40-50 TB of data on Oracle and SQL Databases to Azure. 

Based on their high-quality customer service experience with Noventiq and technology expertise, the insurance provider decided to collaborate with Noventiq to migrate their legacy infrastructure to Azure in phase 2 as well. 

Defining Key Goals & Objectives 

Strategic Support: Aligning Solutions with Client Needs 

Beginning with Discovery and Assessment, Noventiq assisted the prominent financial services group with building Enterprise Landing Zone and Architecture on Azure. We utilized the Azure Migrate service as a centralized platform to initiate, execute, and monitor our migration journey. This enabled us to explore our on-premises environment, map dependencies, evaluate readiness, and estimate costs. Additionally, we employed the Azure Site Recovery service tool to migrate servers to Azure. The database underwent modernization, transitioning from an Infrastructure-as-a-Service (IaaS) setup to a Platform-as-a-Service (PaaS) platform service, specifically migrating from an on-premises SQL server to an Azure SQL Managed Database. For Greenfield deployments, we capitalized on native Azure services to efficiently create and manage resources. 

By employing the Jira project tool for project planning and adhering to Agile methodology, Noventiq could consistently maintain agility throughout the project. This helped streamline the process of efficient planning, execution, and the automated sharing of status updates in an agile fashion. 

Noventiq's approach to overcoming challenges and finding solutions 

Collecting information from various stakeholders and the Apps team was at first a huge challenge. We addressed this by organizing weekly sessions with senior management, expediting the information-gathering process. 

Application performance required improvement, and this was successfully resolved through thorough troubleshooting and workarounds to meet the required performance standards. 

Additionally, we increased the number of resources and enhanced communication and collaboration to address client concerns. 

Robust Microsoft Support for Customer Success 

While Noventiq worked with the customer to understand their needs and come up with relevant solutions, constant and strong support from Microsoft ensured a smooth and stress-free experience for the client. Partner support helped us speed up strategy and deployment while enabling close alignment of business goals and outcomes for the customer. 

Impactful Outcomes for the Leading Financial Services Client