Digital transformation in the insurance sector: Fincons' leading role
In over 40 years of experience, Fincons has gained significant expertise in the insurance sector, accompanying several companies on their digital transformation journey and offering support on core systems (non-life and life portfolios, claims, etc.) in addition to digital channels, portals for sales networks and intermediaries, process automation, data and analytics.
The recent growth of artificial intelligence has led Fincons to identify the need to grasp the potential of this tech innovation, coming up with real solutions for the insurance business, like automating claims and underwriting processes or making conversational interfaces for checking internal databases.
Insurance companies have long been expressing an urgent need to modernize their application portfolio, which is technologically obsolete. Thanks to the application of modern Generative AI technologies to modernize legacy applications, Fincons can offer a solution to automate and accelerate migration, making projects that would be unsustainable with traditional methodologies sustainable and cost-effective.
Fincons' approach to modernizing legacy applications using Generative AI
Many companies rely on legacy applications that are technologically outdated, even if functionally adequate, and are held back in their modernization efforts due to the time and cost constraints as well as risks. However, postponing the evolution of these systems is becoming increasingly problematic, as the internal know-how of people with expertise in outdated technologies is gradually being phased out as along with knowledge of the applications themselves.
Fincons has thus developed a modern and distinctive approach that allows businesses to leverage the potential of Generative AI to partially automate the migration of legacy applications to modern technologies.
This approach includes:
- Solid know-how concerning LLM models, GenAI tools, prompt engineering, legacy systems and target applications
- A proprietary engine that orchestrates, accelerates and automates the legacy application migration process using GenAI
- A standard methodology organized into structured phases covering the entire lifecycle of a migration project
Fincons‘ application migration engine: the cornerstone of successful modernization projects
Fincons’ engine is a key asset, both for orchestrating all the activities required to carry out migration and for managing the use of an extremely large number of prompts needed to analyze the source application, transform it, test it and evaluate the quality of the outputs generated.
This asset makes it possible to configure the prompts to be used on a case-by-case basis, the transformation pipelines and the processing results, enabling the creation of KPIs and reports to measure the performance achieved.
The tool is also equipped with two sets of connectors: one linked to customer artifact repositories to access the codes of the applications to be transformed, and another to any LLM tool, providing the flexibility to use different models depending on the tasks to be performed or customer preferences.
The key benefits of Fincons' approach: iterative improvement, measurability, evolutionary transformation and efficiency
The Fincons model offers four key advantages over a traditional approach, which involves manually rewriting code by large teams of developers:
- Iterative improvement: GenAI makes it possible to migrate entire portions of code, check the results, adapt configurations and reprocess the code several times in an iterative manner to achieve progressive and continuous improvements.
- Measurability: by setting appropriate prompts, it is possible to perform complex measurements, such as compliance with specific patterns during migration.
- Evolutionary transformation: migration carried out according to the approach proposed by Fincons goes beyond simple code translation, as it allows the application structure to be transformed into the desired target architecture in an organized and structured manner.
- Efficiency: semi-automatic migration allows for significant savings in project time and costs, making the investments required to modernize core applications for insurance companies sustainable.
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