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Fulcrum transforms the way you think about legacy systems
- Unpackages legacy data for ready access
- Recreates and validates product and processing logic
How Fulcrum can help insurers
Fulcrum offers solutions across many areas of insurance including data management, new product development, policy compliance, platform migrations, portfolio compression, hedging and analytics. Our set of proprietary tools combined with Oliver Wyman product and industry expertise allows clients to rapidly standardize policy system data, validate processing logic and policy values.
Fulcrum is Oliver Wyman’s proprietary platform where strategy and execution meet.
Fulcrum for Section 7702
We can help your organization with Section 7702 compliance, both with implementation of the new changes as well as going forward. Our Section 7702 module reviews every policy and provides an independent calculation replication. This can be coupled with Oliver Wyman’s actuarial expertise to provide insurers with ongoing compliance assessment and review. More on Section 7702 can be found here.
Fulcrum very quickly provides transparency around data and processing logic on legacy platforms.Randy Epright, EVP and CIO, Athene Holding Ltd.
Strategic questions addressed by Fulcrum:
Is your organization struggling with:
Fulcrum overview
Fulcrum is a revolutionary platform that takes a product-centric approach to unpackaging legacy data to enable the recreation and validation of product and processing logic. Fulcrum leverages a modular, scalable design that allows for rapid implementation and validation across a wide range of client products.
Fulcrum’s success is based on the following capabilities:
- Differentiated: Built upon Oliver Wyman’s deep insurance and technology expertise
- Scalable: Initially focused on PAS migrations; evolved into a scalable platform to address multiple products and use cases
- Proven: Implemented across multiple carriers, with numerous repeat clients / projects
- Global: Active discussions to address legacy challenges globally
- Modern: Built on advanced technologies, including Python, SQL and Machine Learning algorithms
Fulcrum was purpose-built to support legacy transformation. Over time, Fulcrum has been successfully leveraged for a broad range of use cases across multiple products. These include data transformation, in-force compliance, legacy migration, new product testing and vendor assessment.
Fulcrum use cases
Fulcrum components
*Client data inputs
Fulcrum leverages a radically different approach to resolving the legacy transformation challenge. Fulcrum has four key components as described below. These include
Data Web
We leverage proprietary smart search algorithms to search and source the critical fields required to define the product and develop a standard data layer (SDL), which provides a clean set of data to drive downstream activities. This approach vastly reduces the time and effort required for data transformation
CAVE (Configuration and validation engine)
Instead of reverse engineering legacy systems, we leverage CAVE to configure product features and processing logic to project key values over time that are compared to legacy system values in order to identify and resolve any issues related to legacy coding errors. CAVE is modular and has a flexible design where modules can be easily configured and customized for the most complex products, client needs, remediation parameters and migration requirements. CAVE enables end to end data and product logic validation, error capture and remediation to enable accelerated migration/validation efforts.
Standardized output
The Fulcrum platform produces an output sufficiently standardized to migrate to a new system or to perform product testing or compliance. The output includes the standardized data layer, product configuration logic documentation, a list of validated policies and associated legacy system errors. Finally, Fulcrum validates the new policy admin implementation to ensure a successful migration. Oliver Wyman is in discussions with many of the future state policy administration systems providers on how to seamlessly link Fulcrum results to our clients’ chosen future state systems
Fulcrum case studies
Fulcrum has demonstrated successful application across multiple use cases for leading Life and Retirement companies, with multiple clients who can provide vocal testimonial to the value it brings to their legacy transformation journey. The case studies highlighted below illustrate Fulcrum’s capabilities for legacy migration and in-force compliance.
Engaging with Oliver Wyman
For interested clients, the practical first step is to engage with the Fulcrum team to understand the platform. We work with our clients to develop a low-risk, time-boxed Proof of Concept (POC), centered around clients’ most critical challenges, to demonstrate Fulcrum’s capabilities. Conveniently, Fulcrum requires minimal onsite presence or client resources. Successful POCs tend to naturally extend toward long-term partnerships where we support our clients on their legacy transformation journey.
Through Fulcrum and our industry expertise, Oliver Wyman is proud to be supporting clients in reinventing their legacy technology paradigm and in enhancing their digital, operational, fiscal and market capabilities.
Key contacts
