Believe it or not, Insurers across the globe are searching for solutions & answers to the following:
- Core Platforms that can support Digital Enablement – How to quickly replace legacy systems with more modern core platform solutions (Policy, Claims & Billing) – Insurance New Product introductions in new markets/channels for revenue growth with lower expense ratios
- Digital Enablement of Agents/Brokers/Consumer interactions – Modern Self Service portals through choice of their devices
- Data & Analytics – How to make investments in data platforms that can create Prescriptive and Predictive analytics with good ROI
- Cloud Enablement – Micro Services and Cloud enablement of applications
- Insurance Innovation – How to foster a culture of Innovation by disrupting the traditional processes using AI and Cognitive Analytics
As more focus shifts to modernizing new platform solutions and leaner approaches, product managers are leading the way. They help create an implementation strategy to migrate from older systems to new innovative product solutions. Rajesh Kakaraparthi has been working in these roles for over ten years, giving him a unique perspective on technology's evolution over the last decade.
Through work experience across many different industries, Rajesh has become an expert in quickly replacing legacy systems with more modern core platform solutions (Policy, Claims & Billing) – Insurance New Product introductions in new markets/channels for revenue growth with lower expense ratios, data migration methodology, on-prem infrastructure solutions, multi-cloud and hybrid cloud solutions and more.
As a Product Manager, Rajesh acts largely as an advisor, assisting his clients and employers in the design and building process of complex technical architecture. He focuses on using high-end implementation strategy, hybrid and multi-cloud platforms, virtualization, and hyper-converged solutions that can change the landscape of migrating their legacy system to a new product system. Many technological advancements and assessment tools, such as artificial intelligence, automation, data, and sizing analysis, need to have updated data systems to be optimized. As organizations aim for Core Platforms that can support Digital Enablement, better data reliability, availability, and capabilities, the Product Manager plays the key role.
Rajesh has served customers that offered services in personal and commercial insurance, and even software. Sometimes, these projects take place within a single country, and other times, Rajesh supports massive multinational transformation for his largest clients.
At an insurance company, the priority was modernizing the legacy systems to new technology product systems and bringing them into the 21st century. The company wanted IT to have a faster response while also modernizing the legacy system and lowering company costs through migration and maintenance costs. Rajesh proposed the consolidation of the organization's six legacy systems into one new product solution. His efforts saved his client $5 million per year in system maintenance and reduced the need for maintaining the data center, saving another $500,000 each year. Rajesh proposed the customized data migration methodology, strategy, and techniques to migrate legacy system data to the new data center without impacting the critical production environment. He also ensured customer deadlines were met, freeing up data center space and saving millions of dollars.
Today, Rajesh works as a Product Manager at Travelers, where he advances insurance product solutions, works with clients to achieve their goals, and refines Travelers' insurance practice as needed. Product Managers are often looked at as purely technical resources, and while the role requires a large technical skill set, Rajesh is evidence that product managers do so much more. They are business consultants who help bring organizational goals to life using technology. In today's landscape, organizations will need to adopt cutting-edge technologies and tools, but the right infrastructure has to be in place before creative and innovative solutions can be brought to life.
Rajesh loves being able to take ideas from nothing to major, transformational projects. Working with technical and non-technical business partners, he is tasked with simplifying technical processes to help organizations understand exactly what the new system transformation looks like. Rajesh has a long-running history of delivering astounding results, and he is ever-committed to becoming better professionally and personally, and his work is evidence of that.
