Legacy Modernisation for UK InsurTech — FCA ICOBS Built In
ClickMasters provides Legacy Modernisation for UK InsurTech businesses with FCA ICOBS, FCA Consumer Duty compliance from Sprint 1.
Key Highlights
Compliance
+2 more standards
Pricing
Legacy Modernisation for InsurTech — UK Specifics
UK Insurance Legacy Platform Landscape
Common UK InsurTech legacy platforms requiring modernisation: (1) Guidewire PolicyCenter (on-premises deployments — migration to Guidewire Cloud), (2) ISCS (Insurance Software and Consulting Services — legacy UK MGA platform), (3) Applied Epic (broker management system — integration APIs for digital quoting), (4) in-house COBOL/Java policy administration systems (UK Lloyd's Market legacy — 1980s–2000s builds), (5) Duck Creek (US-origin, UK deployments). Key driver: FCA Consumer Duty (PS22/9) requires all customer-facing journeys to be fair, clear, and not misleading — legacy systems often have confusing UX that fails Consumer Duty assessment.
FCA Consumer Duty Legacy Assessment
FCA Consumer Duty PS22/9 requires insurers to assess whether legacy systems produce fair customer outcomes. Legacy Consumer Duty failure modes: (1) renewal pricing — legacy systems that increase premium at renewal without fair pricing justification (FCA PS21/11 renewal pricing rules), (2) claims journey — legacy claims portals that make claiming harder than it should be (Consumer Duty consumer support outcome), (3) cancellation — legacy systems that charge excessive cancellation fees or make cancellation difficult (Consumer Duty — cancellation must be no harder than purchase), (4) product information — legacy systems that display unclear product information (Consumer Duty consumer understanding outcome). ClickMasters legacy assessment: audits legacy InsurTech UX journeys against Consumer Duty outcomes before modernisation scope is agreed.
Lloyd's Market Legacy Modernisation
Lloyd's of London digital transformation: Lloyd's Blueprint Two programme — Core Data Record (CDR) mandatory for all new business. Legacy Lloyd's systems: ACORD (Association for Cooperative Operations Research and Development) messaging (ACORD 2.x → ACORD 3.x migration), IMR (Insurers' Market Repository), and LBS (Lloyd's Back-office Settlement). CDR migration: (1) ACORD 3.x structured data adoption, (2) risk code harmonisation (LOB codes → CDR taxonomy), (3) Lloyd's API connectivity (Lloyd's Atlas API — policy submission via API, not PDF). ClickMasters CDR migration: 28 CDR test scenarios (Lloyd's CDR sandbox) all passed before production submission.
Claims Automation in Legacy Modernisation
InsurTech claims automation replacing legacy manual processes: (1) FNOL (First Notice of Loss) digital — customer submits claim via web/app (not phone), (2) claims triage (AI categorisation — straightforward vs complex, fast-track vs standard), (3) third-party data enrichment (vehicle claims: DVLA registration lookup, MIAFTR (Motor Insurers Anti-Fraud and Theft Register), MID (Motor Insurance Database)), (4) payment automation (Stripe or GoCardless — claims settlement payment within 24 hours for straightforward claims), (5) subrogation (recovery from liable third party — automated identification and notification workflow). FCA Consumer Duty: straightforward claims paid within 24 hours (Consumer Duty consumer support outcome).
Compliance
FCA ICOBS
FCA Consumer Duty
PCI-DSS SAQ-A
UK GDPR
Cyber Essentials Plus
AML MLRs 2017
Compliance & Regulations
Every solution we build for this industry is designed to meet the following regulatory and standards requirements.
FCA ICOBS
FCA Consumer Duty
PCI-DSS SAQ-A
UK GDPR
Cyber Essentials Plus
AML MLRs 2017
Investment Options
Flexible engagement models tailored to your insurtech project requirements.
£30,000–£150,000
Full engagement
- Industry-specific approach
- UK GDPR compliant
- Dedicated technical lead
£3,500–£8,000
Scoping
- Industry-specific approach
- UK GDPR compliant
- Dedicated technical lead
from £2,000/mo
Ongoing support
- Industry-specific approach
- UK GDPR compliant
- Dedicated technical lead
What Our Clients Say
Success stories from clients in insurtech industry.
“ClickMasters transformed our digital infrastructure. Their understanding of UK fintech regulations saved us months of compliance work.”
Sarah Mitchell
CTO, FinTech Solutions Ltd
“The team's expertise in NHS integrations and DTAC compliance was invaluable. They delivered on time and within budget.”
Dr. James Cooper
Medical Director, HealthFirst UK
“Their grasp of FCA requirements and insurance sector nuances helped us launch our platform 40% faster than expected.”
Michael Brooks
CEO, InsureTech Pro
Frequently Asked Questions
Common questions about insurtech software development.
How long does InsurTech legacy modernisation take?
InsurTech legacy modernisation timelines: (1) Consumer Duty UX remediation (legacy portal Consumer Duty compliance fixes — new renewal journey, simpler cancellation): 8–14 weeks. (2) Legacy policy administration system API wrapping (REST API layer over COBOL/legacy system — modern digital frontend consuming legacy backend): 12–20 weeks. (3) Full Guidewire PolicyCenter on-prem to Guidewire Cloud migration: 24–48 weeks (large programme — ClickMasters supports API layer and digital channel, not core Guidewire implementation). (4) New cloud-native policy administration system replacing legacy: 32–60 weeks. ClickMasters recommendation: start with Consumer Duty remediation (fastest ROI, regulatory deadline driven) before full platform migration.
What is CDR and why does it require legacy modernisation?
Lloyd's CDR (Core Data Record): Lloyd's Blueprint Two programme — all Lloyd's business must be submitted as structured digital data (CDR) rather than PDF documents. CDR mandatory from 2024 for new business. Legacy impact: (1) in-house ACORD 1.x/2.x systems cannot generate CDR-compliant ACORD 3.x structured data without significant engineering, (2) spreadsheet-based risk submission (common in Lloyd's coverholders) must be replaced with CDR API integration, (3) 28 CDR test scenarios in Lloyd's CDR sandbox must all pass before production. ClickMasters CDR timeline: 8–14 weeks for a coverholder or MGA with existing digital data to achieve CDR compliance — longer for paper-based processes requiring digitisation first.
Related insurtech Services
InsurTech Software Development UK — Specialist Builds for UK InsurTech Businesses
Custom Software Development for UK InsurTech Companies — FCA Built In
Mobile App Development for UK InsurTech — FCA Built In
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