Leadership Team
In this installment of our series on the Israeli Insurtech delegation attending the upcoming ITC Vegas convention in October 2024, we are thrilled to introduce our readers to the innovative companies reshaping the insurance landscape, continuing with OpenLegacy, and delve into the depth of their journeys, challenges, and cutting-edge technologies through in-depth interviews
Company Overview
– Can you briefly describe your company and its mission? And what inspired you to start this company?
OpenLegacy: OpenLegacy is a cloud-first and AI-based legacy systems integration and modernization platform provider. Our mission is to simplify and accelerate the cloud journey for enterprises with complex legacy systems, particularly in the insurance and financial services sectors. We were inspired to start this company by the recognition that there must be a better way to bridge old and new technologies; hence, it’s critical for businesses to integrate and modernize their core systems without disrupting their operations or incurring excessive costs and risks.
Product and Innovation
– What is your main product or service? And how does your product differentiate itself from existing solutions in the market?
– Can you share any unique features or innovations your product offers?
OpenLegacy: Our main product is the OpenLegacy Hub, a robust legacy integration and modernization platform designed to address the challenges of complexity, unique skills requirements, and mission-critical stability that core legacy systems (such as mainframes) present in the cloud journey. The OpenLegacy Hub delivers a fast, simple, risk-free way to generate, extend, and manage digital services from on-prem legacy and core systems to the cloud – making the AI and cloud journey not just possible but faster and more efficient than ever before.
For insurance companies, the OpenLegacy Hub offers unique capabilities to deliver digital insurance services quickly from legacy systems. This enables insurers to launch new products rapidly, utilize AI power, enhance customer experiences, and streamline core business processes by seamlessly integrating modern technologies with existing core systems.
One of our recent innovations is incorporating AI capabilities into our platform, which further enhances our ability to automate and streamline legacy system integration and modernization processes.
Market and Problem-Solving
– What specific problem are you addressing in the insurance industry?
– Who are your target customers, and how do you reach them?
– What is the market potential for your solution?
OpenLegacy: In the insurance industry, we’re specifically addressing the challenge of digital transformation in a highly regulated, data-intensive environment. Many insurers struggle to innovate quickly due to their reliance on legacy systems for critical functions like policy management and claims processing. Our solution allows them to unlock the value of these systems, enabling faster product development, improved customer service, and more efficient operations that are most secure and stable.
We’ve worked with leading global insurers, such as Legal and General, Liberty Mutual, MetLife, Resolution Life, AIG, and many more, to accelerate their modernization efforts. For example, one major insurance company used our platform to reduce its new policy entry process from four months to just five minutes. Another improved its claims processing efficiency by 40% and reduced payment time from days to minutes.
Business Challenges and Solutions
– What are the main challenges you have faced so far? And how have you overcome these challenges?
OpenLegacy: One of our main challenges has been educating the market about the possibility of modernizing legacy systems without full replacement. We’ve overcome this by demonstrating successful implementations with major global enterprises and by building strategic partnerships with leading technology providers such as AWS, Google, and Microsoft. As an example, we have achieved the AWS FIS Competency due to the demonstration of the achievements in the financial and insurance industries.
Current Status and Future Plans
– What is the current status of your business (e.g., development stage, revenue, user base)?
– What are your key milestones for the next 12 months?
– Do you have any upcoming product launches or major updates planned?
OpenLegacy: we has been around for over 10 years and has been helping its over 100 enterprise customers on their digital transformation, cloud and now AI journeys. While legacy modernization is and will always be our core mission, we do see AI and specifically LLMs as a revolutionary technology that will affect all organizations. We have already released productivity-enhancing AI features such as the ability to automatically generate integration business-logic, do field auto-mapping and add automated documentation, but we are also investing in making legacy systems data accessible for AI models in ways that will unlock even more value from decades of information gathered.
Goals for ITC Conference
– What are your primary objectives for attending the ITC conference?
– Are there specific partnerships or opportunities you are looking to explore?
OpenLegacy: At ITC, we’re particularly keen to educate how we can assist Insurers to maximize the power of AI with OpenLegacy. We’re exited to connect with insurance CIOs, Architects, VPs, and Directors grappling with legacy system modernization challenges. We aim to demonstrate how our platform can help insurers achieve quick wins in their digital transformation journey, such as creating new digital services for policy quotes or claims submission without overhauling their IT infrastructure.
We’ll be showcasing real-world examples of how our solution has helped insurers deliver real-time quotes, improve customer experience, and significantly reduce business process times for various insurance operations.
Team and Culture
– Can you introduce your founding team and their backgrounds?
– How does your team’s expertise contribute to your success?
– What is the company culture like at your startup?
OpenLegacy: Our team’s diverse and deep expertise is a cornerstone of OpenLegacy’s success. Each member of our leadership brings unique skills and experiences that perfectly align with the challenges of legacy system modernization in the insurance and financial services sectors.
Ron Rabinowitz, our CEO, brings over 15 years of global
Ron Rabinowitz
management experience from P&G, including expertise in technology startups, financing, and large-scale commercial transactions. This background is crucial for steering OpenLegacy’s strategic direction and managing our growth in a complex market.
Romi Stein
Romi Stein, our President and Co-Founder, leverages his 15 years of experience at IBM’s global headquarters to provide invaluable insights into legacy systems operations. His deep understanding of corporate IT landscapes helps us tailor our solutions to meet the real-world needs of large enterprises.
Roi Mor, our CTO and Co-Founder, brings over 15 years of hands-
Roi Mor
on experience in Java, web, mobile, cloud, cybersecurity, and legacy modernization. His technical leadership ensures that OpenLegacy remains at the cutting edge of microservices-based API integration and management.
Zeev Avidan, our Chief Product Officer, draws on his 25+ years of experience in IT solutions and consulting to align our product features with market needs. His background in enterprise IT departments and consulting services ensures that our
Zeev Avidan
platform addresses the practical challenges faced by our clients.
This combination of strategic business acumen, deep technical knowledge, and practical industry experience allows us to:
- Anticipate and address the complex challenges of legacy system modernization
- Develop innovative solutions that are both technically advanced and practical for real-world implementation
- Understand and meet the specific needs of large enterprises, particularly in the insurance and financial services sectors
- Navigate the rapidly evolving technology landscape while maintaining focus on our core mission
- Build trust with our clients through our demonstrated expertise and understanding of their challenges
In essence, our team’s collective expertise spans the entire spectrum of legacy modernization challenges – from technical implementation to strategic business transformation – allowing us to provide comprehensive, effective solutions to our clients.
Industry Insights and Trends
-What are the biggest trends or changes you see happening in the insurtech industry?
-How do you see the insurance landscape evolving in the next 5 years?
OpenLegacy: The Insurtech industry is experiencing several significant trends:
- Increased focus on customer experience: Insurers prioritize digital-first, personalized interactions to meet evolving customer expectations- OpenInsurace initiatives.
- AI and machine learning adoption: These technologies are being leveraged for more accurate underwriting, fraud detection, and claims processing. Our recent AI capabilities align with this trend, helping insurers automate more of their legacy system interactions.
- Ecosystem integration: Insurers are increasingly partnering with Insurtechs and other service providers to offer more comprehensive, innovative products.
- Cloud migration: There’s a growing shift towards cloud-based solutions for improved scalability and cost-efficiency. Our platform supports this trend by seamlessly integrating legacy systems and cloud environments.
- Data analytics: Insurers harness big data for better risk assessment and personalized pricing.
In the next 5 years, we anticipate the insurance landscape will become more technologically advanced and customer-centric. Legacy integration and modernization will be crucial as established insurers seek to compete with cloud and digital-native startups. We expect to see more hybrid cloud solutions, increased use of IoT for real-time risk assessment, the embodied use of AI for both improving productivity and customer experiences, and a greater emphasis on cybersecurity as digital transformation accelerates.
Unique Selling Proposition
-What is one thing you want potential customers or partners to remember about your company?OpenLegacy: The one thing we want potential customers or partners to remember about OpenLegacy is our ability to unlock the value of legacy systems quickly and safely, enabling rapid digital innovation without the need for risky, time-consuming, and expensive system overhauls. For insurance companies specifically, we offer a proven path in the cloud journey that respects the criticality of their core systems while enabling the agility needed to compete in today’s digital marketplace.
Our case studies demonstrate that we’ve helped major insurers reduce policy entry times from months to minutes, improve claims processing efficiency by up to 40%, and dramatically decrease time-to-market for new services. This track record of tangible results sets us apart in the industry.
