Business Value from IT

Business Value from IT

One Family – IT Strategy to Support Digital Transformation

OneFamily was created in April 2015 as result of a merger between Family Investments and Engage.  Onefamily is one of the UK’s largest mutuals with over two million members, managing around £6 billion of family money, focussing on savings and investment products that support families during life’s pivotal moments.

The Challenge

One Family has strategic ambitions to move into the FTSE 100. Like other established financial institutions it continues to evolve its value proposition, remain relevant and appeal to an increasingly technology savvy clientele.  New entrants exploiting disruptive technologies and increasingly complex compliance alignment are growing threats to One Family’s strategy therefore the CIO and executive board decided to embark on a transformational Digital programme. This needed to be built upon a unified, single view of their client data, new ways of working and a compelling customer experience. When successfully combined One Family will offer a wider range of value adding financial products and services to clients.

One Family commissioned Virtrium to produce a reference architecture and IT Strategy that would help the company meet its strategic goals through merging new business capabilities into a new operating model. Virtrium helped to develop the monetisation of One Family’s valuable business data and ensure that it could meet its architectural commitments to Solvency II.

Virtrium’s Approach

Virtrium conducted an audit of all the insurance policy systems managed by the business and assessed the legacy infrastructure’s fitness for purpose.  It was realised the key asset for One Family was the latent value locked in its large proprietary data sets. Analysis also concluded that the legacy IT capability would need radical re-engineering. The Virtrium team worked closely with the new CIO and recommended a service orientated architecture, binding disparate services. This was based on an enterprise service bus model using re-configured “Off the Shelf” products, cloud based applications using API integration.

The Outcomes

Virtrium and the One Family project team helped the CIO deliver a comprehensive Digital transformation strategy and roadmap that gained immediate top level buy in and financial commitment from both the Chairman and CEO. The outputs included:

  • An IT strategy identifying data is the key asset.
  • A roadmap with expected benefits articulating cost profiles across 3 transformation options
  • A blueprint reference architecture
  • Provided a governance model to help IT to work with the rest of the business.

"Virtrium was able to articulate our IT Strategy in clear business terms giving us excellent buy in from our Executive."

Ian Baxter – IT Director

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