Industry Veteran Urges Companies to Rethink Legacy Systems and Invest in Scalable Transformation
HANOVER, NJ / ACCESS Newswire / July 29, 2025 / Siegfried Richter, a globally recognised transformation leader in insurance and retirement services, is urging businesses to modernise outdated operations and adopt data-driven, scalable systems. Drawing from more than 15 years of experience, including over $5.5 billion in transformation deals, Richter is advocating for a shift in how companies view cost reduction-not as a one-time initiative, but as a long-term, strategic capability.
"Efficiency is not about layoffs or cutting corners," said Richter. "It's about giving your teams the tools, systems, and processes they need to do more with less-without burning out or breaking down."
Richter's message comes at a time when many insurance and retirement service firms are feeling the pressure to adapt. According to Deloitte, nearly 68% of insurance executives say their organisations are accelerating digital transformation efforts due to rising costs and shifting customer expectations. However, only 38% feel their current infrastructure can support scalable growth.
"The real risk is not moving too fast-it's moving too slow while competitors retool around you," Richter added.
Advocating for Platform Consolidation and Global Collaboration
Richter, who has led transformation programs for Fortune 100 firms like Aetna, Prudential, and Liberty Mutual, emphasises the cost of clinging to legacy systems. In one case, he consolidated three outdated platforms into a modern operating system-an initiative that saved over $120 million annually.
"Legacy tech is like a leaky roof," said Richter. "You can patch it for a while, but eventually, the water damage wins. At some point, you need to rebuild the house."
Richter also advocates for global talent partnerships. He has built operational hubs in India and the Philippines, outsourcing more than 3,500 employees while maintaining service quality and reducing costs.
"Global doesn't mean impersonal," he explained. "It means smarter resource allocation. It means giving work to the team best equipped to handle it."
Why It Matters: The Cost of Inaction
According to McKinsey & Co., insurance and retirement service firms that fail to modernise risk losing up to 30% of their market share to more agile competitors over the next decade. Administrative expenses for traditional firms remain 2x higher than those for new entrants with streamlined operating models.
"Transformation isn't a trend-it's survival," said Richter. "But it has to be structured, measurable, and rooted in reality. Flashy tech isn't the answer-better processes are."
Richter also calls out the emotional cost of outdated systems. "I've seen teams who are overworked, frustrated, and buried in manual tasks," he said. "Freeing them up to focus on higher-value work is not just smart-it's humane."
A Call to Action: Start Small, Think Big
Richter is encouraging leaders across the insurance, finance, and retirement industries to take immediate steps within their own organisations. His advice?
Start with data: Use performance metrics to find inefficiencies.
Involve your team: Don't impose change-design it with the people doing the work.
Look beyond borders: Explore global talent models to increase flexibility and reduce cost.
Consolidate smartly: One strong platform beats three weak ones.
"You don't need a billion-dollar deal to make a billion-dollar impact," Richter said. "You need structure, buy-in, and the will to keep improving."
About Siegfried Richter
Siegfried Richter is an operations strategist with deep expertise in U.S. retirement services and insurance. As Head of Business Process Services for Wipro's Insurance & Retirement Services Practice, he has led deals totalling over $2 billion, saving clients hundreds of millions through platform redesign, global resourcing, and lean process optimisation. He has presented at Deutsche Bank's IT Strategy Symposium and is a published contributor in Insurance & Technology.
Learn More / Take Action
Executives, operators, and change leaders are invited to assess their current systems and begin exploring targeted improvements. According to Richter, "The first step is always clarity. The next step is commitment."
Read the full article here.
Email: siegfriedrichter@emaildn.com
SOURCE: Siegfried Richter
View the original press release on ACCESS Newswire