Modernisation of policy and claims administrations systems is a top priority for insurers today. The main drivers for these transformation programs are the need to improve operational efficiency, to lower maintenance costs and to fulfil growing customer expectations. Research conducted by a leading analyst in 2014 showed that 75% of insurers had modernisation as one of their main goals in the coming years. However, the biggest worry for carriers is the risk of a failed Insurance data migration.
Typical barriers underlying failed migrations include: prolonged execution time windows; overcoming inconsistencies in legacy insurance data; failing to satisfy requirements of new systems and failing to satisfy regulatory requirements and auditor requirements.
This whitepaper focuses on how insurers can leverage automated migration technology to overcome migration barriers and ensure a smooth transition to a modernised system.