Key Drivers for Insurance Policy Administration Data Migration 

There are numerous key drivers for updating PAS / Underwriting systems in the insurance sector. Options range from simply upgrading to a newer version of your existing vendors application, to moving to an entirely new vendor altogether.

• Modern applications offer far greater functionality in streamlining workflows, improving the customer experience and providing capabilities for business growth. Much more interaction directly with the consumer is occurring with distribution and communication channels constantly evolving even in the commercial lines arena. 
• Many of our clients are choosing to migrate just certain lines of business to expand into e-trading channels and other distribution models. Others are migrating because product development is easier in new systems. Sometimes this is the only option to gain the agility required to quickly respond to changing market conditions.
• With the new GDPR regulations which come into effect in 2018, there is growing urgency to reduce the complexity of data across multiple systems and have a single client view.
• Frequent Mergers and Acquisitions in the Insurance industry, means many IT leaders manage a complex landscape of legacy systems that could be simplified through data consolidation and decommissioning projects i.e. for books of business on aging software with key man dependencies and high maintenance costs.

We have consolidated numerous systems for a leading insurer whom we have now been a trusted supplier for more than 10 years. By consolidating, decommissioning and thereby supporting fewer systems, they have been able to improve operational processes, regulatory reporting and cost structures. We have also supported a good number of broker clients in migrating data when businesses or books of business have been acquired and when another system is better suited for specialist or niche lines of business.

If your company is thinking of changing their policy admin system are your reasons different to the above? – please contribute to the discussion

Our Insurance Data Migration team are specialists in the conversion and consolidation of insurance data in the General Insurance Market. With more than 30 years’ experience in the migration of insurance systems we deliver full end to end enterprise migrations or just partial books of business. Covering risk details, financials and EDI for personnel lines to extraction of client, policy and documents. Our clients include insurers, MGA’s, brokers and software vendors.

Speak to a data migration expert today - we are able to give knowledge and ensure you get the best data migration outcome. Talk to us today on 01245 608253 www.insurancedatamigrations.co.uk

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