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Reasons for data migration vary but common drivers in the insurance sector include system, modernisation, implementation of new applications and system consolidation following mergers and acquisitions. A big bang data migration approach is not always the best strategy, instead for different business reasons its better for migrations to be phased i.e. by a line of business, date range or branch.
With personal lines, for instance, it's less complex if policies are migrated on renewal. When EDI policies are migrated during a policy term the EDI count for each policy must be kept intact, this is possible but it can be a challenge depending on which systems you're migrating to and from. To avoid the issues brokers often have to manual re-key EDI policies. This is labour intensive and increases the potential of issues with data quality, auditability and GDPR compliance.
The “On Demand Data Migration Solution” (ODMS) gives brokers/insurers the ability to incrementally stage a data migration themselves, typically on a weekly or monthly basis ahead of renewal.
Once set-up for the source and target systems concerned, the ODMS fully migrates all clients, policies and risks for any line of business ensuring data quality and a clear audit trail. It is particularly ideal for Personal Lines with Open Market EDI schemes but can be used for any line of business.
Once configured the ODMS executes migrations on an on-demand basis simply choose from / to dates or select the policies you wish to migrate. Migrating on a weekly or monthly basis ahead of renewal allows the user to renew each policy onto the target system. The framework can easily be configured to migrate any line of business and from and to different system combinations.
With no need to manually input each policy or incur the expenses, inconveniences or the risks of user errors.
There is an initial setup cost followed by a monthly license fee for the period of use, which includes full support.
By migrating on-renewal you avoid the challenges with migrating EDI policies during the policy term and the need for a manual re-key.
The ODMS uses the latest Microsoft technologies, which can sit on your architecture or a secure Azure Cloud. Unlike other migration tools the ODMS was built from the ground up to move insurance data between insurance systems, fully migrating all clients, policies and risk information for any line of business direct to the target system or as XML.
The ODMS has an intuitive web interface which walks the user through the migration process step by step. Simply select the policy or date range to be migrated and the solution takes care of the rest automatically.
Secure user authentication and minimal data held within the solution prevents the risk of a data breach.
The ODMS checks against valid ABI codes and wider data quality issues before submission.
Reconciliation checks compare against renewals list ensuring all policies have been migrated to prove the process.
Dashboards show details of all migration runs, which you can drill down into and see exactly what was migrated in each run providing a full audit trail and supporting GDPR requirements. Basic policy data from each migration run can be exported from the solution into MS Excel.
The solution is full functional and has successfully migrated all clients, policies, and risk details for motor household from Electa M3 to Open GI for Complete Cover Group.
To arrange a demonstration of the On Demand Data Migration Solution and discuss your specific requirements