Data Migration for insurance and reinsurance
Today’s mergers, internationalization and statutory transparency regulations make it inevitable for insurance companies to consider standardized and innovative administration systems and product architectures.
The heterogeneity of IT systems, the availability and quality of master data is considered as one of the industry’s biggest challenges.
New challenges for the insurance industry
Historically evolved IT landscapes are heterogeneous, and can be characterized by various development stages, by distributed and different data warehouses or by interim solutions. When standardization and modernization of the systems is necessary, data migration is one of the most significant elements.
Due to increasing requirements, inventory, pricing and transaction data has to be migrated into the target system
- with excellent quality and consistency,
- in greater level of detail,
- without interrupting day to day business,
- in an audit-proof, comprehensible and automated performant manner.
Migrations should not be confused with full-scale reengineering. Hence we
- ensure feasibility,
- minimize risk and complexity,
- reduce the migration related expansion of the target system to the essential minimum and
- generate near-term economical benefits.
Consequently, successful data migrations are of capital importance in facing and overcoming new challenges.