A UK-based international provider of market-leading insurance services wanted to split their single policy offerings into sub policies to facilitate and manage policy renewal for its customers. Data migration from legacy systems was essential to achieve this goal.
The key challenge in the program was the incomplete information in the legacy application which led to errors in calculating the total relationship value per customer.
Technical Challenges:
- Products mismatched while migrating from Legacy to Sequel Eclipse
- Difficulty in mapping Business specific fields
- Existence of multiple source systems and lack of visibility on legacy application data (Policy, Quote, Claims and Premium)
- Data quality issues, as data from multiple sources was out of sync
- Change in business rules for package policy split and premium calculation
Hexaware implemented its Insurance-specific data management platform(DMP) iCONVERT+ to carry out the data migration from the legacy systems to Sequel Eclipse.
Business Benefits:
- iCONVERT+ delivered 68% automation in the entire data migration effort, resulting in faster time-to-market due to reduction in overall implementation timeline
- Able to identify 33 source tables contributing to Sequel Eclipse migration from set of over 150 tables within one week using Data Profiler. These insights significantly reduced the SME time required for overall migration
- Customer consolidation helped the business to find total relationship value for each customer
- Effective management of policy renewals into individual policies retaining the benefits of packaged policies
