Tips for successful data migration to Guidewire InsuranceSuite

Tips for successful data migration to Guidewire InsuranceSuite

Replacement through customized prepackaged products like Guidewire has been the preferred approach amongst insurers to transform their insurance applications and data. With re-platforming, there is a fundamental need for insurers to have continuous access to historical data to service policy holders. Actuaries will find it difficult to design new product offerings, if they do not have access to reliable historical data that reflects the company’s claims and underwriting experience. There is, thus, a demand for on-time, within budget and high-quality data delivery for any successful modernization program. Varied information related to partner, product, policy, billing, claims and agency, that needs to be migrated are spread across multiple, disparate systems; are large in volume and of poor quality / non-compliant, as it has been maintained inconsistently over the years. Added to this complexity, the source and target products may vary in terms of business rules, rating parameters and clauses etc. Owing to all these factors, insurance data conversion is often considered as a complex and challenging scenario, resulting in customers perceiving ~75% of migrations as failures. Keeping these factors in mind, Hexaware has built a solution accelerator iConvert+ that leverages metadata and automation to deliver error-free insurance data migration. The iConvert+ solution has been used with equal success in the migration of data from custom packages and bespoke policies and claims applications for Property & Casualty (P&C) to Guidewire suite of products.

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