Minimize Risk, Cost, and Time Overages by Modernizing Your Insurance Applications
Amid considerable competition and increasing demands to raise business productivity, insurance companies today face mounting pressure to improve their services to policyholders and intermediaries. These challenges have raised the need to modernize legacy underwriting, policy management, claims processing, and other business applications core to the industry.
Replacing these systems is a massive undertaking. Insurance application modernization investments require experienced people, proven processes, and leading-edge technology to ensure that these projects are delivered on time, avoid cost overages, and ultimately meet business requirements. But in reality, projects frequently run over schedule and budget or fall short on promised deliverables. These failures are often due to:
- Improper migration of reference and transaction data from legacy sources into a new target system
- Data quality errors from existing systems, causing delays in insurance application modernization delivery timeframes and lowering the business value of new systems
- Invalid test data and exposure to data breaches from unmasked data, causing delays in development and testing
- Inadequate archiving strategies and technologies, causing delays in legacy system retirement and decommissioning
The Informatica Solution for Insurance Application Modernization
The Informatica solution for insurance application modernization accelerates the deployment of new insurance applications, maximizing your investments in new technology. It achieves this by leveraging industry-proven data integration, data migration, data quality, test data management, and data archiving software for insurance application modernization projects.
With this insurance application modernization solution, you can:
- Lower costs of design, development, testing, and data validation
- Ensure timely deployment of new applications
- Expedite development and testing by procuring usable test data from production systems
- Avoid costly fines by protecting against data breaches
- Increase efficiency by retiring applications, while making legacy data available to the business for audit and regulatory purposes
Key Capabilities of Insurance Application Modernization
The Informatica solution for insurance application modernization directly addresses the challenges insurance organizations face when replacing legacy underwriting, claims, and policy management in today’s insurance industry. Unlike hand coding or use of open source or other point software tools, the Informatica insurance application modernization solution provides a comprehensive set of capabilities to support all phases of these complex projects. It helps to avoid cost overages caused by manual processes and ensures the timely deployment of new applications and retirement of legacy systems.
Based on a single, comprehensive platform, the Informatica solution for insurance application modernization features the following capabilities:
- Enterprise data integration including adapters for sourcing required data from any platform, database, structure, or format to ensure proper, timely, and accurate data migration and synchronization among legacy and new systems
- Scalable and secure test data management to efficiently procure subsets of data from source systems, while protecting sensitive information from security breaches during testing and development
- Data quality management and governance to profile, discover, cleanse, report, monitor, and correct data quality issues, ensuring that data is fit for use in your new insurance systems and applications. Data validation to ensure that data migrated from legacy systems into new underwriting, claims, billing, and policy management systems is valid and based on business requirements
- Data archiving to retain legacy data for satisfying ongoing compliance needs, while ensuring timely retirement of insurance applications and systems