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By John A. Koepke Senior Executive, Financial Services – Insurance for Accenture

Change is everywhere in the insurance industry. In today’s highly competitive environment, it would be hard to identify a major carrier that is not undertaking a major initiative of some type: Acquiring another company, replacing legacy systems, or outsourcing one or more major business processes.

One of the most challenging aspects of such large-scale change is the smooth migration of massive quantities of data from one platform to another. Despite the vital importance of fast, trouble-free migration, however, carriers tend to see migration as a cost with few benefits. In reality, data migration is a high-risk, high-reward endeavor. Successful data migration is an essential part of the overall success of any transformation effort; conversely, problems in data migration can have a negative effect on almost every aspect of the business, including premium levels and customer retention.

In the current environment, “smooth” means not only trouble-free, but also fast, repeatable, traceable, and with high quality. Accelerating migration can enable carriers to realize benefits sooner, improving the return on the company’s investment in technology.

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