Insurance carriers often perform data migration from one platform due to a multitude of reasons - upgrading a legacy system, mergers and acquisitions, etc. 

Insurance data migration comes with a lot of challenges due to differences in data models, syntax, and semantics between old and new applications, as well as the distribution of data among various applications with inadequate documentation. Moreover, the data conversion process usually runs parallel to implementing the new application, which implies that available resources are often insufficient.

To ensure successful insurance data migration, several key elements must be considered, starting with ensuring data quality, which is critical and should be regularly tested. Speed is also essential to realize cost benefits sooner by making the process more efficient and flexible, minimizing required effort.

Reusing the insurance data migration framework can be applied to other applications, reducing project costs. Testing and quality assurance are other critical factors and should be done numerous times to spot errors and detect early warnings of data quality issues. Automated tools that help automate the process bring significant advantages by reducing conversion time frames.

Clear objectives must be defined, data must be profiled, mapped, and designed, and data cleansing carried out to ensure that the insurance data migration process is successful. Data validation should be used to validate data accuracy and completeness. Testing and quality assurance must be carried out, users should be trained, and ongoing support provided. Risks must be identified and mitigated, project management planned, executed, and monitored, and progress communicated to stakeholders.

At KMG, we offer end-to-end insurance data migration solutions using established migration processes and sound technical advice. Our solutions will put your organization on the road to unlocking the hidden value in your enterprise legacy systems and ensure successful insurance data migration.