Digital technologies and efficient migration enable the digital transformation of the insurance industry
The insurance industry is in the midst of a disruptive phase. Especially in personal lines insurance, low interest rates and the digitalization process are leading insurers to reassess their best practices and solutions. The insurance industry needs a compelling service offering for its customers and is therefore pushing for new approaches. The prerequisite for business success is a modern and efficient IT environment and various digital technologies. But what are digital technologies and what role do they play in the digital transformation of the insurance industry?
In the article you will learn:
This is where we see a wide scope for implementation. Mergers and acquisitions in recent years have created a number of IT environments in insurance companies, all of which are run in parallel. It costs a lot of time and money because heterogeneous IT ties up valuable human resources – exactly the kind of professionals that are urgently needed to shape digital transformation and innovation in society. Last but not least, the interaction with customers can be often confusing, for example because of different page formats in correspondence, and sometimes they are not up-to-date anymore.
Consolidation and digital migration of IT environments and contract portfolios is therefore at the top of the list of necessary steps for many insurance companies. Insurers can only prepare for the digital future by migrating data to a modern IT system. Similar challenges must be technically mastered by an adept for the position of actuary – migration.
Digital migration makes the insurance industry leaner, more efficient and successful
Migration projects are often subject to all sorts of prejudices – they are too complex, carry significant risks and put innovation in society on hold for long periods (at least these are the most common concerns). However, they are not justified, because with the right migration strategy and an experienced partner, it is a challenge that can be very well managed.
Digital migration in the insurance industry also provides an opportunity to adapt business processes for migrating insurance portfolios to the new information and communication requirements of clients. Moving to a standardised modern platform not only contributes to more efficient processes in insurance companies, but also creates better customer relationships and provides more services in the digital world of insurance.
Digital migration allows data to be transferred to the target platform unnoticed
One of the prerequisites for a successful migration is, of course, an actuarial analysis in accordance with the regulations and its proper implementation with confirmation that all data has been fully and correctly transferred from the legacy systems to the target platform. Ideally, insurance customers will never know about the migration – except for new communication channels and improved services.
The perfect solution for the digital transformation of the insurance industry: msg.MigrationFactory
The perfect partner to meet this challenge is msg life. Over the past 15 years, we have successfully implemented more than 40 migration projects with more than 25 million contracts. As a result, msg life has a unique digital technology with experience and extensive know-how that meets the high actuarial and technical requirements for digital migration and guides the insurance company through the migration project efficiently, safely and reliably.
Digital technology and proven methods have been combined with sophisticated standard software solutions to create a migration solution offering that is unparalleled in the marketplace and that improves with every new project. The solution called msg.Migration Factory includes a proven and systematic approach to digital migration and is complemented by msg.Migration System, a turnkey migration tool that can be audited, and finally by msg.Migration Archive, an archiving and information system.
Our services also include complete planning and preparation of the migration, implementation of all actuarial, professional and technical tasks, as well as the migration itself, including testing procedures and approvals. Specialists from msg life support support and manage insurance companies throughout the migration project. Find out more about our company and our range of solutions for insurance providers in Europe.
If you have experience in the insurance market or in IT, check out our latest job offers and send us your CV.
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