On April 25th, Lumera invited representatives from the Nordic Life and Pensions industry to join a webinar about how to succeed with data and system migration.
Jenny Dennemark from Lumera moderated the webinar with Monika Rappe, CIO at SPP, Jan Verlinden, Senior Director and Insurance Leader Belgium at Capgemini and Johan Fors, Solution Architect at Lumera, as they shared their experiences and recommendations around successful migrations, significant drivers and best practices, common pitfalls and challenges, as well as opportunities, which comes with a migration project.
Migrating legacy product portfolios and policies to a modern platform, designed for digital customer interactions and cost-efficient administration, is a complex and challenging exercise – but when done accurately, life insurance companies can significantly reduce their administration costs and improve customer service.
Key take aways
- “It’s not a sprint, it’s a marathon”.
- Testing is key – do it early, frequently and iteratively.
- Work as a team and understand the project as a team – communicate.
- Moving to a standard platform requires a changed mindset and changed processes throughout the organization.
- Using an industrialized approach to data migration will increase flexibility and reduce your complexity – do not try to reinvent the wheel.
- Make decisions based on the information available at the time – you will learn throughout the journey.
- Keep the right people. Loss of knowledge within the migration team can vastly affect the outcome later.
- To really succeed with migration – understand how the legacy systems work, and how they differ from the new system.
- Migration is a perfect learning opportunity. You can grow future generations with migrations.
- Plan for the unplannable.
- Have fun!