In the course of the digital transformation, many insurers are faced with the implementation of new software solutions to make the insurance process efficient and modern. In addition to the successful implementation of the new software, it is essential, among other things, to migrate existing data securely and quickly into the new system. Not infrequently, this is a process that can take several months.
In the course of a current innovation project at Faktor Zehn, we have set ourselves the goal of making migration processes more efficient by introducing an innovative migration tool for our Faktor-IPM policy system. As a result, implementation processes can be completed significantly faster.
Our solution: A migration tool for Faktor-IPM
Customers who are already using Faktor-IPM or would like to use it will sooner or later be confronted with the migration issue.
The solution that is realized in the course of an innovation project is the migration tool. This is a project accelerator for migration projects that can migrate the contracts from the old portfolio to the new Faktor-IPM portfolio system. This is possible because with the deployment in the project, only the mapping of the fields from the old model to the new model needs to be implemented.
Actual and target state of the existing features
With the current state, the migration tool already offers the following features:
- The migration as such.
- A model and product validation according to the new insurance model.
- A dry run. This allows the migration to be carried out during the test phases without persisting.
- The documentation of business and technical errors.
- A pending function. Contracts that are not technically valid are put in suspense. Thus, the migration tool offers the possibility that the contract can be corrected in Faktor-IPM afterwards.
- Contribution comparison. If the generated payment contribution in Faktor-IPM does not match the payment contribution from the old portfolio, this is logged and displayed.
The development of the migration tool does not end here. New features will continue to be implemented:
- Logs: migration log, control totals log.
- The possibility to migrate multiple contract versions
- Individual disabling of model and product checks
- Contribution reconciliation procedure
Strategic advantages for customer needs
The use of an innovative migration tool creates a multitude of strategic advantages for customers, providing them with a migration and inventory system from a single source. In addition, projects can be shortened in their duration and thus brought to success more quickly – with less effort for the customer at the same time.
Your Faktor Zehn-Team