Insight article: Migration tool for factor IPM
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.
As part of Faktor Zehn's innovation offensive, our goal is to streamline these lengthy processes with an innovative migration tool for our existing system Faktor-IPM and to successfully complete implementation processes in less time.
Customer experience: Process of a classic migration project using the example of DEVK
In a classic migration project, contracts from the legacy portfolio are read and passed on to a migration program. The migration program is mainly responsible for the migration process. Simplified, the migration program must first read the provided contracts from the legacy portfolio and transfer them to the new insurance model. After a successfully generated insurance policy, this is written to the database.
An insight into a migration project at DEVK: In Release 1, it is planned to migrate all contracts of the home contents line of business from the old portfolio to the new Faktor-IPM portfolio system. Here we have built a migration program from scratch. A batch that reads all contracts from the legacy portfolio, in XML format. A migration service that is responsible for generating consistent contract data and writing it cleanly to the new database. And a mapping program that transfers the read legacy contracts into the new contract model. For Release 1, we needed 18 months to go live with the migration and migrate approximately 1,350,000 contracts to the new Faktor-IPM inventory system.
In the subsequent Release 2, for the casualty and liability lines of business, we were able to reuse a large part of the implementations from Release 1. Despite the two lines of business, we were able to save more than half the time in Release 2. Within 8 months, the accident and liability lines of business with a total of approx. 1,800,000 contracts were migrated to the new Faktor-IPM inventory system.
This shows that with an efficient migration tool, projects can be significantly shortened in their duration. This not only conserves internal resources, but also satisfies increased customer needs.
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. Based on the optimization of the migration process in the course of DEVK's migration project, the advantages for customers will be illustrated.
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 use in the project only the mapping of the fields from the old model to the new model has 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 to correct the contract in Faktor-IPM afterwards.
- If the generated payment contribution in Faktor-IPM does not match the payment contribution from the legacy data, this will be 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 variety of strategic benefits 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. Using the example of the DEVK migration process, it was possible to demonstrate the project-accelerating advantage of a migration tool. The end result is guaranteed, consistent contract data - in accordance with the new contract and product model.
Your Faktor Zehn team