Increase Your Operational Efficiency
Mergers, acquisitions and consolidation has left many insurance companies with numerous legacy systems and products that are used to support their business. As specialists in understanding insurance data, systems and processes IDM can help you reduce costs and increase operational efficiency and by improving data quality you will enhance your ability to make accurate business decisions.
As a result of this proliferation in proprietary systems one of the greatest challenges Insurers face is giving business experts quick and easy access to relevant and trusted data in the right format.
Insurance Data Migrations (IDM) work with underwriters, actuaries and risk modellers to help them gain better control of their data.
IDM are specialists in complex data migrations, and our in-depth knowledge of insurance processes enables our experts to work seamlessly with your employees. Whether you choose to replace your back office systems or adapt existing technology. Their lead consultants have experience in helping insurance companies identify solutions to their data quality challenges and ways to save time and money by automating routine business processes.
Enabling Insurers to Confidently Overcome the Constraints of Their Legacy Systems
When upgrading technology Insurers do not normally rely on their software vendors to carry out their complex data migrations. However, the skill set required for large migration projects can often stretch Insurers IT teams too thinly to the detriment of other functions. Alternatively, it can be risky and time consuming to take on contractors who are an unknown quantity.
IDM have extensive experience in migrating and integrating data from;
- from multiple insurance systems and sources,
- in different formats and degrees of completeness and accuracy,
- all types of personal and commercial lines of business,
- as well as bordereaux and binder management systems,
- including all financial information with full reconciliation.
Additionally, IDM have experience in working with Accord standards and the requirements around the Lloyds London market as well as regulatory compliance such as FSA audits reviews and ELTO reporting etc.
This insight also minimizes down time for your systems and your valued employees, lowering the overall costs of your data migration projects. Insurers can confidently invest in new technology knowing their data will be enriched and migrated correctly by IDM. By consolidating systems maintenance costs will be reduced and operational efficiencies will be achieved enhancing your business decision making ability and agility.
Data Migration Project Recovery
Focused on Quickly Bringing a Data Migration Back Into Alignment With its Goals
IDM's project recovery process focuses on the actions that must be taken to bring a project back into alignment with its goals overcoming any deficiencies in project management, methodology, technology and/or people.
We always remain objective and don’t get involved in politics, agendas or egos. What we are interested in is helping you achieve your data migration project goals using our extensive experience and knowledge of insurance industry systems and data migration techniques.
When IDM recover a project our tasks include:
- quickly identifying the issues and bottlenecks
- re-establishing and agreeing goals and a plan
- communicating & engaging,
- implement, monitor and review.
- A leading insurer who was experiencing project overruns. They had tried several times to extract data from their legacy system, each time not quite meeting the standards required to execute the migration and as a result communication and motivation within the team had also become difficult. After an initial assessment we hit the ground running using our extensive knowledge of DIBOL we swiftly built a successful migration which met all the expectations of the business. Through-out the process we ensured we kept everyone in the project team informed which helped to re-establish enthusiasm and commitment to the project. Full Case Study
Improve Risk Reporting and Meet Solvency II requirements
Insurers are increasingly under scrutiny as a result of Solvency II directives and FCA regulators expecting greater data quality and end-to-end traceability.
IDM's ability to interrogate your data at a micro level and interpret this into useful management information can help you meet the requirements imposed by Solvency II in areas such as data quality, process and embedded risk modelling. IDM’s data quality solutions can then significantly mitigate the risk of reporting errors, ensuring compliance and giving Insurers the ability to meet investor and regulatory requirements. This enhanced data governance reduces the risk of regulatory failure or financial mis-statements, which can have a negative impact on an insurer’s reputation and the confidence of its investors.
- IDM helped a particular insurer reconcile their risk and premium bordereaux from coverholders which enabled credit control to reclaim unpaid premiums of £1.8m.
- IDM helped a particular insurer improve the data quality of its bordereaux from coverholders through applying a set of rules and logic to enrich addresses and occupations which increased the number of locations that could be Geo-coded This in turn helped result in the release of 2 million pounds worth of capital reserve and saved the Catastrophe Modellers more than 10 days of effort per quarter. Also enabling Underwriters to make more informed decisions on how to write the risk.
Enable Free Flow of Data & Faster Business Processes Gaining a Customer Centric View
Extracting value from data is still a challenge for the Insurance Industry where data silos continue to persist. Data and System Integration between the risk and the sales and marketing departments, are in many cases inadequate. IDM’s detailed knowledge of data structures within the various underwriting systems makes them ideally placed to assist your company in sharing information between departments.
IDM can build interfaces that will allow you to integrate vast amounts of data from various channels to form a single view of your customer. Specifically designed dashboards then allow your MI department to better support the decision making process.
- For a leading Lloyd’s Insurer IDM built an interface to write property data out to a risk link format. This reduced operational costs by 10 days a quarter in data manipulation improving the speed and frequency of risk reporting.
- Working alongside an insurance Software House to implement a module which migrated client, policy and household risk details between two insurers systems, with the software house being the conduit. The module was compact and easy to use, it was used for a period of twelve months, migrating polices when renewals were due.
Bordereaux Mapping and Reconciliation
Improve Business Processes & Gain Access to Valuable Information
If you are receiving bordereau from Cover-holders or Sub-Agents, the chances are it will be coming in by spreadsheet and you are either taking a considerable amount of time to re-key the information onto your system or you are just high-level debiting the bordereau totals onto a single policy. (thus not recording valuable risk information).
IDM can change this, by building interfaces to automatically import bordereau, creating client/policy/risk and accounts records, giving you access to the valuable information you need.
IDM worked for the Finance department of an insurance company to assist in reconciling the risk and premium bordereau’s from coverholders. Using our techniques in loading information and our specialist reconciliation techniques, we were able to load both sets of bordereau and perform reconciliation across a two year period, which resulted in the insurer claiming back a considerable amount of unpaid premium from it's coverholders, all in the fraction of the time the manual process would take.
Drive Advantage Through Better Insight and Decision Making to Support Effective Data and Advanced Analytics
IDM have experience in helping insurance companies understand their proprietary data using our in depth knowledge of underwriting systems. By extracting the data, performing detailed data analysis and then returning those results and providing explanatory entity relationship diagrams of the database/s. This allows our clients to see how their data fits together and gives different business experts the ability to interpret the data and gain insight, enabling them to improve decision-making on relevant aspects of the business.
Insurers have a lot of data at their disposal but they often don’t have the ability to mine and maximise what they could be doing with it for example:
- Creating a single view of their customer
- Model differentiated products bringing them to market faster
- Identify cross selling and up selling opportunities
- Draw meaningful information from policy and claims data
Using our knowledge of underwriting systems IDM can write interfaces to extract data from systems, manipulate it into the right format and load it into MI reporting tools to allow you to draw out this meaningful information.
IDM worked with the Actuarial department of an insurer to extract data from various liability binders. The data was then cleansed and reconciled to the underwriting systems. The actuaries were then able to make informed decisions on technical pricing and whether the binders were profitable.
Bespoke Design & Development:
Through IDM’s deep understanding of insurance processes coupled with design skills, they can build bespoke solutions tailored to your exact requirements:
• Scheme software – maintain schemes for a fraction of the cost
• Quotation models – capturing quotations enhancing your ability to quote more accurately
• Claims management – capturing data and documents throughout the life cycle of the claim building a claims history
• Reporting modules – that will out perform generic tools.
IDM prides itself in taking the time to understand your needs by offering a free evaluation of your requirements. Their lead consultants have experience in helping insurance companies identify solutions to their insurance system and data challenges and ways to save time and money by automating routine processes.