Product innovations in German life insurance
The insurance industry is going through a phase of disruption. In personal insurance especially, the long period of low interest rates and the process of digitisation have prompted insurers to examine their tried-and-tested solutions anew. The sector needs a compelling range of services for its clients and so is taking new approaches. There is no doubt about what is needed for commercial success: a modern and efficient IT environment.
And it is precisely here that there is still a lot to do. Mergers and acquisitions in recent years have created a panoply of IT environments at many insurance companies, all of which are operated in parallel. That costs a lot of time and money, because heterogeneous IT ties up valuable human resources – exactly those specialists who are urgently needed for shaping digital change and innovation within the company. And not least: interactions with customers often end up confusing them – because of different page layouts in correspondence, for instance – and are sometimes no longer up to date either.
So the consolidation and migration of IT environments and policy portfolios is right at the top of the list of must-haves for many insurance companies. Only by migrating data to a modern IT system can insurers get fit for the digital future.
Migration projects are often subject to all kinds of prejudice: they’re too complex, entail considerable risks and put innovation on hold at the company for long periods – just to mention some of the most common concerns. But they are not justified, because with the right migration strategy and an experienced partner, it is a challenge that can be overcome very well.
Furthermore, migration provides an opportunity to adapt business processes for the migrated policies to clients’ new information and communications requirements. Migrating to a standardised, modern new platform not only makes for more efficient workflows in insurance businesses – it also generates better customer contacts and more service in the digital insurance world.
One prerequisite for a successful migration is of course the actuarial analysis in line with regulations and the proper implementation, with documentary evidence that all the data has been transferred completely and correctly from the legacy systems to the target platform. And ideally the insurance clients will never know anything about it – apart from the modern new communications channels and improved service.
The perfect partner for tackling the challenge with confidence is msg life. In the past 15 years, msg life has successfully completed more than 40 migration projects with over 25 million policies. That gives msg life a unique wealth of experience and comprehensive know-how, which meet the high actuarial and technical standards for migrations and which lead the insurance company efficiently, securely and dependably through the migration project.
Proven methods and sophisticated standard software solutions have been pooled to form a suite of migration solutions that is unparalleled in the market and which is refined with every new project.
msg.Migration Factory comprises a tested, systematic process for migration and is supplemented by msg.Migration System, a turnkey, audit-proof migration tool and finally, msg.Migration Archive, the archival and information system.
Our services also include the complete planning and preparation of the migration, carrying out all actuarial, functional and technical tasks and the migration itself, including test procedures and approvals. And, of course, the specialists from msg life support and advise the insurance company throughout the entire migration project.
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