Guidewire Migration – Risks And Business Drivers.pptx

Guidewire Migration –
Risks And Business
Drivers

Introduction
OpenTeQTechnologies
Copyrights©2022 All rights reserved
For over a decade, modernization has been a top focus for the P&C
industry. Agility, improved operational efficiency and superior customer
experience are some of the primary reasons for this shift. Guidewire has
been at the forefront of this transformation with its out-of-the-box
solutions that are quick to implement and easy to adopt. Replacement of
legacy systems is a major undertaking for any business, more so for the
P&C sector. There is a huge amount of sensitive data that is handled each
day for insurance, and companies considering migration to digital systems
may be wary of this change. In this blog, we will discuss these risks and
potential business drivers that can help in mitigating them.

Risks to Data Migration
OpenTeQ Technologies
There are many pertinent risks to data migration that insurers need to be
aware of. These can result in loss of data, data breaches or errors in
migrations which can lead to failures in the migration. Data migration for
P&C is a complex task with disparate sources of data, varied products,
rating parameters, business clauses etc. Here are some of the major risks
to data migration. In addition, insurers must have access to historical data.
This enables them to examine claims history and policy services and also
make informed underwriting or adjudication decisions.
 Long execution window
 Unreasonable blackout window where there are no business
operations
TIME

 Data redundancy, missing data or erroneous data entries
 Lack of dictionary or documentation on rules
 Loss of bonuses and benefits for policyholders
 Loss of bonuses and benefits for policyholders
 Incorrect mapping and rating leading to increase in premiums
 Data entries not compliant with new system
 Incorrect claims history and payouts
 Receivables and Payables balances not matching
INCONSISTENCIES IN LEGACY INSURANCE DATA
POLICY AND CLAIMS HISTORY

 Some tasks being performed in legacy system while migration
is in process
 New processes to add riders and clauses to policies
 Unfamiliar premium calculations
 Incorrect claims status
 Traceability lost for source policy during migration
 Policy reconciliation data not available
 Inability to safeguard PHI and PII
NEW SYSTEM REQUIREMENTS
COMPLIANCE ISSUES

Business Drivers for Data Migration with Guidewire
Any modernization solution should be delivered on time, be cost-efficient
and support high-quality data delivery. For insurers, Guidewire meets all
these expectations for successful data migration and modernization
initiative. Here are the key business drivers for data migration with
Guidewire.
Cloud Standards
Security of sensitive data is vital during migration projects. With PHI and PII
involved, insurance data is even more critical. Modernization projects usually
imply that the data will be hosted on cloud-native platforms. This requires a
fast, secure and reliable implementation path.
Guidewire Cloud Standards align with the latest product capabilities and
bring quality to implementations. Regular updates and clearly defined
standards for all aspects of data migration ensure that security is a top
priority for the migration and hosting of data. The standards cover many
aspects like testing. Security, integration, coding, best-operating practices and
various methodologies that support successful migration.

Automated Migration
The data migration process involves numerous manual tasks. These are
tedious and time-consuming, needless to say, prone to errors. Automation
helps in accelerating these processes and eliminating errors. The result is
timely delivery that reduces downtime during the transition and lower
risks to data while migrating.
The Guidewire Testing Framework enables faster releases and updates
with its open-source tools. These include UI and API testing to ensure a
superior user experience in the new system. The framework helps in
simplifying end-to-end testing with specified best practices, setting up
environments, testing use cases and integration. The Behavior-Driven
Development approach (BDD) adopted by Guidewire helps in describing
and verifying expected results from standard specified user behavior.

Policy Migration Mapping
Compatibility of policies from the legacy system to the new system is one
of the most important and time-consuming tasks for insurance data
migration. Mapping activities that export data models and extensive
testing capabilities are needed to accomplish this task. The Policy Migration
Tool in Guidewire facilitates mapping of the database and enables
successful withdrawal from legacy systems.
Mapping is also possible with next-gen automation that are more
sophisticated than conventional automation engines. These technologies
can regenerate code on-demand, are flexible and capable of
accommodating changing requirements. Mapping is done throughout the
project lifecycle to avoid surprises later in the migration, which can
jeopardize the entire project timeline

Conclusion:
Data migration of insurance information needs in-depth study and
understanding of all possible use cases, historical data and accurate
inclusion of policy benefits and clauses. Any errors in migration with
respect to these factors or customer data can have grave repercussions like
business disruption, dissatisfied customers and even loss of business. With
varied information spread across multiple disparate sources, it is essential
to accommodate inconsistencies and large volumes of data during
migration. The need is to ensure that these complications are not carried
forward to the new system which may result in the failure of data
migration investment.
Familiarity with the sector and a deep understanding of Guidewire systems
can ensure an efficient and superior migration project. At OpenTeQ, we
have undertaken several complex and challenging Guidewire migrations for
our insurance customers. Our experts deliver high-quality and compliant
Guidewire systems to help you in your transformation journey.

Contact Us
Email: info@openteqgroup.com
Mobile: +91 7032254999 (India) +1-602 806 4634 (US & Canada)

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Guidewire Migration – Risks And Business Drivers.pptx

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