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In recent years, insurance companies have been exposed to a lot
of challenges. These make them reflect on serving their customers
that have been a client for many years and years to come. Life
insurance contracts are typically underwritten for a very long
duration and in times that technology and legal requirements were
very different from today. Technological solutions also become
outdated after a while and the experts that knew everything about
those old products or systems are increasingly retiring. Because of
these evolutions companies are either migrating their legacy
portfolios to newer systems or are selling these to other parties
that consequently move these portfolios to their systems.
The essence of a migration is the transfer of the data from one
(old) management platform to another (new) management platform. It
is said that the data must be extracted from the source system,
then transformed so that it can be uploaded into the target
platform. The migrated life insurance contracts are then further
managed on the target platform.
The art of migrating is to ensure that ultimately all parties
involved benefit from it. After the migration, the life insurer
should be able to offer a preferably better service at a preferably
lower management cost.
We take the position that this goal can be achieved by not only
migrating life insurances data-technically. In many cases, it is
best to also renew the underlying life insurance technique of the
life insurance contracts, so that the migrated life insurance
policies are more in line with the calculation and management
techniques of the target management platform. The contractual
rights of policyholders or beneficiaries must not be prejudiced.
After all, a life insurance contract cannot be unilaterally changed
by an insurer at any point, certainly not because of a migration to
a new management platform.
Your early-bird registration fee is € 150.00 plus 19% VAT for
bookings by 15 August 2023. After this date, the fee will be €
205.00 plus 19% VAT.
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