How can DataNovata help life insurers boost modernisation, improve customer retention and reduce technical debt?
Life insurers manage long data lifecycles for their customers and need to ensure that data history is secure and access is efficient.
As the databases and platforms age out of use or become increasingly obscured and complex, servicing customers in a compliant manner becomes a challenge.
Core system modernisation to resolve this issue is complicated by the burden of data history which may rest across multiple legacy sources.
Mergers and acquisitions have left more than 50% of core business applications on siloed legacy platforms
Inefficiency of data retrieval increases risk of customer defection
- Licence fees for legacy systems increase technical debt
- Importing inactive data to a new system inflates the cost of modernisation
- Lack of data integration post-merger makes it difficult to search across multiple databases to resolve customer queries
- Data audit and compliance regulations require efficient access to data history but the legacy framework lacks agility
- New employees lack training in the older technologies to serve customers and perform tasks efficiently
- Legacy software is decommissioned and the data transferred to the DataNovata web interface at a fraction of the cost. No data migration project necessary
- All data history is accessible in one place regardless of the source application, allowing like data to be easily retrieved and consolidated
- DataNovata is an agile application that can be adapted to current needs while maintaining accessibility at all times
- The DataNovata interface and tools are intuitive and require minimal training for business use
DataNovata provides Life Insurance companies with a unique way to reduce, maintain and modernise applications: an easy-to-access, unified and accessible archive interface that anyone can easily master, to lower cost of retention and make regulatory compliance easy. Life Insurers can ease the technical and financial burden of legacy system modernisation using DataNovata.Read Case Studies
How can DataNovata simplify a complicated merged data landscape with masses of policy information?
With a wide variety of insurance types, the amount of general insurance policies that an agency may hold is virtually limitless. Frequent mergers double the burden as well as the complexity.
Lack of integration between merged legacy estates creates a fragmented data landscape
A split data landscape means double the cost and maintenance
- Inherited legacy estates are non-interoperable and unintegrated, creating data silos
- When client information is scattered across databases it becomes harder to search and consolidate
- Stacked legacy estates create stacked costs and maintenance workloads
- Data regulations frequently update for the industry, forcing insurers to update every database individually for compliance
- DataNovata merges the legacy databases into one web-based platform, regardless of the source application
- The easy-to-use search interface quickly indexes and brings up related data in a unified view
- With the data secured in the DataNovata application, legacy can be decommissioned, eliminating costs and maintenance
- The application is easy to customise and changes need only be applied once, making compliance easy
DataNovata provides insurers with everything they need for legacy archive decommissioning: low cost of retention, speedy decommissioning, easy access, and a unified and accessible archive with an interface that anyone can easily learn to master.Read Case Studies