Insurance Tech Transformation: Key Steps & Practices

While planning and implementation of Insurance Technology transformation, the following steps are taken:

Identification of Key modules

• Listing key areas for rules extraction
• Policy Quote / Policy Validation / Coverages/ Discounts / Rating / Forms

Addressing the challenges in Data Migration

This is done by Converting Legacy EBCIDIC (COMP/ COMP3) format to latest data formats (XML / JSON etc)

Review Process and Architecture Design

During the review the following steps are done:

• Defining existing architecture with key areas
• On business rules extraction completion – planning future architecture in different technology streams

Insurance platform Key areas - Extraction

Coverages

• Identifying state specific coverages / Comprehensive and collision coverages
• Coverage hierarchies and dependencies (BIPD / Collision etc)

Discounts and Rating

• Discount factors – Credit history, MVR, Clue, additional factors
• Rating – Rating criteria with predetermined factors using table driven logic

Forms

• Gathering data for face sheet, endorsements requirements with legal approvals for each state and contractual validations
• Mainframe copybook based field extraction will give the required mapping for future API based implementations
• Understanding existing architecture and key batch sequences for future implementation

Guidelines of Rules extraction

• Explain Business description only with table names / cam names which is internal to Personal lines…