Introduction
A leading European subsidiary of Asia's largest insurer, specialising in motor vehicle insurance, embarked on a pivotal journey to modernise their legacy policy and claims handling systems. Their objective was to accommodate their expanding customer base and enhance profitability through improved process and effectiveness and optimised processing efficiencies. In 2019, they initiated the strategic implementation of Guidewire InsuranceSuite, forging a partnership with Alchemy Technology Services.
The challenge
The insurer encountered numerous challenges throughout the implementation of Guidewire Insurancesuite. The data migration project had been ongoing for several months with minimal progress. Initially conceived migration strategies introduced complexities, leading to significant delays in the migration of the claims and policy data. As support contracts for the legacy systems neared expiration, the organisation sought a different solution from us.
How we helped
Alchemy was engaged because of our extensive experience in Guidewire programme delivery, project management, and technical architecture. The team conducted a comprehensive review of the existing data migration strategy, formulating a revised approach. The new approach transition from a 'Big Bang' approach to an 'Iterative' and 'Agile' approach, designed to expedite the migration process while mitigating the risk to business disruption.. Following a presentation to the organisation's Board and Steering Committee, the revised data migration approach received approval for execution.
With the revised migration approach, Alchemy Technology Services initiated a proof concept, successfully migrating an initial data tranche. This milestone began a series of successful migrations spanning ten months, validating the effectiveness of the iterative and agile approach. This approach not only bolstered confidence in the migration process but also mitigated business and technology operational risks, a critical consideration amidst the challenges posed by the COVID-19 pandemic. Robust engagement between IT and business stakeholders was cultivated through collaborative workshops and transparent communication, facilitated by Alchemy. Additionally, an automated testing strategy was devised, enhancing the efficiency and quality of migration through weekly sprints, code deployments, and migration events.
Outcome
The partnership with Alchemy Technology Services resulted in the successful migration of over 44k policies, 180k claims and more than 20M documents within a ten-month period. The successful completion of the data migration led to notable IT cost savings through the decommissioning of legacy systems. This collaboration exemplified the importance of innovation and strategic alliances when fostering business efficiencies and facilitating growth.
Contact Us
Don't miss the opportunity to leverage Alchemy's deep expertise and collaborative approach to drive transformation and growth. Contact us at info@alchemytechs.com to explore how we can support your next project.