Gartner Research

Three Best Practices to Derisk Life Insurance Policy Administration Data Migration Costs

Published: 15 September 2017

ID: G00337299

Analyst(s): Richard Natale

Summary

Costs for data migration to packaged life insurance policy administration systems vary significantly based on a myriad of known and hidden factors. Life insurance CIOs will have to take measures to derisk data migration costs.

Table Of Contents
  • Key Challenges

Analysis

  • Begin a Policy Administration System Data Migration Cost Estimate by Focusing on Well-Defined Business Needs Tied to a Documented Return on Investment (ROI) Using the Gartner Migration Scope Assessment Matrix as a Guide
  • Complete a Data Migration Cost Estimate by Conducting a Detailed Data Assessment Before Signing an Agreement With a Third-Party Data Migration Service Provider
  • Derisk Life Insurance Data Migration by Using a Documented Repeatable Methodology and Toolkit That Have Been Approved by Insurance Company Compliance Officers and Auditors

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