Controlling the Risk in Insurance Data Conversion
Successful software implementations are key to the renewal of insurance processes. Such efforts often involve moving information from one system to another in a process called data conversion.
The work involved in data conversions is quite different from other software project activities and requires different resources, skill sets, and strategies. As a result, conversions are typically high-risk endeavors. A new report, Controlling the Risk in Insurance Data Conversion, offers tips and techniques for those faced with one or more data conversion projects.
"Innovation in business processes is a key area for many insurance companies, and data conversion is almost always part of the transition,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and coauthor of the report.
“This report is designed to identify some of the pitfalls surrounding data conversion and to suggest actions to mitigate them,” adds Craig Beattie, Analyst with Celent’s Insurance Group and coauthor of the report.
This report examines the role of data conversion, the type of data being converted, and some typical dimensions of conversion projects. The unique challenges of data conversion and some best practice approaches are also documented. Finally, the report presents a tool to quantify the risk involved and guide mitigation efforts.