Using Artificial Intelligence to Derisk Life Insurance Conversions
A Conversion Service Provider View
The benefits of legacy conversion are well known: access to modern digital capabilities and flexibility to continue to adapt. The challenge has typically been that reaping those benefits required a risky, expensive, and time-consuming process, making the cost-benefit analysis tricky. Today, however, a host of new and seasoned players are using new technologies that make the decision to convert easier.
Traditional platform providers and new players coming into the conversion market are bringing new ideas and methodologies to the table, many fueled by artificial intelligence. Advanced technology is now woven into the fabric of many conversion migration processes. AI and machine learning can enhance processes like data mapping, as they can learn with each pass of a data migration, and machine-learned data mapping combined with AI can also provide invaluable optics into data analytics.
The insights gained from the conversion service providers surveyed for this report highlight advances in the conversion market. Applying the best practices from conversion providers experience including the usage of new technologies, can improve the outcome and collapse the time frame for conversions.