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| Thought Paper |
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Conversion Methodology for Insurance IT Systems |
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| Abstract |
Companies in the insurance industry are increasingly employing IT solutions to perform and
enhance their business operations. The success of these 'insurance IT systems' largely depends on
their competence to meet the dynamic and evolving demands of this industry. To achieve this level
of efficiency, such systems must be capable of effectively supporting new business requirements, building proficient administration systems, and optimizing their operational and functional costs.
Insurance IT systems cater to various operations, ranging from agency management and administration to billing and claims management. A major challenge that insurance solution providers and businesses employing these systems face is the high cost of managing information provided by multiple applications. In addition, mergers, acquisitions, and buyouts among companies further widen the costs incurred by such systems. Another key issue is the assimilation of various IT systems, which becomes essential for organizational integration. This 'system connectivity' requires multiple IT systems to perform similar business functions or operate together towards achieving organizational objectives. For this, sharing information among systems becomes necessary. This may also result in insurance companies incurring high costs while providing support and maintenance to these integrated systems. Consolidating different insurance IT systems through data conversion can overcome these challenges and issues. This strategy requires a 'best-fit' data conversion process that increases the efficiency of IT resources and assist in cost reductions. Data conversion helps establish these systems across different projects and directs IT teams to execute successful information exchange. It aims at automating and streamlining business processes, improving productivity, and ultimately enhancing customer satisfaction.
This white paper outlines the business and technological benefits of data conversion and describes the conversion methodology adopted by Patni.
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