Kognitio, a leading provider of solutions to business problems that require acquisition, rationalisation and analysis of both large and complex data, today announced that it has started to work with Wesleyan Assurance Society to migrate 175,000 policies and consolidate four separate administration systems to one in order to reduce operating costs, provide a sound base for company growth and improve operational efficiencies and customer service.
Wesleyan specialises in providing tailored financial products and services to doctors, dentists, and teachers. It decided to migrate its data to one system because of the higher risk levels and costs associated with running multiple systems, such as maintenance and upgrades, staff training and compliance to financial legislation. The consolidation would also provide a sound base for future business growth and any potential expansion into new markets. On completion of a successful consolidation, Wesleyan will be able to administer larger volumes of policies and claims more efficiently, without increasing headcount and will be more competitive through its ability to respond in a more flexible and adaptable way to changes in the market.
Kognitio was chosen to take responsibility for the end-to-end data migration project because of its successful track record in insurance data migration, based on its proven in-house toolset and methodology. Kognitio played a key role in the initial assessment and scoping of Wesleyan's data migration project including the identification of potential gaps in functionality between the source and target systems, a key requirement to enable a smooth transition of data.
"The efficiency gained by migrating our key administration systems onto one platform will help us to understand our customers better and service them even more effectively," explains Steve Deutsch, Director of Change at Wesleyan Assurance Society. "In our search for a suitable project partner we underwent a thorough selection process and Kognitio impressed us from the start with its knowledge of the insurance business and track record in successful data migration projects."
"We are looking forward to the challenges Wesleyan has set for us," states Roger Llewellyn, Managing Director, Kognitio. "Our unmatched experience in insurance migration projects will help Wesleyan to streamline its operations and realise cost savings as the Company begins to service its client base from a single efficient and easy-to-run system."