Question: How do you plan for and implement a successful data conversion process?
The importance of careful planning and good execution when it is time to convert your data from one system to another cannot be emphasized enough. In fact, data conversion is one of the most important aspects to a successful policy administration system replacement or implementation. With the right approach and execution plan in place, your data can become a strategic asset that preserves historical experience and leverages customer histories for future competitive advantage.
First, it is important to clearly articulate the business rationale for converting data from the current system. Conversion strategies run the gamut from manually entering policy information at the point of renewal to fully-automated conversion of all historical data. And, these options vary greatly in terms of both cost and complexity.
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