High competition between insurance companies and the rise of FinTech startups, insurance companies should regard their data as of strategic importance! Analyzing, re-using data quickly has become a mission critical competency for a organization.
But turing data into an actionable asset is not a easy task. Getting data out of legacy systems, analyze them and turn them into a strategic asset is like a winding road. It takes a lot of resources and time. It’s well known that getting data out of legacy systems and convert the data into new systems is a high-risk change caused by the complexity of data structures and the lack of knowledge of the legacy systems and lack of knowledge of the history behind the data
Data conversions are often managed within the legacy replacement project as a sub task. Given the importance of succesful data conversion it should be considered as a distinct strategic initiative.
Data is Strategic Asset!