Genworth Financial's London office has announced its successful completion of a large-scale data migration project that had consolidated its legacy policy administration system across 21 European countries to a single platform based on a TIA Technology (Virum, Denmark) system . Undertaken to support long-term business expansion objectives, the initiative involved the migration of 15 million client policies, billing and claims data amounting to 2 billion rows or three terabytes of data from five separate systems to one, with the sun-setting of legacy platforms without an interruption to business, according to a Genworth source.
The insurer reports that the centralized system will benefit clients immediately through consistency and ease of access to the full range of Genworth's products and services globally. The Genworth source describes the system as sufficiently flexible to adapt to local requirements.
"A more streamlined, sophisticated IT infrastructure is pivotal to maintain our market-leading position and will support our Lifestyle Protection division as it continues on its growth trajectory," comments Ronan Hanrahan, CIO of Genworth Financial's Lifestyle Protection division. "Consolidating our policy administration across Europe onto one platform was a key element of this process, and we are very pleased with the results."
Hanrahan adds that, "as well as enhancing the service to our customers in banks and other financial distribution networks and simplifying operations, a single platform has improved our ability to implement new products for our clients very rapidly and has helped us expand quickly into new countries at a fraction of the time it took using the old systems."
Migrations occurred on a country-by-country basis, and to avoid disruption to the business, they were implemented over weekends with timeframes ranging from two hours to a full weekend depending on data volumes, the Genworth Source reports.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio