Thought Leadership
The Risks of ‘Big Bang’ Migration in Your Underwriting Agency:
What you need to know
Think twice before switching off the legacy system in your underwriting agency
When it comes to today’s underwriting agencies, a growing narrative claims the best way to modernise your underwriting system is via ‘Big Bang’ migration. ‘Big Bang’ migration refers to the simultaneous migration of all policies, with mid-term adjustments (MTAs) transferred to the new platform and the legacy system switched off on day one. The logic goes that if the MTAs work, the job is done.
The reality is that an effective systems migration is rarely simple.
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“‘Big Bang migration may appear to offer a quick fix, but it channels all uncertainty and risk into one moment in time ... data and calculation risks are heightened ... [leading to] mispricing, reconciliation failures, negative customer impact, and reduced confidence in financial and regulatory reporting.’ ”
How can Gratex help?
At Gratex, we are insurance underwriting and technology experts. Our mission is to drive digital transformation for underwriting agencies across Australia and New Zealand. We provide customers with the freedom to grow and the agility to innovate.
Contact us to find out how we can help your underwriting agency embrace AI technology and automation with our industry-leading platform, UPM+ Cloud.
“Choosing the right provider is absolutely not about technology. It is about a crucial long term business partnership that makes or breaks our business. The Gratex team has not only always delivered, but they have challenged our old ways and helped us to re-think and improve our specific way of doing business.”
John Turner, CFO, Protecsure
“Gratex has provided us with a highly flexible and user-friendly system that meets our specific needs with bespoke functionality, excellent document accessibility, and robust underwriting and auditing tools. Their service is truly solution-driven, with a focus on problem-solving, and we appreciate the direct access to engineers, which ensures quick and effective resolutions.”
Anthony Jodrell, Managing Director, Genesis Underwriting
“What I appreciate most about working with Gratex is our mutual trust. We trust their team’s professionalism, competency, industry knowledge and transparency. They make time to understand our business needs fully, are experts in their field, and always strive to help us get to the next level with the best possible solution. This partnership is the kind of connected, respectful relationship we believe in and foster with customers, partners and our entire team. I’m comfortable about making bold, ambitious technology decisions because I’m confident Gratex will get the job done.”
Tony Dodd, CEO, GT Insurance