The fear of expensive, time-consuming conversions has kept many life insurance and annuity carriers from leveraging modern policy administration technology.
Too often, inefficient software and risky, unsupported hardware remain in production solely because the potential cost of change is deemed too high.
Fortunately, Andesa Services offers a way for carriers of all sizes to sunset their legacy systems in favor of a best-in-class policy administration solution – with minimal conversion pain.
Our integrated conversion engine allows for the efficient (and cost-effective) conversion of policies into the cloud-based Andesa Policy Administration system. Conversions utilizing the Andesa engine require no sub-contracted vendors; it’s supported by the same developers responsible for policy administration – mitigating the risk of missed connections or poor requirements management.
Simply put, the Andesa conversion engine represents the easiest way for carriers to move to a modern, cloud-based policy administration solution.
Our conversion engine features
- Efficient, validated conversions to a modern, cloud-based, policy administration system for life and annuity carriers
- Hosting on a Oracle database on its own dedicated server
- Support for phased conversions•Custom mapping of any input data provided by carriers
- Support for conversions large and small•Cost-effective backups of historical policy data
What types of Policies can be converted by Andesa?
The Andesa Policy Administration system supports both open and runoff blocks of many kinds of individual or group life and annuity products.
FIVE QUESTIONS TO ASK ABOUT CONVERSIONS:
Is the conversion process fully integrated?
Conversion to a new life insurance policy
administration system traditionally meant tapping a
third-party vendor in addition to the carrier and the
PAS vendor – to import policy data, then re-map it to
the policy admin solution’s specifications. This was
problematic for a number of reasons, most notably
due to the expense and complexity inherent to adding
another vendor to the process. As soon as data is sent
to Andesa, conversions are managed by the same
team responsible for policy administration, increasing
efficiency and minimizing non-value-add work.
How will the data be validated?
Andesa employs a number of custom validation
processes, depending on the requirements of the
carrier. Everything from custom test feeds to policyby-
policy “true-up” practices can be employed to
ensure that present and historical data is absolutely
What form of legacy policy data can be used?
The Andesa conversion engine and team are capable
of utilizing nearly any form of legacy policy data
format, including spreadsheets, database feeds, text
files and more.
How flexible is the conversion process?
At Andesa, we offer carriers a number of different
options for the conversion process, depending on
budget, internal resources and staffing constraints.
Our team can handle the entire conversion process,
we can accept data pre-mapped to the Andesa Policy
Administration system’s standard formats, or
anything in between.
What about historical policy data?
Conversions to the Andesa Policy Administration
system can be performed with full historical policy
data or from any specific point in time. Either way, we
are capable of providing cost-effective backups of any
and all policy data necessary for regulatory
compliance or future reference.
Why convert to the Andesa System?
Hosted in a secure, private cloud environment and delivered as SaaS, the Andesa Policy Administration system allows carriers large and small to leverage modern PAS technology, state-of-the-art hardware and current best practices with significant efficiency advantages compared to on-premise solutions.
With the Andesa Policy Administration system, insurers enjoy improved speed-to-market, reduced costs, mitigated risk and unparalleled data accuracy.