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Annuities System Migration and Implementation

Client: A leading provider of Pension Annuities.

As a leading provider of Pension Annuities who offers a wide range of annuity products and also provides administration for leading pension plans, our client wanted to maintain its market leadership.  The client decided to build a new administration system to support its full range of annuity products and provide for improved user-friendliness, customer service, productivity and financial reporting.

As the client begun the work with their internal teams, they soon realized the complexities of the systems migration based on the various annuity products and became concerned about the team’s ability to manage the “business as usual” activity in addition to the development and migration to the new system, which was unfamiliar to many of the project team members.
 

The goals set for this migration were:

  • 100% of the annuities (1MM+) to be migrated
  • Data to be cleaned or updated prior to migration
  • Duplicate client records to be merged to improve administration and reporting
  • Minimal impact on business during the migration
  • Sunset the legacy platforms

The client reached out to Enterprise Iron based on its past track record of delivering solutions for them and its knowledge of the financial services industry, particularly in annuities, pensions and retirement services.  
 
Enterprise Iron insurance and technology experts along with the client team employed EI’s project management methodology for migration, testing, deployment, and decommissioning while maintaining a parallel production environment.  Ensuring the newer technologies interfaced and merged with the legacy systems was the key to successfully migrating large volumes of data and customer accounts without impacting the business.

While the project initially got off to a rough start, Enterprise Iron and the client team were able to successfully complete the project within the allotted time.  The team met all of the client’s stated goals with no negative impact to any of its clients, their plans, nor their investments.  The new, web-based client interface received high marks from the clients for ease of use, access to all the financial information and online help features.