Use Case: Legacy Migration
Use Case: In-force Compliance
Accelerates and de-risks migration by providing product and data transparency for legacy PAS; eliminates need for investigating legacy code
Ensures in-force compliance - at the policy level - by validating prospectus / contract logic relative to legacy PAS implementation
Challenge
solution
benefits
Oliver Wyman worked with a large annuity manufacturer to migrate legacy policy data to a new PAS platform
Client challenges related to legacy:
Limited product documentation and IT support
Lack of understanding on inter-related data, product logic and system issues
Deployed Oliver Wyman Fulcrum platform leveraging Oliver Wyman product expertise and transformation capabilities to accelerate and de-risk migration
Product centric approach eliminated the need for re-engineering business and product logic
Leveraged a strong suite of proprietary toolsets (e.g. smart search, configuration and validation engine)
policies migrated
plan codes
tables of data
to provide data and product transparency
Product Spider
Data Web
CAVE
Std.output
~200k
~400
~1,100
16 weeks
Oliver Wyman worked with a large life and annuity insurance provider to conduct an in-force prospectus compliance review and validation
Client current product testing challenges:
Client was unsure about delivering new products in a legacy environment
Manual prospectus validation with limited capabilities
Fulcrum configured to client's legacy PAS and processed sample policies
Oliver Wyman identified 100% of policies that did not comply with prospectus and avoided false positives / negatives
processing issues identified in legacy PAS
13
of compliance issues and policies identified
100%
Detailed error diagnostics helped the client accelerate creation of remeriation plans
Challenge
solution
benefits
Product Spider
Data Web
CAVE
Std.output