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Phone: (972) 717-5690
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Converting 350K Life Policies
Converting 350K Life Policies with Minimal Customer Service Impact
The Problem - Convert 350,000 UL and VUL policies to a new administration system with minimal impact on customer service
A major US life insurance provider was looking for a turnkey data conversion solution that included modifications, interfaces, and conversion services. After more than two years and several iterations, their own in-house study concluded that the job required a three-phase effort totaling 30 months and millions of dollars. When three major consulting companies were called in, two stated that the time line was too short and the budget too small. The third simply refused to bid. Then UCT stepped in, with a bid of 14 months and only 75% of the provider's own projected budget.
The Solution - Universal Conversion Technologies, L. P.
How could this provider have confidence that UCT would make good on their promise? Four factors:
- Patented tools and methodology
- Extraordinary experience level
- Outstanding project management
- Long track record of satisfied customers
Tools and Methodology - The patented UCT data conversion tool set allows the subject matter experts to control the conversion process, creating self-documenting maps that generate error-free code to drive the conversion. This methodology guarantees the maximum of reusable components, so you're not constantly reinventing the wheel with each new phase of the process. Because of their increased efficiency, UCT was able to increase the time allotted to recursive and model office testing by 40% over the provider's original projections, without increasing the overall timeline. That's a big confidence builder!
Experience - UCT's consultant team is the most experienced in the business. UCT's business analysts average more than twenty years in the insurance business, and their programmers average more than 12 years. You know that with UCT you have the subject-matter experts, no matter what the system or what the conversion problem.
Project Management - The experience of UCT's staff is mirrored by the experience of their project managers. You'll find the UCT team integrating seamlessly with your staff to keep everyone focused on the job at hand.
Track Record - With over eight years experience converting insurance systems, UCT has built a customer list of over 40 insurance companies, with over seven million records processed.
The Result - Ahead of schedule and under budget
The first, and most difficult, phase of the conversion is now complete. 180,000 Variable Universal Life policies were converted from the legacy system over a recent weekend, with a total of 17 transaction errors out of an excess of two million transactions. That's an acceptance rate of 99.9998 per cent! With 3.9 billion dollars of cash accumulation values converted for 18 variable accounts and one fixed account, the total out-of-balance figure was $1500, which is within rounding error! What's more, the UCT staff accomplished most of their conversion effort offsite; with less than 6% of the total time onsite tying up the provider's resources. That's another hidden savings in the UCT methodology. On the basis of this outstanding success the provider has agreed with UCT to combine the second and third phases of the conversion, which will bring the complete project in well ahead of schedule, and at a total cost about 35% lower than the original budget projections.
What they're Saying - "Huge Success!"
The Program Director said, "We wanted to take some risks without sacrificing quality to dramatically reduce our costs and schedule for this project. UCT's insurance industry and conversion experience as well as their tool set mitigated some of that risk for us. The project results say it all. UCT was instrumental in the success of this project".
The Corporate Sponsor for the project said, "The high level of communications, teamwork and commitment of all members of the joint team made this project a huge success. Any obstacles that arose during the project were resolved because the team members were open, creative and flexible to issue resolution. The team did an outstanding job."