Over the years, Lumera has supported our customers’ migrations from multiple bespoke legacy systems to the modern policy administration environment from Lumera. Using a flexible system helps Life and Pensions providers unlock transformation across the whole internal and external value chain – from business development to actuaries to ecosystem partnerships and beyond.
All of Lumera’s customers have been in, or are in, the process of migrating insurance policies to capture the benefits and capabilities that Lumera provides. By migrating existing insurance policies, and having all life insurance business lines in our flexible IT platform, our customers gain access to more integrations and automated processes, as well as the very best conditions for building up the business of tomorrow.
A thorough approach to migration
When it comes to migration, Lumera works strategically to ensure that our customers aren’t using multiple systems and jumping between platforms, by bringing data across at the right time, in the right way, to meet specific goals. This results in a low-risk and straightforward move from the old world – to the new world.
Using our thorough approach to migration, we work strategically to address customer needs and support their business goals. This capability rests on Lumera’s Migration Factory Services, which combines industry and tech expertise provided by our team with the Lumera Migration Toolkit, our magic toolbox, which enables us to reuse and leverage experiences from completed migrations for the benefit of all future projects. Complementing the rich functionality offered by the Migration Toolkit, Lumera’s Migration Services adds key professional skills and experience. Our experts team up with customers for planning and successful execution of migrations.
Here you can read more about our migration customer references or download our latest report from Celent, which describes the SPP’s legacy conversion project called Future Core. It describes the objective for system rationalization, the implementation and migration approach, the results derived from the project, and finally the lessons learned for other life and pension insurers.
Since 2008, Lumera has performed over 50 migration projects across a wide variety of life insurance and pension product types. The total number of policies managed using Lumera’s platform is now over 12 million. According to analyst firm Gartner*, Lumera stands out among European Life and Pensions solutions vendors through our capabilities for configuring legacy insurance products, replicating product features, and then migrating policies to a future-proof policy administration platform. According to Gartner’s Magic Quadrant 2019, Lumera has the second-highest single-instance implementation volume (in terms of policies) of the Magic Quadrant vendors, with 8.5 million policies, and the largest migration project in Europe, with 5 million policies.
Lifelong transformation partnership
We build partnerships that run deep. We get to know the ins and outs of our customers’ business, we understand their goals, challenges, and requirements. And we create a partnership that can drive big outcomes with no disruption. Together with our customers, we succeeded to launch new product offerings and to migrate policies and close down bespoke legacy systems. Our determination creates multiple values and builds the foundation for digital transformation.
We win when you win. That’s why it works.
Stay informed – and stay ahead
Keep up to date with the latest insights, advice and opinions from across the industry.
Complete the form to receive relevant insights, event invites and industry news.