REPORT
Using Artificial Intelligence to Derisk Life Insurance Conversions
A Conversion Service Provider View
5th January 2022

The benefits of legacy conversion are well known: access to modern digital capabilities and flexibility to continue to adapt. The challenge has typically been that reaping those benefits required a risky, expensive, and time-consuming process, making the cost-benefit analysis tricky. Today, however, a host of new and seasoned players are using new technologies that make the decision to convert easier.

Traditional platform providers and new players coming into the conversion market are bringing new ideas and methodologies to the table, many fueled by artificial intelligence. Advanced technology is now woven into the fabric of many conversion migration processes. AI and machine learning can enhance processes like data mapping, as they can learn with each pass of a data migration, and machine-learned data mapping combined with AI can also provide invaluable optics into data analytics.

The insights gained from the conversion service providers surveyed for this report highlight advances in the conversion market. Applying the best practices from conversion providers experience including the usage of new technologies, can improve the outcome and collapse the time frame for conversions.

For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.

As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.

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Author
Keith Raymond
Keith Raymond
Principal Analyst