2. Like what you see? Let's talk

Overview

Infosys Policy Migration Solution, an AI-based solution, is a game-changer for insurance companies seeking to modernize their policy administration systems (PAS). By leveraging generative AI (GenAI), Infosys Policy Migration Solution automates various migration tasks, reduces costs, and accelerates time-to-market while enhancing accuracy.

The PAS is the backbone of insurance companies, managing the issuance and maintenance of insurance policies. Many existing PAS are built on legacy systems developed using COBOL decades ago during the mainframe era. Further, given the age of the systems, the documentation is often incomplete or inconsistent. This poses significant challenges when insurers seek to modernize their systems, leading to inefficiencies and increased operational costs.

PAS Migration – A Business Imperative

Migrating to a modern platform allows insurance companies to leverage the latest technological trends and modularize their PAS as well as introduce a mix of commercial off-the-shelf (COTS) and custom-built solutions as needed. The transformation helps businesses improve time-to-market, prevent single point of failure, enhance customer experience, and leverage cloud platforms for hyper-scaling.

AI-based Infosys Policy Migration Solution

Infosys Policy Migration Solution – Leveraging GenAI to Accelerate Migration

TALK TO OUR EXPERTS

Infosys Policy Migration Solution – Leveraging GenAI to Accelerate Migration

Traditional migration relies extensively on manual effort and involves multiple challenges such as missing, fragmented, or outdated documentation, undocumented complex logic in the codebase, and potential data errors. These factors increase the cost and complexity of the migration leading to implementation delay.

Infosys Policy Migration Solution provides multiple GenAI features that can be leveraged at various phases of migration to significantly enhance the outcomes. These include:

  • Ingestion to automate reading and absorb a huge corpus of documents
  • Generative capabilities to summarize documents quickly
  • Code interpretation to extract business rules from legacy code
  • Heuristics to derive formulae and rules from legacy data
  • Pattern recognition and statistical analysis to cleanse data and provide source-to-target mapping.

Utilizing GenAI yields significant benefits such as shorter implementation time by up to 40%, cost savings of up to 30%, and reduced reliance on subject matter experts by up to 60%. Leveraging Infosys Policy Migration Solution for migration results in transformation that improves speed, accuracy, and predictability, while reducing cost, risks, and time-to-market.

Line

Challenges & Solutions

Infosys Policy Migration Solution uses GenAI to extract product specifications, rules, and rates/taxes from unstructured documents. Powered by advanced NLP, semantic search, and summarization, it uses the retrieval augmented generation (RAG) model to enhance the generation of coherent and context-aware information.

Infosys’ proprietary Business Rule Extraction tool which has an intuitive user interface can be used to analyze legacy applications and extract business rules/logic by leveraging accelerators for code parsing and chunking.

Through use of heuristics, core data elements/ transformation rules can be derived from legacy DBs using pre-built product library with automated mappings to target file format. This tool employs regression techniques & Large Language Models (LLMs) to arrive at probable calculations.

Using GenAI to automate most of the processes will accelerate the end-to-end workflow, increase data accuracy, and shorten the overall timeline to migrate.