23 March 2023, Cheltenham, UK
Financial services technology provider iPipeline is launching a new data migration solution which will enable pensions, savings, and investment providers to replatform faster than ever before.
The company’s new Data Migration technology, alongside its SSG Digital platform, will allow providers to “lift and shift” their data quickly and efficiently, avoiding any disruption in the user experience for advisers and customers, in addition to minimising the risk of increased project costs associated with converting data.
iPipeline’s new solution takes a fundamentally different approach to moving client data by recreating records on the new system using the source data, rather than converting and manipulating existing data.
There are several significant benefits of this approach. Notably, it protects data integrity and robustness between migrated and post-migration data while eliminating the risk that the migrated data is not compatible with the new platform.
The result is that providers can replatform faster, and at reduced costs to protect margins. Advisers and customers will be able to experience the service benefits from the new system, both for new and existing customers.
Paul Yates, Product Strategy Director at iPipeline, says: “Legacy platforms present pensions, savings, and investment providers with huge challenges. They often lack stability and reliability, connectivity and efficiency. Some providers are operating tech stacks that are not years, but decades old, so replatforming is essential. There is often a huge challenge to overcome, however, in realising the full benefits of a new platform involving data and back book migration. Migration can add a layer of complexity, cost, and risk for providers and, on occasion, be a reason to delay a re-platform, exacerbating the legacy issue.”
“As we know, Consumer Duty is challenging the service and outcomes delivered for clients with policies held on older inflexible systems,” added Yates. “The FCA is also expecting there to be ‘significant issues’ with closed books among life insurance providers. Delivering the ability to move clients with confidence is a significant step forward.”
Roy McLoughlin, an adviser at Cavendish Ware, said: “Advisers have suffered in the past from the poor service and administration that comes, in part, from providers that have poor technology infrastructure. Any innovation that can make it quicker and more reliable for pensions, savings, and investment providers to modernise their proposition should be good news for advisers and customers, especially after the Prime Minister’s spring budget statement on Wednesday, which may lead to an increase in demand for pensions advice. Advisers need providers’ technology to be modern, fast and reliable.”