Data migrations are omnipresent in the insurance sector and usually part of initiatives to replace or modernize (legacy) systems, ensure regulatory compliance, realize business expansion, or improve data analytics and business intelligence.

Despite being omnipresent, data migrations remain complex and many challenges appear in a migration trajectory:

• Structuring and mapping data quickly and efficiently
• Data quality issues
• Data reconciliation
• Data cleansing
• Data modelling

At thewave, we combine data engineering expertise in data migrations with a deep insurance product & process knowledge. This unique combination is a key success factor.

Our modular offering can adapt to any need for support:

• Ful migration execution
• Data mapping
• Data quality remediation
• Functional & actuarial reconciliation

thewave relies on IT partners to provide tools for data mapping and reconciliation to efficiently structure, document and drive end-2-end data migrations.

In the last 5 years, we have helped more than 20 clients in successful migration of their portfolios.

In the ever-evolving landscape of the insurance industry, data-driven decision making is becoming a real competitive business advantage. This requires a solid integration of both internal and external data streams. Even in a traditional market as insurance, event-based API’s are becoming the norm.

Well integrated data fuels efficient decision making processes, improves operational excellence, enhances proper risk management, facilitates consistent regulatory and compliance reporting.

Typical internal integrations are:

• CRM integration
• Accountancy integration
• Document integration
• Datawarehouse integration

Typical external integrations are:

• Life business (e.g. Solvency II, IFRS17, AML, FATCA/CRS, Sigedis)
• Non-Life business (e.g. Solvency II, IFRS17, AML, Proof of Insurance, Veridass, RDR)
• Health business (e.g.)

The past few years, more and more insurtechs are entering the sector, offering value-adding integrations and solutions.

At thewave we have the data knowledge and proven track record in helping the sector with the setup of different internal and external integrations typical for the Belgian market.

In the last 5 years we helped more than 15 clients in successfully implementing their integrations.

Insurance companies and intermediaries typically have vast amounts of data stored across multiple systems, such as CRM’s, policy administration systems, claims systems, underwriting systems, and more.

Integrating this disparate data into a single, unified view as a single source of truth for all internal and regulatory reporting, is complex with:

• Many stakeholders needing to agree on 1 solution
• Inaccurate or incomplete data that can lead to faulty insights and decisions
• Old legacy systems that were not designed with BI in mind
• Unclear data governance policies and procedures

At thewave we combine the technical knowledge of the tool of choice (e.g. PowerBI, Tableau Qlicksense, SAS) with business, regulatory and risk expertise to support the setup of all reporting requirements.

In the last 5 years, we have helped more than 10 clients in the successful setup of their reporting needs, e.g.:

• Solvency II
• Sigedis
• IFRS17
• FATCA
• ESG
• GDPR
• CRS
• CSRD
• EIOPA
• FSMA/NBB