Leading insurance carriers face a multitude of challenges when it comes to modernizing their data infrastructure whether it is migrating data from disparate legacy systems to new core systems that include policy, claims or billing systems or on-boarding client or partner data on a periodic basis. Gathering and processing data from disparate sources and formats and reconciling this data for new core systems could prove to be problematic and leads to countless hours of manual intervention to remedy. Similar challenges are faced when client data has to be periodically uploaded.

Lore IO helps insurance carriers address growing pressure from Insurtech, increased competition, and evolving customer expectations by simplifying the data onboarding process and utilizing AI-assisted transformations.

Key Benefits of the Lore IO Solution

Reconciling data for policy administration systems (PAS) is a resource-intensive project. Lore IO provides a number of benefits when it comes to gathering, processing and reconciling data from disparate sources and formats. Lore IO helps you...

Overcome the unpredictability of externally-sourced customer data
Leverage AI-assisted transformation recommendations
Auto-detect input data formats
Migration projects in weeks, not months!

Tame the complexity of core system migration projects
Reuse logic from one data source to the next
Ensure data accuracy

Read more in the solution brief, Reconciling Data in the Insurance Industry.

Frequently Asked Questions

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What are Lore IO’s key technical differentiators for a data migration program?

Lore IO provides a business rules-based approach to significantly improve time to value and increase cost savings. This automated approach reduces the need for manual intervention and dependency on costly, highly-skilled personnel. This is only the tip of the iceberg ...read, Why Lore IO? for more details.

How does Lore IO ingest data from disparate systems?

Lore IO partners with third party technology providers, such as Dell Boomi and StreamSets, to ingest data in raw form from various sources into a data lake (e.g. Amazon S3, Google BigQuery, Microsoft Azure or a Hadoop cluster).

What data sources do you support?

Lore IO can easily integrate the data from a broad range of industry-leading, core insurance systems as well as most legacy systems. In addition, non-core data can be incorporated in various formats (e.g. XLS, CSV, XML, JSON, fixed width or tab delimited).

What are Lore IO’s deployment models?

Lore IO can be deployed in a variety of ways. You may choose a Saas delivery model, your own public cloud instance (AWS, GCP or Azure), or your own private cloud or on-prem infrastructure.

What are Lore IO’s key business benefits?

Lore IO provides significant reduction in time to value, TCO cost savings, and less burden on specially skilled personnel and associated costs.

What technical skills are recommended to use Lore IO?

Generally, a business analyst profile with advanced Excel skills is recommended. Knowledge of SQL provides a significant advantage.

Do I need a large IT team to deploy and maintain Lore IO?

No. Lore IO’s rules-based approach simplifies maintenance and the handling of changes.

Insurance

Accelerate time to data infrastructure modernization