Life insurance policyholders expect the insurers that run their policies to take proper care of their data, and give good customer service. The regulator has more than a passing interest too. So when Royal London acquired the Co-op’s life insurance business, they decided to bring over the data of two million policyholders from the Co-op’s systems to their own.
The programme was so important that Royal London asked us to provide assurance that the company’s planned approach was the right one and that the five major partners contracted to deliver different components of the transfer completed the programme successfully.
Our IT assurance experts analysed a range of options to confirm Royal London’s preferred approach as not just the most effective, but also the best way to make sure they complied with regulatory and contractual obligations. Once the programme moved into the delivery phase, we undertook a series of reviews to check it remained on track and highlight action needed to address any deviation from the plans. We nurtured a trusting and open relationship between all the parties, helping to smooth delivery.
The programme culminated in a single ‘cut-over’ event, when all the data and systems were transferred over the course of a weekend, exactly as anticipated three years earlier. The transfer went without a hitch, allowing continuous service to policyholders and protection of their data. With successful delivery of this major programme, Royal London can independently pursue their strategy to give excellent customer service. They’ve also proved to the regulator they can handle the complex IT and data challenges that come with acquisitions.