Data migration of £75 billion of insurance and wealth-related assets
A British multinational asset management company entered into a strategic partnership with a major British financial institution to create a market-leading wealth management proposition.
Along with the transfer of £75 billion of insurance and wealth-related assets, this initiative allowed the asset management company to expand into the important UK wealth management market, building on its core strengths in active investment management.
The challenge was managing the migration of assets over seven tranches, across multiple teams working across a number of separate organizations. Historically, the migration weekend activities would have been run from a spreadsheet but after using Cutover in a previous program, the company mandated that the platform would be used for this asset migration.
Greater visibility of each data migration event
"Adoption of Cutover was very quick due to the intuitive nature of the platform. The program manager commented: "Learning the tool was easy. Users picked it up and adapted to it well". Cutover gave those involved in the program greater visibility around the readiness for migration weekends, helped to identify and visualize the inter-company dependencies and handoffs clearly, and allowed for effective collaboration in the planning and execution phases between the organizations involved." -Program Manager
"Cutover allows for great collaboration, not just internally but also between the other organizations who were involved. Especially when identifying handoffs between us all."- Program Manager
"The Cutover platform allowed the company to seamlessly iterate and develop its implementation plans from the first migration to the final migration. During rehearsals and live implementations, the touchpoints between each organization’s activities were clear, along with the real-time dashboards that gave all stakeholders greater visibility into every aspect of the events." -Program Manager
"Everybody had confidence in what Cutover was showing. In particular the dashboards, nobody questioned what was presented." - Program Manager
7 successful migrations, delivered on time
Using Cutover, the asset management company successfully migrated £75 billion worth of insurance and wealth-related assets on time and without incidents. There were a total of seven live migration events, each involving a dress rehearsal, that were successfully executed using Cutover over a six-month period.
Due to COVID-19, the final migration was in danger of being postponed. However, with Cutover, it was quickly realized that the orchestration between teams and organizations could be executed remotely easily. With this in mind, and with Cutover being accessible on multiple devices, the final and most important migration went ahead as planned. The program manager later said that they would never have been able to manage a remote migration without Cutover.
"Trying to execute such a complex, multi-threaded and cross-party migration without Cutover would simply have been impossible."
- Program Manager
Find out more about how Cutover can help with asset migrations and other transformation projects.
