The 2018 User Group is quickly approaching and one of the topics we’ll be discussing in a breakout session is what customers can expect during a TAI software upgrade. Before diving into that journey, let’s touch on why implementing TAI upgrades are important to your business in the first place.
There are three types of upgrades:
- Platform Change Upgrade - Upgrading from TAI Mainframe to TAI .NET
TAI has less than 20 current TAI Mainframe clients. We recommend upgrading to TAI .NET as the bulk of our new features are geared towards TAI .NET versions. This will allow you to leverage advanced user interface features and supplemental products including TAI Connector and TAI Insights which are architected to work with TAI .NET versions.
- Same Platform Upgrade - Upgrading to a new version (For example, upgrading from TAI .NET 2.X or 3.0 to 3.4 or 3.5.)
Every year we launch a new release of TAI Mainframe and TAI .NET which incorporates enhancements driven by technology advancements, industry trends and client feedback. For clients on TAI .NET, we recommend upgrading every four years or sooner to be proactive.
- New Component Upgrade – Customized upgrades (For example, TAI Annuity or Claims 3.40 feed functionality)
Since these upgrades occur on a more ad-hoc basis to meet specific business needs, there is no recommended timeline – however they are still important to be aware of.
Regardless of the type of system you are currently on, software upgrades should be a key consideration in your operational strategy and here are six reasons why.
6 Business Drivers to Upgrade TAI Software
1. To be proactive
As discussed in a previous blog, upgrades are not an overnight project. They are a joint project between TAI and the client's administration and IT teams which require time, budget, planning, and resource allocation. By proactively planning for software upgrades, organizations can ensure that adequate budget and resources are available at the time of the upgrade and that timing wise, it lines up with other business initiatives.
2. To gain more features
By upgrading to the latest version of TAI software, your reinsurance administration team will have access to the newest system enhancements.
- Upgrading from Mainframe to .NET gives organizations the ability to add-on Connector (for data extraction) and Insights (for historical data analysis)
- Upgrading to TAI .NET 3.4 gives users access to expanded claims processing functionality 3.40 & higher
3. To be compliant with corporate risk management
For some organizations, prioritizing software upgrades allows them to remain compliant with their internal corporate risk management standards; for example, being within the last three releases of a vendor software product.
4. To gain access to training
Training is one of the six phases of an upgrade (see the full list here). During this phase, members of the TAI team provide training on new features and navigation of the system. If there are new staff on your team, this is a great opportunity to get them familiar with the software. Longer term staff can also learn new ways to leverage the system that weren’t previously considered.
5. To improve reinsurance operations efficiencies
It is very common for TAI software upgrades to trigger reviews or audits of overall reinsurance operations and processes. If reinsurance administration teams are investing in improving their capabilities through software, they want to ensure the processes also match. This presents the opportunity to make things more efficient.
6. To avoid the attrition penalty
Finally, upgrading TAI software ensures that organizations will avoid the penalty fee for operating on a system where support has “sunset”. Below is our system support attrition schedule:
*If software is not updated by the “sunset” date, there is a surcharge to the annual maintenance fee (SIPS). First year after sunset, the surcharge is 50%, second year after sunset, the surcharge is 100%.
Proactively upgrading TAI software can help optimize reinsurance operations
While there are many reasons why upgrading TAI software is important, at the end of the day they all contribute to optimizing reinsurance operations. Whether you are discovering areas of improvement during a review, making your team more productive through training or gaining access to features that helps you administer business better.
If you are due for an upgrade in the next 18 months, join us at TAI User Group and sign up for Breakout Session 6 - TAI Upgrades: The Customer Journey on Thursday, May 10 12:15 p.m. – 1:30 p.m. to learn more about what to expect during an upgrade. We’ll have a TAI .NET upgrade programmer, business analyst, and project manager onsite to answer questions as well.
Ready to Upgrade to the Latest Version of TAI .NET?