ITM is a pension data company that helps the pensions and insurance industries get maximum value from their data and deliver the best services to their end customers. Being an independent consultancy agent, ITM focuses on specialist data management, systems, and administrator support solutions within UK financial services.
Client’s context & challenge
In the United Kingdom, individuals can supplement their pension amount with workplace pensions and private pension investments. According to the UK government, £11.7 billion of individual contributions were made to personal pensions in 2020 to 2021, up from £10.6 billion in 2019 to 2020. Pensions and insurance are proven to be one of the most complicated sub-domains of financial services all over the world. And one of the key factors here are legal regulations. As one of the UK's leading pension data experts, ITM helps its clients and partners analyze, migrate and manage data to deliver the best pension and insurance-related services to the end users. And at a certain point, ITM needed to update the old legacy software to meet the new requirements of the Work and Pensions Committee in the United Kingdom.
To do so, the company needed to update the existing data orchestration approaches and develop some new ones. It was immense work, as ITM serves hundreds of thousands of end customers and hundreds of partners who use their solutions daily.
ITM started to search for a reliable vendor with proven expertise and deliverability. There could be no compromises, as the partner would have taken on the lion’s share of the engineering initiatives. That included relaunching the whole product and bringing its technology strategy to a new level.
The Solution & Process
Our initial goals were modernization and compliance with new regulations. However, when we started, it became evident that such transformation is an excellent opportunity for improving data management, operations, and customer service.
Catherine Beer, Head of Development in ITM
In the beginning, Sparkybit worked on modernizing the legacy software. It was a desktop solution becoming harder and harder to support and scale. After a series of strategic sessions ITM and Sparkybit key stakeholders decided to move to a cloud-based solution. Going to the cloud (here - AWS Cloud) was the best option, as passing to a more flexible, secure and scalable software was vitally important. Moreover, such a transition included the transformation of data into the format, required by the Work and Pensions Committee. To do so, Sparkybit developed on .NET several modules of ITM platform from scratch.
Achievements and value delivered
Thanks to the cloud migration, ITM clients now have the opportunity to communicate with the Committee directly and use its services with no barriers and bureaucracy. Before the transformation, as the Committee required special data formatting, the counterparties had to use mail services to send the physical media to do any sort of operation. Now, data management is automated or semi-automated and thus requires minimal effort. For example, it used to take a month for identity verification, while now it is a 10 minutes action.
In such a way, ITM clients now save hundreds of hours and thousands of pounds monthly while delivering a better experience to the end customers.
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