Aegon 'confident' of Cofunds data migration
Aegon said it had taken the"necessary steps" to move Cofunds clients over to the new, enhanced Aegon platform with confidence in light of the struggles Aviva has faced with its new platform.
Advisers will face three days of downtime on the platform over the first May bank holiday as Aegon shifts all Cofunds' clients from the old platform to the new.
Aegon expected the new platform would be available by Tuesday 8 May after the weekend of client migration, while the old, Cofunds platform would be"fully operational" until 5pm on Friday 4 May.
Aegon said its Advisory Board had agreed a long weekend when markets were closed for an extended period would"enable advisers to move seamlessly to the enhanced platform", Aegon said. Aegon is moving Cofunds users to its new, upgraded version of its current ARC platform before moving Aegon customers from the old technology to the new.
As well as having features from the Cofunds platform carried over, Aegon said Cofunds advisers would"benefit from a new, intuitive adviser portal as well as additional propositional features, including a broader investment range and a reduction in paper processes".
‘Unlike traditional re-platforming'
Asked how it would avoid similar troubles to those that have plagued Aviva for two months since its launch, despite adopting a similar one-weekend client migration tactic, Aegon said its project was unlike a traditional re-platforming project.
A spokesperson said:"Unlike a traditional re-platforming, which involves the build of a new platform and the migration of customer data to it, Aegon has pursued a technology upgrade approach. Rather than building from scratch, Aegon is taking its existing modern platform, which is already operating at scale on tried-and-tested technology, and adding functionality to it."
Pushed further on whether Aegon could have total confidence ahead of the data migration, the spokesperson continued:"In the weeks before the Bank Holiday, we will carry out a number of dress rehearsals to mimic the process of the upgrade, giving us further confidence for the upgrade weekend itself.
"We are not underestimating the work that still needs to be done to deliver the upgrade but believe we have taken the necessary steps to approach the task with confidence."
Last summer, the lang cat market analysis manager Terry Huddart called the client migration part of moving to a new platform the"live ammunition phase" - as has been illustrated by Aviva's troubles since going live with its new platform.
Huddart explained:"There is no real way of being 100% sure testing will be replicated in the live environment as you cannot do the whole monthly cycle across real clients in test."