A large multi-national insurance company was changing service providers and systems…and required real expertise to verify and aggregate all the lease and expense data from multiple sources.
NTrust put together a team that included both Lease Data and Technical Experts and leveraged the REmaap™️ platform to successfully complete a complex project.
A large multi-national insurance company was in the process of transitioning to a new international CRE service provider. They faced multiple issues that required high level expertise in understanding leases from multiple countries and how to aggregate, clean-up, and migrate their lease data. NTrust was brought in and identified the following issues:
- The transition was to take place in 45 days…a very tight timeline for the volume and complexity of leases involved.
- The Insurer had data in Virtual PremiseTM that did not cleanly map to the BigETM system to which they were migrating.
- Upon an initial review, the data extract from the Virtual PremiseTM system also had many gaps. In addition some data were being maintained separately in ExcelTM spreadsheets.
- New leases and options were being executed during the transition, so data had to be migrated multiple times during the course of the project.
NTrust was selected because of:
- Our REmaapTM software which allows quick aggregation and review of data from multiple sources.
- Expertise in working with both domestic and international leases.
- Technical expertise in migrating data between a variety of systems.
- Project Management capabilities, which allow us to streamline processes, call in the right resources, and successfully hit tight deadlines.
Identifying Gaps and Verifying Data
Given the short timeframe and large dataset, NTrust knew that a strong Project Management approach (which included small teams and a daily project communications) was the only way to successfully complete the project.
To facilitate collaboration across the Insurer’s, Service Provider’s, and NTrust’s teams the decision was made to use REmaapTM, NTrust’s lease data aggregation and migration platform. REmaapTM’s ease of set up and extensibility made it a perfect match to aggregate data and create BigETM Export Templates.
The system also allows users a quick review of data that has been provided so they can easily identify gaps in the imported data when compared to the required Export data.
Leveraging REmaapTM Features to Expedite the process
Since aggregating data from multiple sources was the first step in determining what gaps existed, the NTrust team first configured REmaapTM to match the data that was required by the BigETM system.
In addition validation scripts were configured to assure that all data imported was in the proper format, of the proper type (date, dollar, number), and met specific criteria such as date values being in a specific sequence.
REmaapTM was developed to allow both online and offline submission of data by using Adobe AcrobatTM forms which can be sent to contributors, completed, and then imported into REmaapTM thereby updating the database and providing an audit trail of who submitted the data.
REmaapTM was built to support the flow and aggregation of data, understanding that during a project some data may come in “out of order” (usually data from missing amendments). This presents no problem for REmaapTM as it will not process a lease abstract until all the pieces are complete.
The REmaapTM flow includes:
This flow allows different users to be performing different activities in the sequence which best suits their needs and the availability of data and source documents.
The Assimilate and Enhance steps in the project flow are where PDF forms can be created and exported to offline users for gathering lease data.
The Validate step uses pre-built scripts to assure that data that is being imported meets specific criteria.
Taking advantage of these features, the NTrust project team was able to have the system configured after the first project meeting, and was sending offline forms to client contributors starting from the 2nd day of the project!
This speed advantage allowed the Phase 1 Contracts to be aggregated within the first 15 days of the project, and set the stage for completing Phases 2 & 3 within 40 days…allowing 5 days for data review in the test system and moving data to the production system.
Keeping the team small and costs down
As with all projects, the size of the teams has a huge influence on how quickly decisions are made and how efficiently each team’s resources can work. NTrust made the recommendation to have small teams both at the Insurer and at the Service Provider. With this recommendation accepted, NTrust created a project timeline that divided the lease data to be aggregated into 3 Phases.
Phase 1 – Readily Available Leases
Phase 2 – Leases that require research to locate all amendments and options
Phase 3 – Leases from the last 60 days
The tight timeline meant that all team members needed to be experts and be able to quickly overcome any roadblocks encountered. Therefore NTrust requested each team include a committed high-level project sponsor.
The inclusion of high-level decision makers was key to keeping the project moving and ensuring the responsiveness of all project contributors. It also allowed sponsors to buy-in to the short project timeline and commit the appropriate amount of time to their participation in the project.
The Bottom Line
Through the use of both our expertise and our flexible and efficient software tools, NTrust was able to work with all the project teams to quickly and successfully complete this project.