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Insurance companies are critically dependent on IT resources and system assets. The tools and processes outlined in Novarica's "IT Estimation Best Practices Checklist" can improve performance over time while reducing the barriers between functional organizations that need to closely collaborate, Novarica said. There are a range of factors that contribute to the effectiveness and accuracy of any modeling effort related to things as complex as the systems, people and products that comprise the typical insurance carriers operations. By carefully considering these factors as part of a holistic system of interrelationships, IT executives can significantly improve their organizational performance, especially with respect to estimates, Novarica said. "Unfortunately, many carrier IT organizations have become painted as being poor performers in this area. In discussions with CIOs, weve found that they are similarly frustrated with the process for putting estimates together and are concerned about the impact on their own credibility," said author of the report Rob McIsaac. "Treating this as a we/they" issue will be a losing proposition for IT organizations who may find themselves marginalized if they dont take serious action to improve in this dimension. With that in mind, we developed our latest report to help CIOs and their teams focus on practical, real-world actions that they can take which position them for success." The following is a checklist of 10 items that insurance IT units should bolster before expecting precise operations.
Foster a strong working relationship with key business partners.