Insurance Core System Replacement Success Factors Revealed
July 30, 2015 3:11 PM
According to SMA research on insurers spending patterns, nearly seven in 10 insurers report significant investments in and changes to business models, products and services, and technology platforms. Partner Karen Furtado explains how to realize the greatest ROI from these projects.
Make project management expertise an imperative:
A central program management office with strong project management discipline is required to coordinate the full technical changes occurring
Capitalize on modern configuration capabilities:
Insurers who default to their previous state will not realize the benefits that they sought when buying the new solutions
Position resources to support the future environment:
The organization itself needs to be flexible enough to meet internal challenges creatively without being bound to the way weve always done it
Recognize that implementation is the first step of the modernization journey:
Providing responsive services, timely deployment of new products and services, and strategically adopting maturing and emerging technologies, doesnt happen automatically with the implementation of a new system.
Partner with a vendor who will adapt to changes in technology and the market:
Consider your chosen vendors views of the future, where they are investing, and how they are adapting to changes in todays marketplace
Integrate data strategy:
No project is complete without significant effort around how data issues will be addressed before they arise.
Optimize the user experience for all stakeholders:
a great user experience developed with agents in mind and supported by agents will be an advantage for those that work closely with this channel.
Be a master of change management:
People at all levels of the organization will need to participate and actively adjust to new situations, new ideas, and new goals.
Provide leadership support and empowerment:
The project team and the company as a whole also needs to know that their leaders will have their backs through thick and thin.
Start with the end in mind plan for future capabilities:
The business capabilities you are seeking in the new system will continue to shift, and new required capabilities will develop throughout the implementation