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Insurers that Embrace Change are Positioned for Success

Martina Conlon | February 16, 2015

An organization’s attitude towards change had a huge impact on the business and technology decisions they make. Organizations that fundamentally view change as risk will be more likely to maintain the status quo, while those that view change as opportunity will embrace technology innovation and transformation.

That being said, I don’t think resistance to business process change is what keeps many insurance organizations on legacy systems. More likely they just aren’t in enough pain (yet), they don’t have the budget, or the executive team doesn’t have the stomach for the risk related to a big project (not just business process change) at that time. 

The tipping point for your typical insurer is when the legacy platform constrains key business strategy. The tipping point for companies that are change averse is usually when a change agent enters the picture with enough vision and clout to sponsor the transformation.

Most insurers have taken an evolutionary approach to process change and their platform strategy. Many introduced major changes 10-15 years ago by surrounding their legacy system with portals, rules engines, imaging systems, and workflow tools and introducing more efficient business process.  Over the past 5-10 years, many insurers have continued this evolution by migrating to consolidated vended core systems, and adopting the out-of-the-box commodity business processes they support. 

Today we see opportunities for revolutionary change being driven by technical innovation, big data and consumer expectations. Insurers that embrace change and invest in agile platforms are positioned for success going forward.

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