The Right Insurance Technology Solution Includes the Right Systems Integrator
Robert Regis Hyle | April 28, 2015
It is exciting to talk about the possibilities the future has in store for us with the many advancements in technology we’ve seen in the last few years—even months—particularly along the lines of mobility. Less exciting is the discussion of core systems. Everyone understands the need to ditch legacy systems, but for many companies, the task of core systems replacement is easier said than done.
The sad part of these discussions is that too few of the advancements being made in mobility and predictive analytics are available to those insurance carriers that are stuck with 20th century technology in a 21st century world.
The good news, though, is that if a carrier conducts its due diligence and selects the right solution partner, the possibility of success in implementing new core systems is at its greatest level ever. Thanks to systems integrators and outside implementation teams, the biggest worry with purchasing a new platform—getting it right when it is installed—can be accomplished. Often, you only get one shot at this and if it doesn’t work right on the first go, it might never work right.
Companies have always worried—usually with good reason—that the technology might not work because they don’t have the proper people in place within the IT department to accomplish the job. This is one reason the purchase of a new core system has been considered a career-defining task for many CIOs.
Finding the right technology solution isn’t the only search involved in core systems replacement, though. Finding the right SI is equally important. Many of the top companies performing this task serve as partners with the solution providers. Having great knowledge of the solution is extremely valuable, but that shouldn’t be the only reason to select a particular SI.
It is important to find a company that understands the needs of the insurer—how to walk them through process and workflow changes, how to select the right people to serve as project managers. The right integrators are conduits to both sides—the third leg to the stool that we always read about.
So searching for the right solution partners and integrators might be more difficult today than ever before, but once the correct decisions have been made, the results, more than likely, are going to turn past nightmares into dreams come true.
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
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