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Whatever You Do, Don't . . .

In this series, we have discussed many of the things carriers should do when undertaking the vendor selection and software acquisition of core insurance processing systems such as policy, claims, and

By George Grieve | Updated on January 31, 2008

In this series, we have discussed many of the things carriers should do when undertaking the vendor selection and software acquisition of core insurance processing systems such as policy, claims, and billing administration. In this article, I am going to focus on things carriers should not do. The search for and acquisition of core insurance processing systems takes months, if not years, and the result can have a major impact on the competitive capabilities of the acquiring carrier. Also, the consequences of such a decision, good or bad, will be around for years to come. So, here then are some “watch outs” based on real-life events I have encountered over the years of working with carrier companies:

Don’t do this in your spare time, and don’t choose the B Team. Core system vendor and software evaluations should be executed by a team of qualified professionals who can dedicate a significant amount of their time over an extended period. This is not something that can be entrusted either to people who cannot commit the time or who are not some of the best qualified resources in the company to undertake such an important project. The carrier needs to form a team that represents the diverse interests of the various business areas and IT that would be involved in an implementation and would be stakeholders in its outcome. The team also needs to have a blend of resources that know not only the way the carrier works today but also can represent the way the carrier should work in the future.

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