How legacy replacement projects are approached, planned and executed is changing. Halleluiah! Let's face it; as an industry we've never been very good at these complex undertakings, so pretty much anything new is probably an improvement. I have noticed over the past few years, as I visit clients and review CastleBay engagements, some increasingly common trends which bode well for the outcome of these types of projects.
Buy, Don't Build
As we discussed in the September edition of this column, carriers increasingly turn to vendors of highly configurable software to source the solutions for their core insurance processing requirements rather than attempting to build them. This is a positive trend for several reasons. Carriers generally are not very good at building software; it is not, in consulting-speak, a “core competency.”
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