Insurance companies are in the process of undergoing a once-in-a-generation business transformation and replacement of core systems (policy administration, billing, and claims). As the vendor landscape has matured over the last few years, there is a growing belief among many insurers that a software vendor solution can solve all of the challenges they face with their aging legacy platforms, and increase their success in a very competitive market.
But what is the best core software vendor solution to help transform the organization? The highest rated one in industry research reports? The one with the most functionality for the lowest price? By simply replacing legacy systems with a new solution and doing nothing more, carriers are missing significant opportunities to create competitive advantages, including an improved future state operating model, superior customer experience, enhanced distribution capabilities and re-engineered processes.
Who should make the selection? Carriers that limit the decision-makers to one part of the organization (e.g. IT or procurement) run a significant risk of misaligned expectations with business users, second-guessing the decision, wasted time and money to re-evaluate prior decisions, and ultimately missed opportunities to stay competitive.
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