In the race to modernize, many insurers have found their progress slowed by the size, scale and scope of large transformation programs. From core systems to data warehouses, and from cloud platforms to customer-facing services and apps, some insurers are struggling to get to the finish line.
Executive SummaryAsking the right macro-level questions up-front is a key part of the introduction of new technologies in large transformation efforts that insurers miss. Here, X by 2 consultants provide some examples of questions to ask along with a checklist of helpful do's and don'ts to handle early naysayers and inevitable detours and course-corrections along the way.
There are many reasons for this, but more importantly there are methods and approaches to address the many issues insurers may face—and they’re applicable for those insurers that are just beginning their transformational journey or those insurers in the midst of it.
For the purposes of this short primer, a large transformation program is defined as: an effort that includes one or more core insurance functions; is technically complex in terms of scope, scale and duration; and results in significant changes for all stakeholders—customers, agents and employees.