What are the biggest barriers to core system transformation, and how can insurers and MGAs manage them?

Cameron Scott
VP, Sales & Marketing | ISI

Transcript

It can be very challenging to do it without disrupting the business. I think strong alignment between the business and IT is critical for any of these projects.

There’s just going to be disruption. There’s going to be disruption to the business as part of any of these projects, but you do that with in mind of the efficiencies that we’re going to gain and the benefits that we’re going to gain after the fact.

Fear of change is natural and is certainly a part of any core system migration, as is data conversion. Data migration, moving the data from one platform to the next, is often considered the hardest challenge of any of these projects.

But going with a team that understands the data, having internal team members that understand where the data is coming from and going to in the new system, but also choosing a modern platform that allows for easy ingestion of that data, easy integration with third-party systems, and one that is highly configurable so that you can quickly adapt to incorrect decisions or what we thought was correct at the time.

If you’re doing a heavily customized build, it can be very difficult to pivot and change course once those decisions have been made.