In my experience, core system transformation is a bit of misnomer because teams end up building projects backward, and as a result, they take far too long and cost far too much to implement. Most importantly, insurers lose some of the benefits of moving to the new system(s) because the team has spent too much time in the past instead of looking toward the future.
For the small and medium (SMBs) insurance market, the core system transformation model cannot work. SMBs cannot afford the luxury of investing two to four years and $20-50 million. Fortunately, there’s a significantly better way to implement these projects. First, you must flip the script on how you execute them.
A version of this article was originally published on Property Casualty 360 to read that version click here.