Just as technology is changing the social landscape, it is also changing the makeup of the insurance and financial industries. In order to keep up with consumer needs and desires, insurance industries need to update their systems.
Many insurance companies are stuck on legacy systems, which are computer systems that utilize inflexible software and outdated programming languages. Relying on legacy systems puts companies at risk for a multitude of challenges such as keeping up with changing customer expectations, a volatile regulatory environment, data security concerns and system stability issues.
Everyone says modernization is good but why?
Modernization “encompasses technological, operational, and cultural change to deliver improved services, meet competitive threats, or increase financial performance.” While modernizing systems is usually a goal of companies to keep up with new technological developments and customer needs, the process tends to be a difficult one.
Therefore, many companies seek out third party project managers and business analysts with experience in successful system modernization to lay out, implement, and execute solutions for modernizing systems.
Who can you rely on for help?
Experienced consultants who specialize in project management and business analysis are geared to helping insurance companies who struggle to modernize and maintain their infrastructure. By thoroughly analyzing businesses and providing suggestions for realistic and sustainable solutions, they provide oversight and governance as unbiased, trusted advisors.
The transformation from costly, inflexible mainframe systems to configurable, proven commercial software is not a simple task. However, it can be made significantly easier and more likely to succeed with the assistance of trusted advisors who lay out and help manage plans for modernizing systems from start to finish.
Consultants are a great solution for helping with Systems Modernization because they...
- Listen to the needs and suggestions of their clients while offering their own expertise from years of experience in the related field.
- Help companies identify their pain points, discovering what the real issues are and how they can best be resolved.
- Collaborate with internal project managers and stakeholders to determine which current practices to stop, which new ones to adopt, and which to retain and improve, relying on deep knowledge of industry best practices and hard-won experience.
- Provide discipline throughout the transformation process by ensuring that robust governance processes, proven analysis and solution development methods are used.
- Assist from the initial inception of a project to implementation of the solution.
- Set the stage for ensuring enterprise-wide adoption of changes to processes is achieved and sustained long after the project is over.
- Provide clear rules, tools, and guidelines to help leaders manage risk and promote efficiency.
For many insurance companies, the prospect of modernizing their systems can be overwhelming. Modernization can be expected to be an onerous process fraught with uncertainty as selection of the right software solution is always challenging and transferring data to the cloud, which is an integral part of most modern software solutions, unnerves older institutions.
Skilled consultants work to make the modernization process as efficient and effective as possible so that insurance companies can protect their information, benefit from unbiased expertise, and satisfy their customers, stakeholders, and investors.
With professional, experienced consultants guiding the process, insurance companies can ensure that their needs and interests are clarified and understood and clear guidelines are established for how their business-critical processes are maintained through continuous change and agile development. If you are interested in learning more about Systems Modernization, please visit us at www.teamrg.com.
LINKProcess™, our proven business analysis methodology, “provides a framework for organizations to modernize their systems and processes, adapt to changing regulatory requirements as they are introduced, and ensure that everyone in the enterprise successfully adopts the changes.”