Mitigate technical debt and add value
85% of P&C Carriers say their top IT priorities for 2020 and beyond are Core Systems and 24% of those P&C insurers say that core systems is their top challenge according to Novarica’s most recent Insurer IT Budgets and Projects study.
Replacing the core, legacy migration, core system refresh, core transformation – the process goes by many names. Regardless of what your organization calls it, there is one universal truth when it comes to addressing out-of-date core systems in insurance – it costs a lot.
The sticker shock is a big hurdle for decision makers and the key stakeholders that control the money. To justify the investment, they want reasons that go beyond mitigating technical debt.
A good first step? Read Novarica’s analyst report – Core Systems in Insurance: Building the Business Case. Get insight from the report on how you can create alignment between the business and IT before the project even starts.
This report delves into examples of real-life core refreshes and ties them to three types of value relevant to the insurance industry:
- Selling More
- Managing Risk Better
- Costing Less to Operate
See how you can leverage these value concepts in your own business case.
“Carriers that achieve a strong foundation with core systems are well-positioned to deliver products to market faster, increase distribution capabilities, and operate more efficiently.” – Novarica