Web Seminars
New Path to Success: Best of Breed Suite with Key Attributes … Common, Single, Depth and Breadth
Original Broadcast Date: Wednesday, November 2, 2011
Cost: Free
The instability of the last few years has put the insurance industry on notice, and made even analysts reluctant to declare that a “new normal” is pushing out an era of relative consistency, stability and almost easy profitability. For many, it seems unfathomable that we must adapt to an environment in which a constant state of fluctuation exists, hence the hesitancy.
What makes best-of-breed suites with stand-alone components unique is that they have a common architecture and UI, single data model, out-of-the-box integration, common rules and process engines and single configuration toolset. The key words are common, single, depth and breadth. When selecting a best-of-breed suite solution, insurers must consider these key words, because many vendors do not meet these criteria. During this web seminar, attendees will learn:
- What business value do best of breed suites offer that can accelerate progress toward strategic goals, while delivering increased business value, market position and return on equity (ROE).
- What key attributes differentiates best of breed suites.
- How can a best of breed solution provide lower total cost of ownership and operational risk.
Harold Williams
CEO
Western Computer Services Inc., a division of Mountain West Farm Bureau
Matt Josefowicz
Partner and Managing Director
Novarica
Denise Garth
SVP of Strategic Marketing & Industry Relations
Innovation Group
For the property and casualty (P&C) insurance industry, the new normal is not only knocking at the door, it is standing up and demanding action. The new normal requires a new path for insurers, and it must be one where more than just lip service is paid to significant change and business transformation. Most insurers have a clear-eyed self-assessment of the state of their core systems and according to research a majority rate them below the level of "acceptable.” Why?
Traditionally risk-averse, the insurance industry has long struggled with staying up-to-date in terms of technology, even when it comes to replacement of mission-critical systems that run core insurance processes. With growth, operational effectiveness and competitive parity being “top of mind”, insurers are seeking solutions that offer more than a replacement. They are looking for a platform for growth and innovation to compete in the new normal. Strategic imperatives are in play, and insurers may succeed or fail over the next five to seven years depending on the path they choose.
In light of the demands imposed by the new normal, core system modernization is mandatory for P&C insurers. In order to mitigate the risk associated with a project as large in scope and importance as business transformation and core administration modernization project, insurers must turn to software vendors who can provide more than a single component or module. A modular, best-of-breed “suite” offers insurers the best and easiest path to seamless integration, delivery of a tangible ROI with a lower total cost of ownership (TCO), and a platform for growth and real competitive advantage.
By providing the flexibility and choice to implement functionally-rich, stand-alone components, or a full suite, such solutions enable insurers to effectively manage the risk of core system replacement and provide a platform for future IT investment. Today, most solutions can be easily configured to meet each insurer’s specific business requirements without changing source code, but differing in the depth and breadth of the business functionality from underwriting, policy, billing and claims to reinsurance.
