(Editor's note: Occasionally, we ask an insurance technology leader a single question to elicit a response that will enlighten and inform the technology channel readership. If you would like to participate, contact the editor at [email protected])
Question: What steps need to be taken to develop a solid business case when business and IT leaders realize new systems are in order?
While we have seen insurers increase IT project activity over the past couple of years, the motivation for replacing existing systems is often a reaction to market phenomena rather than an integral part of their mission. Famously risk averse insurers (who liberally proclaim, "Me too!" as a product strategy) are motivated to modernize to thwart competitors, yet the process of making a proper case for complex, multimillion dollar, enterprise-wide investments has been lost in the emotion of simply wanting to catch up.
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