Switching Your Core Insurance Platform: What You Should Expect

If you’re planning to upgrade your core insurance platform, you probably have some questions about what the transition will look like and any operational disruptions you’ll need to plan for.

There are plenty of things to consider before you replace your policy admin system, but we’ve also put together a quick reference guide on what you can expect when you embark on this major transition.

1. Initial Assessment and Planning

  • Before you make any concrete plans to upgrade your system, consider the limitations of your current platform and the capabilities or features you’d like to prioritize in a new solution.
  • Review your overall business objectives, ensuring that any new platform you select aligns with these goals and can support your changing needs as you grow.
  • Gather input from key stakeholders on what they’re looking for in a core platform to promote buy-in for its adoption across the organization.

2. Vendor Selection and Due Diligence

  • Conduct an initial search for potential vendors, shortlisting those that meet your expectations and requirements.
  • Assess each vendor’s reputation, reliability, and support offerings using independent review sites and information from their websites.
  • Conduct demonstrations and attend proof of concept (PoC) sessions to get hands-on experience with each platform to help you make your final decision.

3. Budgeting and Financial Planning

  • Estimate the total cost of ownership, including all licensing, implementation, and training fees.
  • Calculate the ROI of implementing the platform, considering the long-term financial impact.
  • Secure budget approval from key stakeholders to finalize the purchase.

4. Customization and Configuration

  • Use the platform’s customization features to tailor the system to your specific business needs.
  • Set up appropriate workflows and rules to maintain consistency with your existing systems and processes.
  • Collaborate with the vendor on the development of customer features, if necessary.

5. Data Migration and System Integration

  • Plan and execute data migration from legacy systems, including backing up existing data to mitigate potential disruptions.
  • Ensure seamless integration with existing systems like your CRM, ERP, etc.
  • Test data integrity post-migration to identify issues that might have occurred during the process, like misalignment or incorrect formatting.

6. Training and Change Management

  • Develop comprehensive training programs to get staff up-to-speed on using the new platform.
  • Schedule initial training sessions and workshops to address employee concerns, answer questions, and familiarize team members with the new system.
  • Implement thoughtful change management strategies to ease the transition and address any staff member concerns.

7. Pilot Testing and Feedback

  • Conduct pilot tests of the platform in controlled environments, ensuring no impact on system data or front-facing operations.
  • Gather feedback from users and stakeholders, looking for any redundancies or inefficiencies the new platform might create with existing workflows and processes.
  • Make necessary adjustments based on feedback, making sure the platform is helping employees’ jobs become easier, not more complicated.

8. Full Deployment and Rollout

  • Plan a phased or “big-bang” deployment strategy to align with your desired timeline and overall operational strategy.
  • Coordinate with stakeholders across different departments to facilitate a smooth transition and resolve last-minute concerns.
  • Monitor the rollout and address any immediate issues that impact operations.

9. Post-Implementation Support and Optimization

  • Provide ongoing support and troubleshooting to the employees most impacted by the transition.
  • Conduct reviews and performance evaluations to understand the platform's impact on employee productivity and satisfaction.
  • Optimize the platform with further integrations and customizations based on user feedback and performance data.

10. Continuous Improvement and Future-Proofing

  • Regularly update the platform with new features, capabilities, and security patches for optimal system performance.
  • Keep abreast of industry trends and regulatory changes that require updates to how your system operates.
  • Establish a feedback loop with employees for continuous improvement of the platform to help achieve strategic objectives.

Frequently Asked Questions (FAQs)

How long does it typically take to upgrade a core insurance platform?

The timeline can vary depending on the complexity of your current system, the extent of customization required, and the size of your organization. On average, the process can take anywhere from 6 months to 2 years.

What are the main challenges that come up during the upgrade?

Key risks include data migration issues, integration challenges, user resistance to change, and potential downtime during the transition. Effective planning and a robust transition strategy can help to mitigate these risks.

How will the upgrade impact our daily operations?

Temporary disruptions may occur as the new system is implemented, but careful planning and phased rollouts can minimize this. Proactive, clear communication with your staff and customers will help manage expectations during the transition.

How do we train our staff on the new system?

Training should be a comprehensive, ongoing process that includes guided sessions and self-learning options like user manuals, online tutorials, and support hotlines. Consider appointing a dedicated team or individual to oversee the training program.

Will our data be secure during the transition?

Ensuring data security during the transition is critical. This involves using secure data transfer methods, encrypting sensitive information, and adhering to compliance standards. It’s crucial to discuss these measures with your vendor beforehand.

Getting Started with Insuresoft

When you’re ready to make the switch, Insuresoft provides a mission-critical core platform that helps insurers compete and scale in today’s complex digital environment. Our software solution allows you to deliver your brand promise to policyholders with precision and efficiency, providing top-tier service that helps you stand out as an innovator.

With a 100% success rate with client implementations, we have the experience and resources to help you make a smooth transition with minimal impact on operations. Plus, we don’t charge any fees until you go to production.

See Insuresoft in action! Contact us for a free demo.