You’ve probably heard the horror stories of new core system launches gone wrong – when development takes three years or longer. By the time your new system hits the street, all the rules and opportunities have changed! You certainly can’t have that, but at the same time, you can’t go to market with just anything. You have to find the middle ground.
The easiest way to take your new system live quickly is to leverage market best practices.
Think: Preconfigured Framework
A challenge for many insurers involved with never-ending software projects is starting from scratch. This makes the process more difficult and time-consuming and can lead to mistakes.
To avoid time lost to reinventing the wheel, use a preconfigured framework that leverages best practices and deploys proven functionality for fundamentals such as:
- Quoting and rating
- Policy issuance and servicing
- Premium billing and posting
- First notice of loss
- Claim processing
- Forms and notices
- Agent commissions
When you start with preconfigured fundamentals, you can focus time on customizations that are right for your business. This allows you to:
- Get to production earlier and start to achieve your goals with improved productivity and efficiency, new technology and increased revenue.
- Avoid spending money on features users won’t use. Get to production and collect real-world feedback before deciding on features or changes.
- Demonstrate your commitment to quality and improvement through updated releases based on user feedback.
If you fear that your list of second-generation features will never get done, you can get formal commitments from all stakeholders before you go live.
Steer clear of an endless cycle of project development. Keep your eyes on the finish line and never forget the advantage made possible by speed to market.
When you work with Insuresoft, you’ll get an initial delivery date early on, as well as a system that meets your unique needs, and evolves as your company’s needs change. It’s the best of both worlds.