Policy Administration Systems Lessons Learned
Report Summary
Policy Administration Systems Lessons Learned
Policy administration system replacement activity is at an all-time high across the insurance industry. But since few insurers will replace a policy administration system more than once a decade, few teams have the experience and skills to accomplish these massive projects without careful planning and effective partnerships.
August 2013 - This report draws on the personal experience of our principals and in-depth interviews with members of our Research Council to provide guidance to insurers undertaking a policy administration system replacement project. It is organized around around five key lessons learned in critical areas of these projects.
It also includes a section of other observations, including how companies successfully turned around troubled projects.
CONTENTS
Summary…1
Introduction…2
Engaging the Business…3
Making Rapid Decisions…4
Adopting Vendor Project Management Best Practices…4
Building a Vendor Partner Relationship…5
Planning and Staffing for User Acceptance Testing…6
Other Observations …7
Concluding Thoughts…8
About Novarica …9