Minimizing Project Risk Checklist
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Implementing modern policy administration systems should improve efficiency, processes, and functionality. Unfortunately, the tendency of insurance carriers to want to “do things they way they always have been done” compromises these potential advantages in many cases.
Giving in to the need to feel comfortable by allowing requirements to reflect the current state rather than new (and generally better) business processes leads to over-customization, which generally increases delivery and operational risk, project costs, and maintenance and upgrade expenses. In addition, best practices native to the solution can end up being removed inadvertently, and the entire project as well as the overall business case can be jeopardized. Following the checklist below can help insurers avoid these risks: