Wednesday Sep 14, 2011

Why Your Proof-of-Concept Should Be a Proof-of-Capability

Policy administration systems are core to a carrier's operation. Replacing these systems presents more risk than nearly any other IT project. Carriers should carefully weigh the risks against the benefits as they build the business case for embarking on a modernization project.

In a previous Oracle Insurance Blog I highlighted best practices recommended bySecurian Financial Group's Denise Smieja about the company’s successful approach to replacing its legacy policy administration system. Smieja along with Roger Soppe, Oracle Insurance, were among Insurance & Technology magazine’s virtual roundtable of industry experts that recently weighed in on this topic. While Smieja offered insight on criteria carriers should consider when developing a request for proposal, Soppe focused on another critical step in the evaluation process: the proof-of-concept (POC).

In the article, Setting the Stage with a Solid Proof of Concept, Soppe noted that while many insurers are familiar with the idea of a POC, they may skip this important step due to time or budget constraints. He cited how a leading North American life insurance carrier demonstrated the value of a POC in proving the capabilities of the “people, process and technology” of the vendors and systems integrators being evaluated for its policy administration migration project.

“Other carriers can adopt this idea of a ‘proof-of-capability’ in their own policy admin transformation projects,” advised Soppe in the article. “This process reduces risk and helps build buy-in across the organization. This approach can be crucial to receiving a green light -- it is the final validation of all of the research and decision making that the carrier has done to date and sets the stage for success.”

Click here to read more or click here to download the Oracle Insurance strategy brief, “Proof-of-Concept Done Right: Mitigating the Risk of Policy Administration System Migrations.”

You can also learn more about Oracle Insurance and how insurance carriers are leveraging its solutions to adapt to change, better service customers, and better manage their business for compliance and growth at Oracle OpenWorld, next month in San Francisco, Calif.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

Monday Sep 12, 2011

Building the Business Case for Policy Administration Replacement

Proof-of-Concept Done Right: Mitigating the Risk of Policy Administration System Migrations

How can insurers build an effective business case for policy administration system replacement? Insurance & Technology magazine recently asked a virtual roundtable of insurance industry experts, including Denise Smieja, Securian Financial Group, and Roger Soppe, Oracle Insurance, to weigh in on this hot topic and share recommended best practices for success.

In discussing Securian Financial Group’s successful policy administration transformation project, Smieja explained that the carrier’s business goals for new product development focused on flexibility and the ability to rapidly develop innovative, market-standard products—capabilities that were lacking in Securian’s previous legacy system.

“One of the critical changes we wanted was a consistent release cycle for new products,” noted Smieja in the article. “We struggled to introduce one product per year—we needed to improve that and be able to quickly launch new products, enhancements and regulatory changes. We are now committed to four product releases (either new products or enhancements) annually.”

Smieja also advised carriers to gather input from various disciplines across the company, including IT, actuarial, new business and in-force administration, when embarking on a request for proposal process. Important factors for consideration when evaluating a policy administration system include usability, technical fit with the corporate infrastructure, and configurability to support unique business rules and processes.

You can learn more about the best practices discussed by Smieja by reading Securian Financial Group Supports Innovation. You also can read the full article in last month’s print edition of Insurance & Technology.

Highlights of the best practices offered by Soppe will be covered in an upcoming Oracle Insurance Blog.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

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