It is essential to recognize the value of highly useful and reliable existing systems, as well as to carefully reconsider the need to replace systems that slow down or hinder business operations. Many systems currently in use in the insurance industry serve as fundamental business assets and have the potential to be adapted to support business growth and development. By efficiently utilizing and adjusting well-functioning solutions, companies can optimize investments and accelerate digitalization or digital transformation while minimizing operational risk.
2. Focus on Digitalization Success Metrics
Modernizing any system goes beyond a mere technological project. While implementing modern technologies is important, attention must be directed toward key success indicators, such as increasing process automation, improving work quality, reducing operational costs, generating new sales opportunities, and enabling the creation of new, innovative business models. Aligning modernization investments with broader business objectives is crucial to ensuring measurable value for the organization.
3. Continuous Modernization
Adopt a strategy of continuous modernization at the company level to monitor and enhance a portfolio of interconnected software solutions, aiming to improve overall efficiency. The successful implementation of any system should serve as an initial impulse toward ongoing process and technology advancement.
4. Technological Stability
Choose technological solutions based on their expected lifespan, stability, and available support to ensure the use of proven technologies amidst the rapidly growing landscape of software solutions. Competent and experienced development teams, especially those from product-oriented companies, critically evaluate every technology before selecting sustainable solutions from both a technological and financial perspective, while also ensuring strong software community support.
5. Financial Planning
Planning expected investments in the system—whether through implementation or maintenance—is crucial for the success of modernization. Insurers must assess the total costs, including initial investments, ongoing operational expenses, and potential costs of adjustments and upgrades. It is essential to ensure that development stays within planned budgets to maximize return on investment and ensure the long-term sustainability of system development. If core system development is outsourced, choosing a reliable partner is key. Experienced partners help optimize costs, minimize budget overruns, and ensure that systems remain sustainable and adaptable to future business needs.
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