Core Systems are the most important IT systems of the insurance company, since they are vital for sustaining processes which are crucial for its proper functioning.
There are many off-the-shelf products available on the market, which are able to sustain the core processes and functionalities of the insurance companies. Such systems are evaluated by independent analysts and the best solutions are implemented in dozens of insurance companies in several countries.
This enables an insurance company to take advantage of best practices in this area.
Many successful implementations mean that the risk associated with introducing the system in the insurance company is relatively low.
Core systems implementation projects
Implementation of a core system is a complex, long-term project and to ensure its success it should be supported by its stakeholders at all levels within the organization. Usually the risk associated with the implementation is very high.
There are however several success factors which mitigate the risk, including: