When it comes to selecting a P&C core insurance platform, there are three critical things you should think about:

1. Is the platform cloud-based or SaaS (software as a service)?
2. How complicated and lengthy is the implementation process?
3. What support will you have during the transition process?

With a true multitenant SaaS platform, insurers gain a huge financial and logistical benefit that is not available from a cloud-based or on-premises system. SaaS reduces complexity and start-up costs enabling you to focus less on maintenance-oriented tasks enabling you to focus on business strategy.

There is no lengthy upgrade process with True SaaS platforms. SaaS multitenant platforms enable all new and long-term clients to work on the same version of the software. You receive regular updates and upgrades allowing you to focus on the enhancements you wish to accept.

When you start the implementation, evaluate the vendor’s support team–and determine how much and what kind of support–you will need, look for transparency and clear communication about what can and cannot be done. This will make an enormous difference in the implementation process.

While it is important to know what to expect from your platform provider, how you manage the digital transformation process is also critical. McKinsey says, “Change management as it is traditionally applied is outdated. We know, for example, that 70% of change programs fail to achieve their goals, largely due to employee resistance and lack of management support.” Here are a few tips to ensure that you create energy and excitement among your employees and customers:

• Create a sharp vision and alignment at the execution level as well as the executive level including defining roles and responsibilities to make the transformation process easier for employees and customers
• Offer a holistic view of deploying core insurance processes as it will create a domino effect within the company of the tech benefits to come
• Adopt a Minimum versus Product mindset – e.g., what do we need now versus what will we need later. Being disciplined in this space is important to your speed-to-market strategy

As for policy and claims solutions, this should be driven by your insured’s specific needs and business drivers. Look for what will deliver value and enable the client’s business strategy in the most effective way. Then tailor the solutions accordingly.

MGAs will desire more flexible and aggressive timelines to capitalize on market opportunities. Make sure the platform offers speed to market and a seamless implementation process.

Another consideration is testing. Be sure the platform allows, even depends, on testing activities that are being planned, including new features that will be introduced. By testing often and frequently, you will allow time to determine the effect of the digital transformation on your employees and customers by refining the process and products as you go.

This is a journey, and you will want a partner that will be with you from the beginning and a partner that will grow with you over the long term. Data science applications – AI (artificial intelligence), ML (machine learning), and predictive analytics - are now available and laser-focused on helping insurers transform enormous amounts of historical and newly emerging insurance data. These intriguing data analytical tools are already helping insurers assess risk, detect fraud, and reduce human error in the application and claims filing process.

Interested in starting the journey or want to hear more about a true SaaS multitenant platform? DOWNLOAD our eBook “Origami Risk: The Path to P&C Digital Transformation” or CONTACT US!