Insurance transformation programmes are notoriously complex and lengthy. Oftentimes, such projects require exceptionally considered investments – and for good reason. When they go wrong, the insurer can easily double their intended investment. Not only this, but if the project goes off course, the end result may not be what the insurer intended to have in the first place; requiring even more investment further down the line. This is where the significant need for Solution Assurance comes in.
No two projects are ever the same
Of course – each project is different in its own way. Many insurance transformation projects will be striving to achieve a similar end result – such as a software upgrade or getting ready to move to the cloud. The journey to this end result is what differs between insurers. Each business will have the following unique to themselves:
- data centres
- internal processes
- insurance products
- internal resources (expertise)
- the business’ roadmap
- customisations to the existing architecture
…and plenty more. All of these elements can become huge obstacles when undergoing a transformation project. With Solution Assurance, procedures are put in place to make sure these obstacles are taken care of without the bigger picture becoming lost.
Prevention is better than cure with Solution Assurance
When a project goes wrong, it’s a mammoth task to unravel what happened and start over again. Sometimes it’s not even possible; especially from a financial point of view. Nobody wants to be in a position where what’s caused the project to go awry could’ve easily been prevented. This is why solution assurance is invaluable; it provides the foresight many insurers desperately need to keep their projects on track. solution assurance is designed to help them avoid the mines that can cataclysmically destroy their programmes. The last thing anybody wants to think is, “I wish I could go back in time”!
Keeping track of conformity
Product conformity in insurance transformation is terribly important. The more you customise the product, the harder it is to maintain, fix and upgrade. As you’re not futureproofing your investment, it’ll have an expiry date before you’ve even begun. It’s impossible to have a fully conforming product; even the smallest amount of localisation work is usually required within the software. However, being able to manage this throughout the entire transformation programme is incredibly useful; both for the present and the future of your business. We’d generally recommend a conformity score between 85-95% is considered very good.
Conformity is all about context – it’s great to have a percentage you’re working with to see how customised the product has become, but this is meaningless without further context surrounding it. For example, if you have a lower conformity score, it may be because part of your infrastructure has been heavily customised; but won’t need upgrading for a very long time because it meets the business’ long-term needs.
One of the primary reasons Solution Assurance is critical to insurance transformation is futureproofing. Upgrades are expensive, complicated and risky in highly customised environments; especially if you have an inexperienced team. However, Solution Assurance not only keeps the current programme on track; it provides much-needed foresight into the direction of the business. Solution Assurance provides strategic insight into how much the business is likely to invest in the future.
As insurers turn towards digital solutions more and more, upgrades cannot be avoided (and shouldn’t be, for that matter!) such upgrades are put off and avoided when you don’t know what you’re dealing with. However, if you know your existing systems can undergo a practically seamless transition to newer versions in the next few years, getting this investment won’t be as difficult as it can be.
Solution Assurance provided by us
Business Agility’s Solution Assurance service is specifically designed to not only ensure the technical oversight and quality protection in a software implementation but also provide a crucial involvement in the transformation as a holistic whole.
“Solution Assurance is not just a certified and qualified pair of eyes and ears, shadowing and thoroughly checking all aspects of delivery.” Business Agility’s Chief Executive Officer, Roy Murphy explained; “But also a very real, on-site presence ensuring the client is protected from delays, costly overruns, conflicts, disputes and a range of other issues. Our participation has often proved essential in the early proactive identification of potential problems, as well as ensuring their escalation and resolution.”
Digital or business transformation is fraught with operational and financial exposures, especially when implementing new and sometimes unfamiliar technology. “Difficulties or delays in the delivery of technological advancements has a cumulative effect on the whole transformation process.” Added Roy Murphy; “We’ve been in the trenches and have the scars to prove it. Living and breathing the daily challenges of complex transformation programmes as we have, you get to understand how to avoid the pitfalls. We bring this to our clients through our highly experienced and qualified consultants.”