Core Systems Replacement: 20 Myths and Realities
Report Summary
Core Systems Replacement: 20 Myths and Realities
With interest in core systems replacement at an all-time high, many carriers are implementing one or more core systems or evaluating their options for doing so. With the surge in interest, however, comes a surge of outdated or incorrect information.
January 2014 - In this report, we examine the most common misconceptions and aim to set the record straight by using our experience working with over 50 insurers on core systems projects over the last five years to debunk the 20 most common myths that surround core systems replacement. We examine myths from both the selection process and the implementation process. Additionally, we identify the “top 5” myths as voted upon by more than 60 insurer CIO members of the Novarica Insurance Technology Research Council.
We believe that by addressing as many of these factors as possible as early in the process as possible, the chances of a successful project improve greatly. Accordingly, while this list of myths is not exhaustive, it does serve as a strong starting point of items to consider and be cautious of. With an undertaking as complex and as critical as a core systems replacement, any advantage should be seized.
CONTENTS
Introduction…2
Related Research…2
Before You Buy…3
After The Sale…8
Concluding Thoughts…12
About Novarica…13