Minimizing Project Risk Checklist
Published: December 2012
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The importance of technology to the insurance industry is nothing new. From the earliest deployment of digital computing in the 1950’s, carriers have realized the operational efficiency gains that come with automation. Some carriers are still working on foundations built before some of the current IT staffs were born.
Replacing or modernizing these environments can be big, expensive, and risky undertakings at companies whose core missions are tied to managing risk in a cost effective and predictable manner. Given that the history of large technology project across many industries is poor, there can be a resulting tendency to avoid doing the very things carriers need to pursue to maintain competitive position and relevance.
This brief illuminates the most common factors contributing to project failure and offers a checklist of key issues to reduce project risk. When “kicking the can” further down the road isn’t an option, IT leadership requires a proactive approach to technology delivery.