Throw Out Your Crystal Ball

The concept of a crystal ball has always bothered me a little bit… I mean, it seems like it would be good idea to know what’s to come in the future, but doesn’t knowing change everything??? Being unable to ‘know the unknown’ presents most people with two options to consider: 1) accept that one can only solve today’s challenges and face them as they appear; or 2) prepare for everything and hope for the best. Admittedly, there may be other options, but those are the most common ones I’ve observed when watching insurers as they consider core system replacement.  Rip.  Replace. Meet customer demands.  Slowly degrade, slipping further and further below the grade, until….  Rip. Replace. Repeat.  Sometimes this gets interrupted by a short-term fix. Degrade. Slow degrade. Degrade. Rip. Replace. I’ve seen a pattern of core system replacements that simply seem to set up the next inevitable replacement… not only is this costly, it is a risk-filled process that exposes an insurer to possible failure.

It might be obvious, but why not break the cycle and have it all? Choose your next core system replacement to meet and surpass, your needs today (i.e. become a leader) AND be as prepared as you can be for the future. Actually, be as prepared as ANYONE can be for the future!

The secret?

Gather around the crystal ball….

Upgradable, packaged solutions from a vendor committed to meeting future requirements. Proactively.  Accessibly. Packaged solutions, in a mature market, provide the fastest, most efficient way to jump forward and achieve or exceed market expectations.  This also reduces the risk of failure, provided the solution is proven. With a path to success tried and tested, you gain from the experience of those who have gone before you. Moreover, however, you need that system to meet changing requirements right from the start while enabling you to meet your specific needs. It is not enough that the packaged solution continues to have features added to it, unless you are able to take advantage of that progress alongside your own changes. An upgradable core system is a must and the features must align with your strategic objectives. This is what will keep you ahead of the market in a sustainable way.  And break the cycle.

So when you embark on your journey to replace your core systems, don’t bother gazing into a glass sphere. Instead, select a core system that will continue to evolve to exceed the current demands and enable you to remain in pursuit of your strategic goals. We’d be happy to make a recommendation  ;-).