Core beliefs are very helpful– to help teams execute, to stay consistent through good times and stressful times, to provide a code of conduct. We at Guidewire have core beliefs both at a company and team level. For example, our professional services team has developed core beliefs based on our experiences from more than 200 implementations that help us to provide a consistently high level of service to our customers. These core beliefs were developed in a collaborative way based on real world successes and mistakes, so not at the whim of an all-powerful executive. They include being honest (even when it’s uncomfortable); recommending agile implementation methodology (because it works) and helping our customers achieve long term business value (thinking beyond the go-live). You can see a video that elaborates on these beliefs here.
Many insurers are going through the process of replacing legacy core systems; implementing new ones and defining a business strategy that will support short and long term success. And they’re doing all of this while operating their businesses today. The oft-repeated metaphor is that implementing new core systems is like changing an engine mid-flight. Given this, I recommend that insurers carefully define core beliefs for each step in their journey.