Facing increased demands for product and process agility, property/casualty insurers are taking on core system replacement projects with increasing urgency. A successful legacy system replacement depends on business, technical, and program readiness. Insurance carriers would be wise to understand the benefits and difficulties of taking on different types of core implementations.
To help insurers benchmark these core system implementations, Novarica recently released a report analyzing 35 case studies involving PAS implementations. The data show a wide range of project durations and estimated costs. These are partially related to scope of project, but many of the variations are attributable to careful planning, project readiness, and project management practices. Additionally, insurers that invested in Agile adoption attributed their successful PAS conversions to embracing this shift in culture and mindset.
This report highlights trends in the core conversions space, explains key challenges and successes for insurers, and provides metrics around estimated project cost, duration, and resourcing. To learn more, check out Novarica’s full report here.
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