Part 3: Core Transformation for Multi-Country Product Modeling

Multi-country product modeling: Key core transformation considerations (Part III)

In the two previous posts in this series, we addressed market and business realities for multinational carriers undertaking a digital transformation, as well as what to consider both during and after a transformation. This concluding post provides a call to action.

How does one get started? Most core systems digital transformation efforts will require a project inception phase. This will include workshops involving business subject matter experts, lines of business management, actuarial, core systems professionals, and members of the finance team, with occasional attendance of people from operations, underwriting, actuarial, claims handling, and procurement.

In order to achieve maximum velocity and efficiency, cross disciplinary and multi-country communication is critical to project success. Therefore, creating disparate development teams operating in silos of functionality should be avoided, especially across countries. This presents challenges but modern approaches and technologies have made virtual teaming much more effective and efficient. Both vertical and horizontal alignment for all project team members spanning requirements definition, design, development, conversion, quality assurance, and deployment is critical for the program to maintain throughout the digital transformation effort.

During the project inception phase, the global multinational carrier will need to ascertain the multitude of integration points with different and disparate legacy systems. Inter-disciplinary business units necessitate that proper attention be focused on creating program checks and balances work streams. Requirements and design dependencies will be of paramount importance to track, manage, and rationalize throughout the core system digital transformation.

In a single lifetime, the standard bearer insurance agent has seen its policy issuance process go from an in-person interview, green screen user experience, manually intensive underwriting practice to a direct channel that’s available 24x7 in the palm of one’s hand, effectively regardless of geographic location. Business process and systems transformation requires foresight, domain expertise, organizational change leadership, and patience. Taking the next step toward market leadership demands both transformative business experience and agile technology proficiency.