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The next time you evaluate core platforms for your business, ask how your vendor manages integrations, whether they have an open set of APIs, and what existing integration points they have for other customers. It is important to understand the foundational structure of your next vendor since your core system is the bed rock of your entire insurance operations.

When you break down the insurance process, there are three core pillars of operation: Policy Administration, Billings / Accounting, and Claims Management. For programs with a core solution, each of these pillars of operation should be bound together in a single solution. Enabled by your core solution vendor, your internal teams can communicate and collaborate across the business, leading to the successful execution of an insurance program. And although this is a huge leap towards digitally transforming the business, it opens the floodgates to future technological opportunities.

The velocity of technological development has increased exponentially over the last two decades. For the insurance industry in particular, this acceleration has created a competitive rift between the early adopters of true SaaS technologies and businesses that held onto homegrown or on-premise solutions.

Much like every other part of the implementation process, the key to success is having a plan and transparent communication, internally and with your vendor, throughout the project. With these three considerations top of mind, your insurance program can begin to de-risk and effectively plan for your next core system implementation.

The next time you’re looking to implement a new core system, be ready to rely on your new software vendor’s change management expertise. Their business is centered around successfully executing these types of projects and their practical wisdom will make a difference in how your teams respond to change