Why? Because, only a comprehensive understanding of Current IT ability can help you map its sufficiency and scalability – effectively to your future aspirations and needs.
Mind you, we are only covering Application IT Landscape here. Other aspects of Tech that make Application Platforms work – is a topic for another day!
We have worked with several Insurance Companies (and MGAs) that spent millions of dollars, for Legacy Systems Replacements, in the hope that a New System is an answer to all of their Biz/Tech Challenges. Not always the case – especially when the old ways of doing business are transferred to the New Platform!
An experience to share with you…
One day, while the Sun was shining bright and the weather sultry, we receive a call, from one of the P&C Insurers, asking us to help them in their Vendor Selection Initiative. They are in the process of replacing their current enterprise tech platform and of course, they heard about the big tech leaders topping those magic quadrants and bagging those model awards.
Being a young consulting firm, at that time, it was an honor and we were a bit skeptical about asking the reason, for what led them to take the decision.
Jet, set, fly! We were in front of the Senior Management and the Key Stakeholders. And we gently start our inquiry – Why this decision? Was there an introspection? We asked.
After initial reluctance, they opened up with their reasons
- Unresponsive Vendor – Growing gap between promises and delivery
- Not enough attention – Vendor cares more about big implementations with big Carriers.
- Every change is a customization – Piling up unplanned and ununderstood costs.
- Forced upgrades with no value add – additional costs for existing customizations.
- Partial availability of Mobile and Portal capabilities – Doesn’t map with company’s vision for future.
The list kept adding on.
We asked – can we do a quick deep dive into the Current State? Changing the outer environment alone does not necessarily produce the desired results.
And we started the journey of Current State Review. Not to mention about the approach 🙂 – Well the insights we arrived at, were confounding
- Every department had a separate siloed process, ignoring customer experience.
- Two departments did not use the current system at all, doing everything manually outside the system
- Lack of standardization and non-adherence to process guidelines across the value chain.
- Approach to vendor management was mostly reactive. No specific efforts employed to build trust and mutual respect.
- An upgrade to the current system can address majority of these issues and can provide most of the capabilities the company is looking for.
As we worked together on these revelations, Customer and their Vendor started warming up to each other for a better way forward! And that there is still life there, for all the investment made. Customer agreed to take time, to set their shop right and look for short term gains, before taking that big leap.
You do not want to write off your current investments, without giving it a thought 🙂
Biz Tech Insights Team Manomay
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