Life Insurance Technology Strategy
Centric applied its technical and insurance industry expertise to create a comprehensive strategy and roadmap for success.
The Business Need
A leading holding company that provides specialty insurance products delivers quality and reliable services to the Canadian and U.S. markets through strategic alliances and two distinct distribution channels via two aging, but reliable, policy administration systems.
The cost and complexity of managing two systems, combined with the variance in service by product and system, drove the need for a technology strategy to position the company for continued growth and lower overall expenses in this market segment.
The company partnered with Centric to define a technology strategy and three-year roadmap.
Centric was able to apply its technical and insurance industry expertise to the project. Utilizing its strategy methodology, insurance enterprise architecture framework and other accelerators, Centric drove an evaluation of current-state processes, identified future state gaps, assessed current-state technologies and created a roadmap to achieve desired capabilities.
Centric’s High-Impact Approach
Centric led a fixed-price technology strategy that culminated in a series of technology investment recommendations and associated implementation plans.
Centric employed its technology strategy methodology to recommend a technology roadmap.
- Current state processes were mapped using Centric’s enterprise architecture framework to identify key gaps.
- Future state capabilities were defined through executive and stakeholder interviews and a marketplace assessment.
- Current applications were assessed to identify latent technology risk, ease of adaptation to close gaps and project cost implications.
- Findings and potential options were shared with the executive team, demonstrating that significant change was needed.
- Centric adapted to client feedback and needs by iteratively evaluating multiple options, developing implementation roadmaps to forecast costs and benefit realization timeframes for each alternative.
- Risks and readiness were also openly discussed and mitigation approaches identified.
- A final report was issued and reviewed with the executive team. Centric led a frank discussion of the cultural and financial implications as well as the risk factors of the proposed option.
- The roadmap was adopted and incorporated into budget proposals and recommended projects were initiated.
Centric exceeded expectations by detailing roadmaps for multiple scenarios and allowing evaluation on an accelerated timeframe to align with fiscal-year planning cycles.