Faster Turnarounds for Insurance IT Projects
In the not-so-distant past, before the insurance industry began to wake to the realities of the digital revolution, the decision-making process and implementation of new IT initiatives took years. In today’s insurance industry, with changes coming at rocket speed and business executives trying to stay in step (or even ahead) of the market, those years are being collapsed into months – or even weeks. Speed to market can make the difference between winning the race and being left at the starting gate.
A new approach to IT implementation supports all facets of projects that have complex architectures and detailed documentation requirements. It helps deliver results fast, uncovering issues quickly and early in the process by organizing work into smaller functional segments. Cost savings and higher-quality results come from testing at intervals throughout the project – typical of an iterative approach – instead of at the end, as with a conventional waterfall structure.
This is particularly important on the software side. According to an Accenture report on iterative approaches to software testing published earlier this year, “The insurance industry is undergoing rapid and disruptive change. By shifting to the left, insurers have an opportunity to accelerate projects that modernize, rationalize and consolidate their systems. Gone are the days of 24- to 36-month projects. Insurers need to act now and act fast to deliver new products across multiple distribution channels to mobile- and digital-savvy consumers.”