A mid-sized national P&C insurance carrier’s products were lagging behind its competitors. The organization was struggling to implement new product options and price their products competitively.
To address these challenges the client had purchased new policy administration, rating, and billing technology. Unfortunately they were struggling to manage the endeavor and the program had begun to stall.
The President of the P&C division and corporate CIO asked for interim business leadership to help get the program back on track.
Leading a small group of product specialists, work was completed to identify the short and long term product feature needs across all the organization’s personal lines business. These requirements were then used to evaluate the functionality fit with the supporting policy admin, rating, and billing technology.
A formal decision making process was then established to evaluate and make product feature trade off decisions. In addition, improved project delivery discipline was put in place to better manage in-flight projects.
Based on the product trade-off decisions a go forward strategy and implementation roadmap was delivered.
Key Project Outcomes
- Executive management developed a significantly better understanding of their product strategy and implementation challenges
- A more fact-based approach was used to evaluate product feature trade-offs which resulted in better business outcomes
- The client ultimately decided to implement a different policy and rating solution, foregoing millions in technology customizations
- The organization learned to take a more disciplined approach to project delivery and large program coordination
- Enhanced executive oversight was established that provided decision making transparency
Latest posts by Phil Kelly (see all)
- Five Ideas to Improve your Analytics Returns - October 24, 2018
- 5 Reasons to Take a Portfolio Approach to Analytics - September 27, 2018
- How Small Provider Networks Can Be Data-Driven without Breaking the Bank - May 11, 2018