Core System Implementations​ A Snap Poll​ for the Celent Executive Panel

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives at insurance carriers. This comes from an insurer that is looking for insights on core system implementations. The snap poll was fielded to select members of the Celent Executive Panel September 30 - October 10, 2024. 15 insurers responded to this survey. This deck provides a summary of the responses.

If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.

The question that was posed was:

Background:

This insurer is looking at a core system replacement – policy, billing, claims – and perhaps a ceded reinsurance solution. They’re trying to get an estimate as to how long it actually takes to get something like this implemented and are interested in any best practices to get their project implemented on scope, on time and on budget.

Questions:

Have you replaced any of the modules in your core system?

• In process

• Yes – in the last three years

• Yes – more than three years ago

• No

Which modules did you replace and how long did the implementation take to get to the first release in production?

• Policy

• Billing

• Claims

• Reinsurance

Did they come in on or close to the time frame you initially expected?

Did they come in on or close to the scope you initially expected?

Did they come in on or close to the budget you initially expected?

Did you deploy any of them in the cloud?

If yes, do you think that had any impact on the implementation time?

How did you go about implementation?

• The vendor implemented

• We used an SI

• Other

Do you have any advice for this insurer – tips on how to keep the project on time?