LARKSPUR, Calif., Nov. 28, 2016 /PRNewswire-iReach/ -- When insurance companies embark on the mission critical journey to update their core legacy systems, many find a best-of-breed approach is the right one for them. Systema Software, LLC recently coordinated two panel presentations on this topic and how to make this approach a success. The presentations were delivered via webcast on PropertyCasualty360.com and at the 2016 ACORD Conference.
"Typically, a monolithic suite will contain a number of products that have a consistent look and feel, but each component when evaluated on its own may not be considered 'the best' in its respective category," said Jose Tribuzio, CEO of Systema Software. "Best-of-breed is the approach that organizations take when they want to leverage the best solution in each core functional area. This strategy has been propelled by the rise of browser-based platforms, service-oriented architecture, data standardization and pre-built interfaces. Such advances support the modular nature of a best-of-breed approach, allowing organization to more easily plug-and-play across their enterprise."
In each presentation, Systema Software featured a different insurer case study that outlined the reasons the company decided to utilize a best-of-breed strategy and shared "lessons learned" throughout their projects.
The PropertyCasualty360.com webinar included the following presenters and can still be viewed online:
- Karlyn Carnahan, CPCU, Research Director at Celent
- Jose Tribuzio, CEO at Systema Software
- Larry Fortin, Vice President and CIO, Millers Mutual
The ACORD panel included the presenters below and a related white paper, "11 Advantages of a Best-of-Breed Approach," is available for download via the Systema Software website:
- Karen Furtado, Principle at Strategy Meets Action (SMA)
- Danny Smith, COO at Systema Software
- Joseph McGurrin, Senior Vice President of Information Technology, Pennsylvania and Indiana Lumbermens Mutual Insurance Companies
"The core systems market is certainly not one size fits all, which means that insurers can choose different paths to take for their core transformation," said Karen Furtado, Principal at SMA. "A best-of-breed approach prioritizes business functionality and how it aligns with the organization's specific needs, along with their technical resources and infrastructure. Insurers that buy core solutions that best align to their strategy, needs and capabilities will be well served in the future."
"The current popularity of a suite approach to system replacement may drive some carriers to reject that option outright. But there are very good reasons that this type of approach may be the best option for a carrier," said Karlyn Carnahan, Research Director at Celent. "A best-of-breed vendor has the luxury of focusing on a single product and often has a deeper understanding of the process being automated and the customer needs. The reality is that most carriers have a hybrid approach in place in their organization already. In the end, a carrier's strategy shouldn't be driven by the approach to system replacement, but on the functionality and architecture needed to uniquely compete in the marketplace."
The panelists suggested that organizations review the following considerations when deciding on a best-of-breed approach:
- Best-of-breed applications are designed to integrate with each other; integration may be challenging but it's doable and worthwhile.
- It's not a question of which strategy is best, but which product fits the organization's needs best.
- Browser-based solutions, Software-as-a-Service (SaaS) model, and cloud-hosted options now enable organizations to implement best-of-breed solutions faster than ever before—sometimes in a matter of months, rather than the longer time periods required by a suite.
- A best-of-breed approach allows for easier core system transition, especially when organizations avoid a "big bang" implementation across their operations.
About Systema Software
Systema Software, LLC, provides flexible, comprehensive solutions and services to the insurance industry. SIMS Claims is an innovative, award-winning claims administration system, which is highly praised by clients and well recognized by industry experts as a leading claims solution. Together, our team of Big 4 consulting and industry veterans, experienced software developers, and project managers deliver an architecturally strong enterprise platform, designed for superior speed, scalability, and performance. With advanced technology and focused customer service, Systema Software has experienced phenomenal growth and success, earning high rankings on the national Inc. 5000 and local Fast 100 lists of fastest-growing private companies. For more information, visit us online at www.systemasoft.com.
Media Contact: Cynthia Chow, Systema Software, LLC, (800) 272-9102 ext. 712, email@example.com
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