"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
In each presentation,
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
Karen Furtado, Principle at Strategy Meets Action (SMA) Danny Smith, COO at Systema Software Joseph McGurrin, Senior Vice President of Information Technology, Pennsylvaniaand 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
"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
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.
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