A Value Roadmap: Don’t implement a new core system without it
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I’m sometimes asked, “What is the worst error an insurer undergoing replacement of its core solutions can make? And how can that pratfall be avoided?” There are a lot of candidates for this honor: for example poor governance, inadequate project management, underestimating the complexity of data conversion and or integration, incomplete knowledge transfer—the list goes on and on. My nominee is: Failure to define and follow a Value Roadmap as part of the implementation and near term post implementation process. Conceptually, a Value Roadmap identifies the specific types and sources of value which the new system will provide. If the insurer has already developed a good business case for the new core system, the Value Roadmap will address many of the cost reduction and revenue enhancement elements of that business case. In addition, the Value Roadmap will place these benefits on a timeline which could start (to a limited degree) during implementation, and definitely starts when the new system goes live. If the insurer does not have a reasonably complete business case for the new system (and yes that does happen); the Value Roadmap allows senior management (C-Suite and/or the Technology Governance structure) to: ** Document for future ROI and performance analyses the business and competitive rationale for the project ** Provide guidance for the remaining implementation period ** Focus on realizing value through new offerings, processes, and organizational structures Note: an earlier version of this blog appeared on the Insurance Technology Association website.