Look to the Long-Term

Insurers are faced with the increasingly daunting task of reducing costs and getting products to market faster. When combined with the ever-changing climate around new "hot" products, innovations and features, the challenge of meeting the heightened expectations becomes even more difficult. The key for insurers is to focus on the long-term view of their organization.

While band-aid approaches can reap short-term benefits in both cost and time, product designs will continue to be compromised in order to circumvent technology limitations. If these underlying technology problems remain unaddressed, insurers will continue to fall short of business objectives. Technology decisions should not only be judged in the now, but also on the effect they will have 10 years down the road. Insurers need to look to vendors that provide proven, mature solutions and invest in technologies that will adapt with the company's vision. The result is empowered insurers achieving optimal performance no matter what industry trend is looming around the corner.