Product/Service

System Selection

Source: Align360
Align360's property and casualty insurance practice has worked with its nationwide base of clients over the last decade to select and implement new mission-critical technologies, including policy and claims administration, billing, accounting, and reinsurance systems. Align360 utilizes a time-tested, proprietary methodology to help clients select a new insurance processing system.
Align360's property and casualty insurance practice has worked with its nationwide base of clients over the last decade to select and implement new mission-critical technologies, including policy and claims administration, billing, accounting, and reinsurance systems. Align360 utilizes a time-tested, proprietary methodology to help clients select a new insurance processing system:

Techview360 - Frequently, when clients identify problems with their existing technology, they are not sure how to proceed. The choice between upgrading their current system or migrating to a new system is not clear-cut. In these cases, Align360 consultants assist by performing an independent system review and assessment using our proprietary Techview360 methodology. Align360 examines both a client's current and future business needs to determine the capacity of current technology to meet those requirements. Based on the findings, a cost-benefit analysis of all options is completed. Ultimately, Align360 concludes its Techview360 review by building a business case to justify the desired technology investment.

Requirements Study – Clients often engage Align360 consultants to help them identify and document business requirements for new IT solutions. A comprehensive requirements document provides a reference point for comparing functionality in competing policy & claims processing systems. Requirements studies cover both business and technology requirements and "future-proof" the company by considering both current and long-range business needs. The requirements document prepared during this phase of work becomes the basis of a formal request for proposal (RFP), which is utilized during the Vendor Selection phase.

Vendor Selection – As a continuation of the requirements study, Align360 consultants are able to manage the vendor selection process. This process includes:

1) Translating a client's requirements document into an RFP

2) Leveraging Align360's extensive knowledge of the P&C software market to identify software solutions that best meet the client's business and technology needs identified during the requirements study

3) Soliciting proposals from vendors

4) Determining evaluation criteria

5) Analyzing and summarizing the results to determine top vendor choices

6) Facilitating structured demonstrations of system functionality

7) Negotiating contracts with specific performance benchmarks

Using this structured approach, Align360 consultants have quickly gained an understanding of our numerous property and casualty insurance clients' business and technology needs and identified and implemented appropriate, leading-edge technology solutions.

Is your organization looking to select and implement a new system? Contact us to find out more about our system selection capabilities or to see examples of deliverables and templates we have used successfully in the past. Align360 would also encourage you to speak directly to our clients to learn how they benefited from utilizing our services.