To Get Ahead, Insurance Companies Need To Think Beyond Core System Upgrades

Picture this: A company has an outdated core system, so its executives decide to upgrade it. After months of contract negotiations, they strike a deal for an upgrade, and the implementation process begins.

This might seem like a far-fetched example, but it’s one that frequently happens at insurance companies . It’s the Red Queen Effect in action: Companies take drastic steps only to remain where they currently are. The Red Queen Effect is a term you might recognize from Lewis Carroll’sAlice that “it takes all the running you can do, to keep in the same place.” Insurance companies must avoid the Red Queen Effect to remain innovative and competitive.

Insurance executives can fall into the line of thinking that innovation starts and ends with a core system upgrade because theirs is outdated—that’s the circular logic of the Red Queen Effect in action. But by focusing on the “foundation” of their technology, insurance executives risk missing the chance to innovate on a deeper level.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

FTX’s Political Donations Came From Stolen Customer Funds, Testifies Company Insider Nishad SinghFormer FTX engineering director said he committed crimes alongside Sam Bankman-Fried
La source: WSJ - 🏆 98. / 63 Lire la suite »

Nishad Singh does not remember many things, including expecting FTX to last as a businessNishad Singh took the stand for the second time this week, after the Monday revelations about the ostentatious spending of the defendant, Sam Bankman-
La source: FXStreetNews - 🏆 14. / 72 Lire la suite »