Elements of successful transformation managment
Governance and Sponsorship
- Executive sponsorship: Typically from the CIO, COO, or Chief Transformation Officer
- Steering committee: Senior leaders for strategic direction and decision-making
- Clear roles for program manager, project managers, business owners, and change leads
Program/Portfolio Management
- Large transformations are run as programs (multiple coordinated projects)
- Creation of PMOs (Project Management Offices) to maintain standards, reporting, and resource planning
Vendor Selection
Insurtech vendor selection starts with clear business goals and stakeholder input. Assess vendors via RFPs, focusing on functionality, compliance, scalability, and integration. Conduct demos, technical reviews, and reference checks. Involve legal and security teams early. Choose a partner aligned with your strategic vision, architecture, and transformation priorities.
Phased Approach / Methodology
Phased Approach / Methodology
Common frameworks:
The right delivery framework is selected to meet the demands of the project and the context in which it needs to deliver
- Waterfall: For compliance-heavy or infrastructure projects
- Agile / SAFe: For digital product delivery, iterative rollouts
- Hybrid: Combining both for structure and flexibility
Phases typically include:
- Initiation: Business case, goals, stakeholder alignment
- Planning: Roadmap, timelines, resource and budget planning
- Execution: Deliverables built and implemented in sprints or phases
- Monitoring & Control: Risk management, KPIs, dashboards
- Closure: Transition to BAU, post-mortem reviews
Case Studies
Phased Approach / Methodology
Case Studies
1. Digital insurance channel
Automated Underwriting, with AI Augmentation
2. Policy Admin System Modernization
Replacing legacy core systems for policy, claims, billing
3. Digital Claims Transformation
Automating FNOL, fraud detection, self-service portals
4. Data & Analytics Platform
Implementing enterprise data lakes, predictive models
5. Customer Experience Upgrade
Omnichannel apps, chatbots, usage-based products
6. Regulatory Compliance
Implementing IFRS 17, GDPR, ESG disclosure capabilities
7. Policy Admin System Modernization
Replacing legacy core systems for policy, claims, billing