Gartner Research

How to Minimize Vendor Selection Risks for European Life Insurance Policy Administration Systems

Published: 09 March 2015

ID: G00273533

Analyst(s): Laurie Shotton

Summary

Selecting a life and pension system vendor is a high-risk undertaking for insurers. To minimize vendor selection risks, CIOs should employ a three-step process to segment vendors according to their capabilities and align those capabilities with the insurer's business and IT requirements.

Table Of Contents
  • Key Challenges

Introduction

Analysis

  • Best Practice No. 1: Work With Key Stakeholders to Develop a Comprehensive Set of Key Business and IT Requirements
  • Best Practice No. 2: Segment Vendors in the Market Into Three Categories
    • Local Champions
    • Expanding Vendors
    • Conservative Vendors
  • Best Practice No. 3: Align Insurer Requirements With Segmented Vendor Capabilities
  • Examples
    • Example 1: Insurer Seeking to Consolidate Legacy Platforms
    • Example 2: Pan-European Insurer Expanding Into Multiple Territories

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