Insights - Mitigating the Risks of Technology Procurement by Insurers – An Asian Perspective
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In an industry notorious for failed Information Technology (IT) projects and a tantalising array of technologies to choose from a host of foreign and local vendors, betting on the right technology to serve both short- and long-term requirements can be paralysing. Despite the magnitude of the investment, some insurance companies tend to overlook the importance of the planning and selection phases and instead land up spending too much time on inconsequential details due to the absence of a proper methodology for IT system evaluation exercise. Mr Abhijit Banerjee, Senior Vice President and Head – Insurance Business Group 3i Infotech Asia Pacific, highlights the most frequently neglected areas in the planning and selection processes within Asia and the pertinent steps to be taken to mitigate these risks.
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