Insights - Mitigating the Risks of Technology Procurement by Insurers – An Asian Perspective
Source: Asia Insurance Review | Oct 2006
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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