CASE STUDY
Aligning Executives on Innovative Digital Transformation
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At a glance
Challenge
Reinvigorate a workers’ compensation insurance provider’s ability to serve their customers by replacing their aging systems with innovative solutions.
Result
Working alongside our client we performed extensive analysis on each possible approach for replacing their core systems and developed a single cohesive vision to present to their board.
Impact
Our thorough analysis provided our client with the confidence they needed to pursue a more innovative solution to set them apart from the competition.
One of the most influential names in workers’ compensation insurance for more than 100 years, serving over 56,000 companies.
As the largest workers’ compensation insurance carrier in their state, CompInsurance* has been at the forefront of protecting, understanding, and caring for workers and businesses for over 100 years. But when their aging core systems threatened to have them falling behind their competitors, they stepped up to find a replacement that would put them back in the forefront.
The Challenge
Innovatively replacing a workers’ compensation insurance providers aging core systems.
Across their industry, digitization of workflow tools and mobilization of consumer portals were rapidly becoming the norm. CompInsurance needed to replace some of their most important core systems, or risk being left behind. But opinions were divided among their board members on whether to obtain an existing off-the-shelf solution or create a system in-house tailored to their customer-experience-focused strategy. Pariveda was brought in to determine the best solution for our client’s particular situation, and even more importantly, help them secure approval for the solution from their board.
The Result
How Pariveda made the right recommendation:
- We gathered insight from key stakeholders across our client’s IT and business teams, as well as from external subject matter experts.
- We then performed an extensive financial analysis on the possible solutions, which included coordinating efforts across major development groups, key internal stakeholders, and multiple external advisors.
- We identified potential areas of risk, developed mitigation plans, analyzed strategic and financial implications of each approach for replacing their core systems, and in the end, developed a single cohesive vision that could be presented in a thorough business plan to their board.
The Impact
The strategy and proposal that we developed in close partnership with CompInsurance were approved by their board, which — on a strategy of this magnitude — was an incredible success for our client and their team.
In an industry where their peers commonly settled for basic, off-the-shelf solutions, our thorough and collaborative analysis provided CompInsurance with the confidence they needed to pursue a more innovative solution to set them apart from the competition. As a result, our client was able to deliver the change that their business needed.
In partnership with Pariveda, CompInsurance was able to make the case for replacing their core systems with more innovative solutions that put them ahead of their competition.
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