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Scoop.it!
Standard software would appear to be an imperative for insurers, but the time and money required to make the change are limited. The software-vendor market is emerging, but the track record is scanty. Standardization is not a panacea, of course, and every insurer has to find its own way through this rocky terrain, but core-system-replacement lessons from the manufacturing and production industries could make the journey shorter and significantly reduce the risks. 
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Curated by Farid Mheir
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For my friends in the insurance industry that are making the transition to packaged software, they may find confort in the following paper from McKinsey. The lessons learned and the 5 principles they highlight are good but do not provide a silver bullet or quick fix: you are in for a long and difficult transformation. Sorry...