Technical Underwriting And Financial System Essay

Technical Underwriting And Financial System Essay

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Technical Underwriting Financial System
Business world was changed forever because of the introduction of computers. Businesses use information technology (IT) through computers and software to ensure that their departments are running smoothly. IT can be used in a number of different departments including resources, finances, security, and many others. IT can be a great tool for business if used in right directions which can bring great benefits to the business at the same point if used wrongly can have adverse effects too. An organization called Northern Insurance Company invested few millions budget to implement Technical Underwriting Finance System (TUFS) to replace the traditional underwriting process. The two years long project was implemented with the initial expectation of “streamlining the underwriting process and providing strategic e-business capabilities” (McKeen & Smith, 2015). With the implementation of TUFS, Northern was expecting to cut down the time to complete process which will eventually help business to grow faster. However, the project did not meet the expectations and it was not going as planned due to the development and implementation errors. The project did not go according to the plan due to lack of participation of all departments of the organization during the project development and implementation process. There was no alignment between the business and IT departments as well as the underwriters were still following the old procedures and wanted to use the system as the last resort to double check. This paper will make an attempt to answer the following questions:
• What went wrong with the TUFS investment and what can be done to prevent these problems in the future?
• What does Northern need to do...

... middle of paper ...

...sers to use the system. Every application or system might have some flaws when it goes to production, hence there might be a vigorous change control process in place to address these issues in timely manner. Project management should have proper communication between business and IT teams to ensure that they can closely monitor the progress of the changes. If these above mentioned points are taken and utilized, Northern TUFS will be back in the business and meet the expectations as well.
It is very well known that IT has been a boon to any industries and if it is utilized properly, business can be benefited enormously. Also, if all departments work together with much participation and achieving the goals will be much easier and success will be on their side. Thus, collaborating with each other in business is to be successful in achieving the common goals.

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