Change Management Process
EQECAT's industry-leading change management process enables reinsurance, insurance, broker, and capital markets clients to prepare operations for upcoming model releases. A key objective is to educate clients, and the markets in which they do business, on which components of the models are being updated or enhanced and the business implications of the major changes.
EQECAT has adopted change management best practices, which incorporate client feedback to permit you to transition to EQECAT's new platform and updated country/peril models with the fewest possible interruptions. Our ultimate goal is acceptance and integration of the new release into your workflows. EQECAT collaborates with "change sponsors" at all levels within your organization throughout the entire change management process – prior to, during, and after release – to address your concerns and meet your needs.
The following describes the phases of EQECAT's change management process implemented to fully inform clients and prepare them for changes resulting from upcoming releases.
Phase 1 - Preparing for Change
Phase 1 of the change management process applies to the client.
To understand your needs and expectations in the change management process, EQECAT's account teams will meet with your staff to design a plan that will meet your objectives and help you implement EQECAT's new release.
During this meeting the EQECAT team responsible for change management will be introduced. Roles and responsibilities will be established as well as time lines. This team is cross functional; in addition to the account team, the change management team will include members of model development, product management and professional services.
This initial meeting will also identify who will act as liaison for the change management effort from within your organization. The EQECAT team will engage with various groups within your organization involved in adoption of the new release, such as IT, actuarial, business units and analytics, as appropriate.
In addition, we will ask that you identify sample portfolio(s) and desired delivery date of test results. In some cases EQECAT will agree to the delivery of "proof of concept" presentations.
Phase 2 - Managing Change
Phase 2 of the change management process applies to EQECAT.
EQECAT's RQE™ version 13 2012 autumn release will include hazard, vulnerability, and/or correlation/simulation updates across EQECAT's 180 country/peril models, as well as a new financial model. EQECAT will analyze the client portfolio identified in Phase 1 and provide a Level 1 Report on the impact of changes including AAL and OEP curve. A more detailed Level 2 Report is available; please contact your account representative for additional information.
EQECAT's consulting group has also designed a new "Turn-Key Analysis" offering to help you migrate data and files to the new platform. Turn-Key Analysis is now available via a consulting agreement and is designed to make the user experience during the transition as non-disruptive as possible.
Phase 3 - Reinforcing Change
Phase 3 of the change management process applies to EQECAT.
Our goal is to earn your complete confidence in understanding the results and changes in EQECAT's new model releases. In order to make the transition successful and minimally disruptive, EQECAT will provide a detailed report of portfolio runtimes on your current hardware configuration compared to the latest version of hardware specifications available.
In addition, EQECAT will help you prepare for the transition from WORLDCATenterprise™ to RQE by providing technical workshops, regional events, and model documentation, including Impact of Model Changes documentation, which demonstrates the impact of the changes based on an industry portfolio.
Our goal is complete client satisfaction with the change management process and, to the greatest extent possible, the full adoption of our models into your work flow and risk management processes.