Posted by
Abhinav Dave
on
4/14/2010 at 8:47 AM
We’ve talked on our blog about how a great carrier-producer relationship can become a game changer. Similarly, a strong and mutually beneficial partnership with software vendors can bring drastic results for carriers in the long run.
A recent report by Celent1 states that the most valued vendor partnerships are “long-term, strategic engagements in which a vendor is leveraged to bring in new expertise, add both technology and domain knowledge to the business, and is relied on as a true partner.”
When evaluating new tools to improve processes and operational efficiency, carriers should look for vendors that bring home more than just technical expertise. Vendors who can create a comfort zone for carriers with coordinated communication throughout the partnership and genuine business domain knowledge are the most sought after for value-driven partnerships.
Every insurance segment, be it Life, P&C, Health or Managing General Agencies, typically involves complex administrative processes. Today, with the proliferation of highly-skilled insurance-specific technology vendors, insurance companies need not turn to a vendor that doesn’t fully ‘get’ the complexities of their business. Insurers are free to pursue value-driven partnerships with vendors who understand their respective industry’s workflows, business rules and regulatory compliance measures. This not only ensures the smooth exchange of requirements but also delivers a solution that is in line with the company’s existing business model.
With complexities and individual differences among insurance companies, it’s important for technology solutions to be flexible and adaptable, instead of forcing companies to work around their technology or to adapt their processes to fit the way their technology works.
From requirements to deployment, to post-implementation follow-up, vendors need to play a proactive role to make things easy for carriers. Selecting a software vendor that possesses industry expertise and follows defined processes will allow insurance companies across verticals to realize high-value vendor relationships and maximum ROI.
1 Insurance Networking News. “Analyst Firm Profiles 34 Insurance IT Service Providers.” April 9, 2010.
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Posted by
Abhinav Dave
on
2/9/2010 at 5:33 AM
Many companies today provide tailored software solutions for organizations to improve processes. With such a crowded marketplace, it can be difficult to differentiate between these products. The choice of which solution or which software vendor to select is a challenging issue that many organizations face.
Companies who are shopping for solutions use many parameters to judge a solution or a software vendor and their reliability. One factor that organizations can depend on to represent consistency and reliability is the rate at which software vendors upgrade their solutions and make advancements.
It is a given that technology will advance with time, as new discoveries and developments lead to improvements in security, productivity and quality of life. This is the case with the recent launch of the Windows 7® Operating System.
While new operating systems enhance usability and security, changes in operating systems can also cause compatibility issues with existing software solutions. So it is not only important for organizations to invest in the right solution, but also in long term partnerships with vendors who are proactive and progressive in their solution offerings.
Software vendors that provide constant advancements and upgrades are better positioned to offer reliable solutions in the long run. For example, VUE Software upgraded its suite of products to be compatible with the latest Windows 7 ® Operating System and Microsoft SQL Server 2008 R2. By doing so, we have provided advanced opportunities to our clients.
We’ve invested in forward-looking technology so that customers for years to come will benefit from the newest technology. Tapping into such cutting edge technologies allows organizations to keep their systems and operations consistent, up-to-date, and most importantly efficient and cost effective. Hence, selecting the right software vendor with the right attitude towards technology ensures the highest possible ROI over time.
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