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.