Picking the right insurance software is a huge decision for any broker, MGA or insurer, and far too many are doing so with extra nervousness having had our fingers burned previously.聽
Having sat on both sides of the fence, I鈥檝e seen the good, the bad and the ugly of procurement processes – and can now pull out the six most common things that help and hinder buyers in making the right decision.
DO get hands on with the product
Whether it鈥檚 a sandbox, POC or something entirely different, it鈥檚 vital that you get to experience the insurance software yourselves before committing. How does it flow? How does it fit with how you work? How customisable is it to your needs? All of these things often only become clear once you, or your business users, have used it themselves and provided feedback.
DON鈥橳 waste time on an overly detailed RFx process
This one鈥檚 perhaps more controversial – but my personal view has always been that an RFx (Request for Anything) process benefits almost nobody. I鈥檝e walked into multiple post-RFx meetings where it鈥檚 clear that nobody in the room has read our responses. Equally, I鈥檝e been one of those people who hasn鈥檛 read through the 600-question response, because it simply isn鈥檛 practical. Better to engage in meaningful conversation and practical walkthroughs than to try and document every single possible requirement you had, have, and may have in the future.
DO ensure engagement of your subject matter experts
By this, I mean your business users. To get the right answers, you need to ask the right questions, and often only those closest to the day-to-day operations of the business know what those are. Only they know the intricacies and nuances of how the team works, their needs, hopes and dreams for the future. That doesn鈥檛 mean to say that theirs should be the only voice in the room, but it should play a vital part of the process.聽
DON鈥橳 skip the discovery process
I cannot think of a worse decision that anybody could make than failing to clearly outline their insurance software requirements in writing, with an express commitment from the seller that they can meet them. In fact, I鈥檝e seen several clients come back to us during procurement, where other vendors fell over in discovery and it turns out their slick sales demo that promised the world wasn鈥檛 quite what they were led to believe. This is your chance to really get to the nitty gritty of your processes, your desired outcomes and setting out a plan to deliver the insurance software solution you need.
DO ensure that you鈥檙e specific with your requirements
鈥淒oes it do renewals?鈥� is one such question that has sat with me over the years. What do you mean by 鈥渄o renewals鈥�? In your world, what does 鈥渄oing them鈥� mean and how would that be expressed in a workflow? In fact, talk me through the whole renewal journey from end to end and what outcomes you would like to see. Only then can the vendor truly answer. It鈥檚 vital not to talk at too high a level and assume your definition of something matches that of the vendor. And on that note, beware the insurance software vendor who answers 鈥榊es鈥� to everything.
DON鈥橳 make assumptions or take anybody鈥檚 word for things
You know what they say when you assume! My rule of thumb with insurance software is that I haven鈥檛 seen it, or I haven鈥檛 done it myself, I proceed as if it doesn鈥檛 exist. Assuming that functionality is present or works in a specific way is a recipe for disaster and gives the vendor too easy a get-out around ambiguity. Be clear, be thorough, be specific.
As you approach the decision-making process, prioritise practical engagement with the software over exhaustive requirement lists, involve those who will use the system daily, and demand clarity and commitment from vendors on your specific needs. Remember, the goal is to acquire a tool that not only fits your current operations but also adapts to future demands, helping your business grow and evolve.
Choosing insurance software is not just a purchase – it鈥檚 a strategic decision that requires careful thought and active participation. Take your time, evaluate thoroughly, and choose wisely. The right software will serve not just as a solution, but as a partner in your business鈥檚 journey towards greater efficiency and success.
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