The definition of partner is "one who shares; has a close cooperation, joint rights, and responsibilities."
Leading, innovative insurers have changed their views of vendors from a tactical to strategic focus due to vendors' impact on the organization and recognition that they are an extension of the insurer, enabling, creating new requirements as well as opportunities for innovation and collaboration.
(For more from Denise Garth and Innovation Group, click on this Solutions Partner article.)
Today's partnerships can be contrasted to traditional, historical relationships such as: strategic partner vs. master/servant relationship; business solution vs. technology solution; strategic roadmap vs. maintenance updates; culture of passion and commitment vs. culture of threats and control; delivery vs. procedures; continuous innovation vs. software enhancements.
This change comes when insurers are actively engaged in the relationship and sharing in the responsibilities that helps manage and mitigate risks, while delivering initiatives as planned.
We have been successful working with our customers to evolve our relationships from vendor to partner as evidenced by the growth and breadth of our relationships using our broad set of business solutions. These partnerships are based on shared dimensions that include our core values of integrity, respect, reliability, innovative and sustainable solutions. Those dimensions include:
- Vision, a strategic partnership with senior level sponsorship and commitment based on "voice of the customer", "market driven" and "sustainability" principles that shift the relationship paradigm to a partnership model enabling process improvements, innovation, transformation, brand enhancement and industry leadership.
- Values, creating a foundation for outcomes, strong project management, service and results with ongoing commitment to innovation that open up both tactical and strategic opportunities.
- Intimacy, focus on mutual trust, issue resolution, collaboration, operational transparency, communication and expertise to deliver sustainable results and outcomes as an integrated partner.
Rather than focus on getting the most deals, we focus on the right deals with long-term, mutually beneficial partnerships, that over time deliver value to both organizations and the customers or shareholders they serve. Vendor relationships are a sprint. Partnerships are a marathon.
We are in a marathon, recognizing the industry is quickly changing. It is a new period converging change, technology and customer expectations. Just like the past, the industry has the potential to truly innovate and transform by embracing the disruption and creating a new paradigm of sustainable competitiveness, but only with partners who have the same core values, passion and long-term view.
