X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Although the insurance industry has a long history of building its own technology solutions, the pendulum has been firmly paused on the “buy” side of the “buy vs. build” spectrum for the last few years across most core application areas. Insurers are looking for proven solutions built by expert software development organizations that benefit from both the best practices created by serving a broad range of like customers as well as the support and R&D that external vendors can provide. Like the insurance carrier marketplace that it serves, the insurance technology vendor marketplace is large and diverse with more than 100 significant independent software vendors and portfolio players offering enterprise and stand-alone software products across multiple areas of insurance core systems. One of the most important inputs in evaluating technology products is current client experience. While technology and feature/functions are important, the critical question is how the product contributes to creating business value, and the best source of that information is current clients. The Novarica ACE Ranking Survey asks insurer executives to rank their degree of agreement or disagreement with 35 statements across the following five categories that relate to the delivery of business value: Staff, Organization, Functionality, Technology, and Overall Customer Satisfaction. Of those questions (which are listed online at http://www.novarica.com/acerankings.shtml), we’ve found the differences in responses to the following questions are most pronounced between those solutions that have the highest overall customer satisfaction and those with the lowest.

Vendor invests aggressively in improving technical performance through new releases and fixes. (Technology) This was the area with the largest spread between the high-satisfaction and low-satisfaction groups. It is something that is difficult to evaluate during a selection process and must be carefully researched through references and detailed questions into client experience. Continuous improvement is supposed to be one of the major advantages of a vended solution over an internally developed one.

This premium content is locked for
PropertyCasualty360 subscribers only.

Already have an account?
Interested in customizing your subscription with Law.com All Access?
Contact our Sales Professionals at 1-855-808-4530 or send an email to groupsales@alm.com to learn more.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.