Recently on our PropertyCasualty360.com Web site, we asked a number of insurance software solution providers a variety of questions for a five-part series called: Q&A: How Software Vendors View the Insurance Market.
Below are a variety of responses to the questions: Do most insurance carriers look at you as a partner in the solution process or as a vendor?
Wendy Corman president, North America, edge IPK: Although we all play different roles during the vendor selection process, it is important to remember that we are responsible for helping each other make good decisions that will advance all efforts in this industry. With that, all vendors should act as if they had a stake in the carrier's decision; educating and providing examples during the evaluation process. A good vendor is one that can assist with information to help the buyer determine the best fit. A true vendor partner is one that can step aside and provide other vendors to consider when they are not the right solution for success.
Mark Cummings, principal consultant, FIS Software: All carriers want a partner rather than a vendor since 'partner' implies high value and a common goal. However, carriers define the term 'partner' differently. The extent to which a carrier is willing to provide insight into their operation and communicate with their solution providers is a strong indication of how they define 'partner.'
There are carriers offering their solution provider insight into their operations. Decisions are made with complete and shared knowledge, targeting a win-win for all. These carriers realize an informed solution provider is better able to add value. They also realize that when they or their vendor are successful, the other benefits as well; creating a synergy and level of trust between carrier and solution provider.
Then there are those carriers who (unfortunately) view a partnership as requiring a winner and a loser or a way to extract great discounts. These carriers will often make decisions without having offered the solution provider insight into the organization, goals, limitations, and priorities. When the solution provider lacks the benefit of the big picture, and when carrier communication is lacking, everyone is at a disadvantage. In this situation, projects tend to be more reactive and rarely result in success.
Tim Attia, senior vice president sales and marketing for SeaPass Solutions: While our carrier clients consider us their partner, the relationship often doesn't start out that way. Unfortunately, we find that many relationships with carriers begin with the carrier having a level of distrust when it comes to vendor promises and intent. Maybe it's the sins of past vendors having oversold and under-delivered, but it's real and something we address often and early in our interactions with a new carrier. Certainly, the references from our existing clients help the process and our good reputation goes a long way, but we still need to earn our partner stripes by making good on our commitments.
We start by ensuring the carrier that we will take the time to understand their requirements and that we are willing to share the risk of any project with them. By tying our pricing model to our deliverables and value we are able to begin to establish a level of trust and a true partnership.
But, a partnership is a two-way street. We ask our customers to give us the necessary access to their operation and users, so that we can gain an in-depth understanding of their business challenges, requirements, and desired processes. Only when we are afforded the opportunity to act as a consultant are we truly able to be a partner.
Alex Naddaff, vice president, professional services for Guidewire Software: We establish close relationships with our customers and stay focused on their long-term satisfaction, working closely with their teams to help them maximize value from the new solution.
And, when you are working in a close partnership there are times "hard-to-deliver news" needs to be shared and tackled as a team. These are the times when the strength of the partnership is really put to the test.
If everyone keeps an open mind and is flexible in working together through the tough times that are inevitable in any complex implementation project, the effort is well rewarded with successful results. When customers are convinced that we are interested in learning, working side by side, and searching for the best solutions, then everyone benefits in the end—the carrier customer, Guidewire, and the overall industry.
Ruth Fisk, director of insurance solutions for Hyland Software: It may sound cliché, but it's true: Insurance carriers want a trusted advisor, not a vendor. I've had insurance companies ask me for advice on how a process should work, implying that I'm not just there to provide a product to automate what they already have in place. Rather, I'm giving them a tool that can improve the process they have in place. In other words, what I do isn't about selling a product to automate an existing process, like claims, anymore. It's about working with the insurance organization to optimize that process and others like it, with the right technology enabling it to happen.
This brings up an interesting point. What makes a trusted advisor today? Is it knowledge of the product, or knowledge of the insurance industry that's more important? In my opinion, you can't have one without the other.
Courtlandt Gates, CEO of Clearwater Analytics: Successful relationships are built on honesty, trust, and open communication. From a business philosophy perspective, we're committed to listening to our clients and prospects and solving problems that are urgent and pervasive. We're transparent about our existing functionality and the priorities in our roadmap for the future.
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