Narrowing down your vendor of choice for insurance software solutions

If you are currently in the search for a new vendor to supply insurance agency software solutions, the first things you have to look at are industry experience, platform, options available, and financial stability.

Once you have a shortlist, you are ready to take the next step and do a request for information. When doing so, be sure to include your business goals and objectives especially as they relate to the transformation effort.

You should also include an inventory of your company’s technical capabilities as well as those needed for the software so that the two can work together during the transformation. Additionally, you may want to consider including several scenarios that you believe are of high priority as these will better illustrate what you are looking to accomplish with the use of their software.

Furthermore, instead of asking simple questions that can be answered “yes or no,” structure your questions so that the vendors have to explain in detail how they would configure their system to support your different business scenarios. This will encourage the agency software vendors to explain how their software helps you achieve what you want.

As your requests are returned, be sure that they include cross-business representation. This will ensure to you that the vendor team includes members of key functional areas, which includes underwriting, actuarial, customer service, claims operations, sales, marketing, and IT.

You should also look to be sure that the vendor pre-defines, up front; who has the authority to make decisions, and who will simply be providing input into the decision-making process, as well as which areas each participant has influence over.

You should then be able to take all of this information from each vendor and create a scoring criterion that objectively assesses each vendor’s responses. It will also identify their strengths and weaknesses as they pertain to your company. However, in order for this to be a truly objective process, you need to ensure that your vendor selection team is in agreement on what the priority areas are as well as how they each weight beforehand.

This should enable you to narrow down the list of insurance software solution vendors to two or three. If that is indeed the case, it is then time to call each of them in for a demonstration. This should include the core software system capabilities of each vendor as well as provide further confidence to both you and the vendor that you have made the right choice.

One vendor that you should be sure to include is AVYST. They have everything you are looking for and more. They would be more than happy to be a part of your decision-making process and move you forward to the next step of implementation. Each of their four suites of software can be prioritized to your company’s needs. They are ready and willing to answer any and all questions that you may have and will set up a demonstration when you are ready for the next step.