Executive Brief :
Best Practices in Insurance Software Vendor Selection
Author: Matthew Josefowicz
Pages: 4
Published: Jan 2008
Price: $500
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Report Summary:
This Executive Brief draws on years of vendor selection consulting experience with insurer IT departments and conversations with CIOs to highlight some of the best practices and common mistakes in insurance software vendor selection. These best practices include:
- Keep purchasing/sourcing departments out as long as possible.
- Focus on strategic needs, not current practices.
- Use a simplified RFI that focuses on the “SOFT” areas:
- Staff
- Organization
- Functionality
- Technology.
- Set the agenda of evaluation meetings.
- Consult references as early as possible.
- Don’t believe vendor pricing models, negotiate for a fair partnership deal.
Insurers should approach potential solution providers as potential strategic partners, and should consider what it will be like to rely on this partner to deliver key business capabilities.