If you work in project management, you know that quality, cost, and speed interact. You’ve probably heard the common wisdom that you can only prioritize two out of the three elements. This narrative is often true. If you want something to be high quality and cost-effective, it can take a long time. If you want to speed up the process, you’ll either have to sacrifice some of the quality or pay extra.
At least, that’s the way it usually works.
Part of the problem is that many companies try to do everything on their own. Doing everything by themselves creates a situation where they constantly have to reinvent the wheel, starting from scratch every time they have a great idea they need to implement.
Fortunately, there’s a better way – you can stand on the shoulders of those who have gone before you.
Your Problems May Already Be Solved
When you’re trying to roll out a new project, you’re always going to encounter some kinks to work out, but here’s the thing – many of those kinks may already be solved by someone else.
Let’s say you’re creating a program for a new insurance product. To work correctly, you’ll need to integrate the program with a host of other programs that provide necessary data and tools. Getting everything to work smoothly can take a lot of resources. If you want it done well – and you do – you’re going to have to spend a lot of time or a lot of money.
We have been building our marketplace for 20 years and building out an insurance ecosystem for insurers to use pre-built interfaces right out of the box.
Pre-integrations let you select the pre-built interfaces you need to get your project moving forward fast. You don’t need to sacrifice time, money, or quality to get the job done.
Ecosystems Provide the Tools You Need
Pre-integrations work because of ecosystems.
According to PwC, large insurance carriers have traditionally had a significant advantage, but “insurance ecosystems are upending many of these long-held assumptions.” Smaller and regional insurance companies benefit from the interconnected system of offerings that the ecosystem offers. Ecosystems create opportunities for the participating companies and advantages for the customers.
McKinsey & Company has called ecosystems “the next frontier for enhancing productivity.” According to the report, “Ecosystems have the potential to open new revenue streams for insurers,” and “in today’s interconnected world, embracing ecosystems is of paramount importance to address the customer in the moment of need.”
The Trifecta: Speed, Quality and Affordability
When working with an ecosystem, you don’t have to choose between speed, quality, and affordability. You can have all three.
- Speed: Implement pre-integrations and low-code or no-code solutions in days.
- Quality: Rest easy knowing that the solutions have already been vetted.
- Affordability: By not having to do everything in-house and on your own, you can reduce development costs.
Insuresoft: More Than 100 Pre-Integrations and Counting
Have you heard? Insuresoft has an ecosystem of more than 100 industry partners, with organizations like Verisk, LexisNexis, CarFAX, Assuresign, and One Inc. We’ve already done the hard work of building pre-integrations, so our customers don’t have to reinvent the wheel. Ask us to show you how our core system and its ecosystem can get you to market faster. Request A Demo>