In recent years, we’ve seen a huge uptick in interest in transformative insurance technologies that automate, streamline, and simplify everything from policy amendments and premium transfers to claims reporting and payments.
But is interest enough to translate into successful implementation, better customer experience, and revenue gains?
Investing in and deploying a new digital insurance system or upgrading your existing one isn’t a decision to be taken lightly. In this article, we’ll explore why and consider some steps you can take to give your implementation the best chance of success.
Most Common Implementation Roadblocks
1. You Could Become a Statistic
PwC reported a dismal 75% failure rate for technology deployments in the insurance industry in general. Specifically:
- Full, core system insurance deployment success rate sits at just 30%.
- On-target, on-budget deployments happen just 50% of the time (and we all know that time overruns translate into budget overruns!)
- 20% of implementations are a complete failure (which can often lead to people losing jobs or even messy litigation.)
2. There Are No Guarantees, and the Risk is All Yours
Few vendors are willing to assume their share of the risk of implementation (unless they’re a small startup that’s using the exercise as a vehicle to hone their solution.) Once the contract is signed, most vendors immediately initiate their subscription fees.
Imagine being told it will take a year to install the new system. That means you’ll be paying 12 months of subscription fees for something you’re yet to use. And what happens if the vendor’s time frame starts to slip? You’ll be billed for an additional three, six, or even 12 months or longer. There have been cases where it takes a vendor three years to install a solution (by which time the software is up for renewal, but the insurer isn’t even using it yet!)
3. There’s Little Clarity on Cost
It’s unusual to find a vendor that’s willing to offer a fixed bid for an implementation. Oftentimes, clients are told, “We’ll charge $200 an hour, and we estimate a total of 3,500 hours.” But later, they find out the vendor is going to take 7,000 hours or even 10,000 hours.
With Insuresoft’s model, the bid is fixed; the project price doesn’t change unless a mutually agreed change in the scope of the project results in a mutually agreed change in pricing.
4. You Need Insurance Expertise, Not Just IT Expertise
Once you’ve deployed your system, who do you want to have all the knowledge – your people or the external company that wrote the code and owns it, or a third-party system’s integrator or software expert?
What happens when something goes wrong, and you’ve got many fingers to point in different directions because you’ve got so many different organizations involved?
5. You Can’t Sweat Your Assets
Many vendors will insist their clients jettison their existing systems and installed base to build and deploy the new platform.
They’ll say, “You can’t use familiar software to get it done; we have to replace it with something new that’s designed to interoperate with our tool.” All this just adds unwelcome cost and complexity.
We know insurance, and you know your business. That’s a powerful combination when paired with our proven methodology based on agile principles. Whether it’s maximizing workflows, implementing automated processes, or helping you increase your productivity, our team of experts is right for the job.
Proven Track Record
Our Implementation Services team’s 100% success rate speaks for itself. Every client that’s signed a contract with us has moved to production. We’re invested in your success and confident in our technology, so you won’t pay a cent until you’re up and running.
The Diamond Platform can be implemented as a suite or one component at a time.
Our team knows the insurance industry, and our people have an average tenure of 11 years at Insuresoft. We hire and retain the best and brightest. The insurance business is as important to us as software development, so we know how to build the best insurance platform for insurance professionals.
Established and Trusted
The Diamond Platform footprint spans 50 states with over 375 modules in production. Carriers have been processing business on Diamond since 1994, which reflects our commitment to providing excellent customer service and forming lasting partnerships.
Rigorous Implementation Methodology
From planning, configuration, and acceptance to go-live, we’ve got you covered every step of the way. Read more about our implementation methodology.
“Insuresoft’s implementation process was as close to perfection as you can get. Their team is empowered, knowledgeable, and committed to getting us live in all 50 states. They met every deadline and delivered as promised. I’ve been incredibly impressed and would highly recommend their software and services.”
- Rusty Sproat, Founder and CEO of Figo Pet Insurance
For more information on Insuresoft, call (866) 299-1314, email firstname.lastname@example.org, or contact us here.