Dear Google, how many insurance administration systems are on the market right now?

“To get a specific number would require an exhaustive and up-to-date market analysis, which typically costs money, but the market clearly contains dozens to hundreds of options, catering to various segments from large insurers to intermediaries”.

We couldn’t have put it much better ourselves. However, as with any business undertaking, good preparation and planning will help you to avoid these common pitfalls:

Doing nothing – it’s too complicated / too risky / we don’t have time.

Overdoing it – over-engineered and expensive projects risking scope creep or cancellation.

Outsourcing – handing it over completely risking the ‘it’s what you asked for’ result.

There is another way. Our tried and tested method leaves you in control of your own business, with the back-up of an experienced team of experts. Follow our step-by-step guide and consider the resources you’ll need at each stage.

Step 1: Fact Find

Establish exactly what your new solution needs to do for everyone in the business going forward. That includes sales, service, underwriting, finance, marketing, renewals, legal and compliance, data analysis and reporting, claims – and so on. Everyone will want it to solve their problems, and at the same time not change any of their processes! This stage is critical and a significant investment in time – but done correctly will pay off.

Step 2: Create an Invitation to Tender (ITT)

We’ve written them, read them, admired some and dismissed others. We’ve completed the portals, ticked the boxes, uploaded the ‘supplementary information’ and added the ‘sizzle’. Respondents to ITT’s will want to tell you what they want you to hear. They will answer your questions (hopefully) but also craft their responses to land their key messages. Consequently, turning all that fact-find information into an ITT that will deliver comparable results is your goal here. Weighted scoring will give an instant view of the results and a clear view of the best matches by section. You’ll then want to build certain checks and balances and to consider how your existing platform already stacks up.

Step 3: Provider Selection and Submission

AI could only narrow down the market to “dozens to hundreds”! Thankfully e-Zee can recommend the most suitable software suppliers based on your sector. You’ll then want resources in place to project manage the submissions and responses.

Step 4: Review and Analysis

The scores are in! You’ll need to calculate them and collate these into a single working document with the scoring presented for comparison. The result will allow you to see which supplier is best suited overall or look at specific sections, such as renewal processing. Consider how this data will be presented to all the stakeholders.

Step 5: Demonstrations

Now you’re ready to play. There are no hard and fast rules for how many workshops you’ll need to organise and run – remember though that you’ll still be comparing and contrasting. Make sure you’re still recording the information for wider consumption around the business and think ahead to contracting.

Step 6: Proposals and Pricing

If the previous steps have been well-managed, you won’t be comparing apples with pears. Remember though the devil is always in the detail. For example, the basis of licensing (are they rental or in perpetuity), the services rates and the process for system upgrades, or charges for bespoke development. A view on the overall costs and payment profiles may be useful.

Step 7: Contracts

Once you have made your final selection it’s over to the lawyers. Prior to that though e-Zee can also review the drafts to provide a view on the practical and financial implications of the terms included.

Step 8: Next Steps

You’ve selected the platform that will take your business to the next level and protect it for years to come. Now you need implement it.

Key workstreams will include system configuration, data mapping and migration, testing, and training. You may also want product configuration, product builds, and testing.

Make it Easy on Yourself

It’s a big investment both in terms of time and money. Thankfully e-Zee has been providing all the above services to the insurance industry since 2008. Whether you need help for one or two stages or want us to manage the entire process give us a call. We can integrate with your teams because we only supply resources with lived experience of what you’re trying to achieve.

Find us here. https://www.ezeeis.co.uk/contact-us/