Insights from Gavin Peters, VP of Marketing at Genasys Technologies
Selecting the right insurance administration software is a critical decision for any insurance company. In the pursuit of clarity, Genasys Technologies, under the guidance of Gavin Peters, VP of Marketing, recently released a white paper featuring ten pivotal questions that insurance administration software providers must address. In the previous edition of COVER, the first five questions were explored, and now, we delve into the remaining five.
Question Six: Navigating Customer Centricity
When evaluating potential software providers, it is imperative to understand their approach to customer centricity. Gavin highlights that the ability to access individual customer data seamlessly is paramount. While many providers claim to offer this capability, the real differentiator lies in how they organise and present this information. The hierarchical structure of customer data matters. Ensuring that you can effortlessly navigate through a customer’s journey – from quotes to policies to claims – within a unified platform is a critical factor in assessing software suitability. The back end of the platform, built around individual customers and their data, should simplify day-to-day operations without adding unnecessary complexity.
Question Seven: The People Behind the Tech
Beyond the technology itself, Gavin underscores the significance of the human element and customer support. He advises not to assume round-the-clock support as standard and recommends exploring the specifics of Service Level Agreements (SLAs) and response times. Speaking to existing clients provides valuable insights into the real-world customer support experience. Gavin emphasises the importance of a provider that offers a personalised, HandsOn approach rather than being a faceless tech company. Establishing a collaborative partnership with a support team that actively assists and understands your business needs is pivotal for long-term success.
Question Eight: Reliability and Trust
When evaluating software functionality, it is essential to think beyond demos and brochures. Gavin urges prospective clients to assess the provider’s reliability. The key question here is whether you can trust the software to function as promised. Tech is not always flawless, so having confidence in the provider’s ability to rectify issues is paramount. Gavin encourages looking at the provider’s history, their track record of resolving issues, and their long-standing customer relationships. Proven capabilities in providing ongoing support and service in the complex field of insurance administration are indicative of a reliable partner.
Insurance technology with a difference.
The end-to-end insurance platform that puts your customers first.
Question Nine: The Timely Transformation Journey
The speed and efficiency of implementing the software is a crucial consideration. If you are migrating from a previous tech provider, this process will not happen overnight. Beware of providers promising immediate results without explaining the journey. Equally, a provider that drags its heels could hinder your business’s progress. Balancing speed and reliability are key. Gavin suggests comparing providers’ timelines and capabilities and opting for a partner who can quickly deliver in a dependable manner. Scalability and testing with a smaller instance before a full migration are strategies that highlight a provider’s practical approach.
Question Ten: Cost and Transparency
Last but certainly not least, cost is a major factor in the decision-making process. However, Gavin warns against just looking at the bottom line. Different providers structure their costs differently, encompassing various elements such as service level agreements, upfront charges, and considerations for business growth. Gavin advises lining up cost breakdowns side by side and conducting a thorough analysis. Asking questions and ensuring transparency around fees is crucial for budgeting and preventing hidden costs down the line.
choosing the right insurance administration software involves much more than assessing functionalities. Gavin Peters’ insights emphasise the importance of understanding customer-centricity, human support, reliability, implementation speed, and cost transparency.
By asking these ten pivotal questions and conducting a comprehensive evaluation, insurance companies can select a software provider that not only meets their immediate needs but also sets them up for long-term success in an ever-evolving industry.