Certain tasks can be daunting in the quest to maintain your competitive edge. Upgrading, replacing, or implementing a major software component supporting your Workers’ Compensation insurance business can overwhelm even the biggest industry leaders. You’ve heard from your peers in the industry about the good, the bad, and the ugly, and you don’t want any part of the latter two. So, what should you look for in a software solution provider to help guide and provide you with what you need?
First, and foremost, you want a partner, and not a vendor. Partnership implies a relationship that benefits both you and the software provider. Vendors are transactional, and more than likely are mostly interested in meet their own sales goals. While a vendor may meet the needs for office supplies, a significant business-impacting decision on Workers’ Compensation insurance software requires a partner.
A true partner:
- Creates a relationship that’s mutually beneficial, promoting collaborative input into product direction and providing leadership that benefits both you and the solution provider
- Provides flexibility in hosting, implementation models, and project delivery models
- Works with you when things go wrong to make them right, demonstrating a culture with a deep level of commitment and strength of relationship across the organization
- Supports your business and operational needs today, and into the future, by conducting visioning sessions to bring insights from the market and thought leadership
- Understands that you have a choice in selecting a partner for your significant software investment and doesn’t just “show” up before a renewal or upgrade
Deep Industry Experience
Workers’ Compensation insurance has challenges that are distinctly different than other insurance lines of business. And because understanding these differences matter, you want a software solution provider that has deep and proven experience in Worker’s Compensation. With the challenges of medical and indemnity costs per lost time claim increasing at rates greater than inflation, look for a partner that offers Worker’s Compensation software that can adapt quickly and efficiently to business and market conditions.
Also, engage with an insurance solution provider that not only understands Worker’s Compensation core systems and processes, but is adept at navigating the InsurTech ecosystem and helping identify the best partner solutions.
Even when seeking an insurance solution provider for your data and analytical needs, or agent, insured, and injured worker portal, finding a partner with deep Worker’s Compensation experience is a huge advantage.
Proven Delivery Capability
When upgrading, replacing, or implementing a major software component supporting your Workers’ Compensation insurance business, you’ll need more than a software solution provider. For some insurance software providers, you may need to engage with a separate system integrator to deploy their software. It is critical that both the software and integration partner have demonstrated the capability to successfully deliver independently, and with each other in partnership.
As an insurance company, you do not want to have both the operational challenge of a software implementation and the responsibility to mediate between a software company and system integrator, who are unproven or even potentially contentious partners.
Ideally, engaging with a software solution provider that can also provide system integration capability is the best option. This software solution provider can provide system integration capability through their own team, or through a contracted close relationship with a proven, system integrator.
The Final Word
Upgrading, replacing, or implementing a major software component supporting your Workers’ Compensation insurance business is a significant undertaking. Make an intentional decision to seek a software solution provider that:
- Is committed to partnership-based relationships
- Has deep industry experience with a purpose-built Worker’s Compensation core system software, not just a P&C platform that’s been just been enabled for Worker’s Compensation
- Has a proven delivery capability that can perform on your behalf as both the system software provider, and system integrator, giving you the advantage of one partner to deploy your Workers’ Compensation solution.
By doing so, you will achieve significantly better outcomes that optimize the good and minimize or eliminate the bad and the ugly.
To learn more about Sapiens Workers’ Compensation solutions, click here.