What’s the Difference? (Part Two)

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In our previous post, we wrote about the risks associated with system implementations including the project investment, lost productivity, re-implementation costs, consulting and legal fees, and reputational damage. That’s why we reduce our customers’ risk and exposure by employing a guaranteed-cost model (or guaranteed-cost contract). Using that model, our customers pay a fixed, predetermined price for a completed implementation. If cost overruns or unexpected expenses occur during the course of the project, we absorb them.

Here are some of the other benefits of a guaranteed-cost model include:

  1. Budget certainty: A guaranteed-cost model gives the customer budget certainty. It’s not if this, then that. Since the total cost of the project is predetermined and fixed, the customer can budget accordingly without worrying about cost overruns.
  2. Risk transfer: Since we assume the rise of cost overruns or delays, our customers have the comfort of knowing they won’t be on the hook for anything beyond the contract price.
  3. Motivated efficiency: Since we don’t expect to be compensated for any cost overruns — and along with the fact we’re committed to the satisfaction of our customers — the guaranteed-cost model is our incentive to complete the project on time and on budget. The increased efficiency and productivity benefits both parties.
  4. Simplified project management: Since the cost is fixed in advance, project management becomes more straightforward. Contractors can focus on delivering the project according to the agreed-upon specifications without constantly monitoring costs or negotiating change orders.
  5. Enhanced collaboration: By assuming the risk, we foster collaborative relationships with our customers because they understand we’re putting skin in the game.
  6. Fewer disputes: With a fixed price and greater collaboration, our working relationships stay positive and our implementation projects transpire more smoothly.

Will we try to convince you our guaranteed-cost model is perfect? No. But our track record might suggest it. We have more than 40 successful implementations to date. We humbly suggest you don’t earn a track record like that by doing it wrong.

Talk to us to learn more about how we get implementations right.

A Culture of Trust

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By: Jennifer Bogdanski

December of 2023 marked 11 years since I came to work at Finys. I started out in quality assurance (QA) and then moved pretty quickly into what we call a client partner role. I’ve been working closely with clients for almost 10 years. I currently maintain systems that have already been built or are adding large projects. That could entail starting from pre-implementation, putting them in live production, then working with them post-implementation.

I find the work very fulfilling. I pride myself in always trying to do what’s best for our clients and for our company, finding a mutually beneficial path. It might not be what either party wants out the gate, but we come to agreement on the best approach. I find that very rewarding when I can get to that spot because sometimes it’s a little challenging. That’s the value of communication. And communication is very important here, with our clients and within our teams.

At Finys, we’re given the authority to go along with our responsibility. That’s how we learn. We make mistakes and we grow. We move forward and do better. Being able to communicate to our peers that one way might be better than another way is part of that. Doing that respectfully can be challenging, too. But it’s very important to make sure everyone’s on the same page to work effectively as a team.

There’s also a distinct difference between management and leadership here. Management roles are specific assignments. But we’re all encouraged to be leaders, to contribute to the best of our abilities across team lines and given opportunities to support others and develop. It’s up to me to take that opportunity just like anybody else, but I do for sure.

I started my career at Enterprise Rent-A-Car in a management position. I enjoyed some aspects of that job, but there were things I just didn’t see myself going much farther in. I have a longtime family friend who also works at Finys, and she knew I was looking for a job. She knew I had no technical or insurance experience. But she knew my management experience and thought I might be a good fit.

I got an interview, got hired, and found so many people here willing to help kind of grow you up if you’re willing to take the help. As I learned the basics of insurance working as a QA tester, I got a better understanding of what insurers typically look for and what they do with our product. And from there, I grew into my present responsibility as a Client Partner.

The real difference between Finys and other companies is its culture. Beyond making sure you have the training you need, the people here give you the freedom to look into other aspects of the business that may not be directly assigned to you, to grow. I have worked with a lot of great people in my career at Finys. And people I don’t work directly with are always willing to help, and to check and see how I’m doing, see if I need a hand with something. Overall, it’s just a great community of people to work with. It’s a growing company that manages to retain its small company feel and working environment.

That cultural difference was evident in my interviews. It was much less regimented than I expected it to be. There was no script or list of questions. It was more of an open discussion in which the people who interviewed me let me talk, and they really listened. It was much more relaxed, in a very positive way.

Encouragement by Design

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By: Shweta Porwal

I was pursuing my master’s degree in computer science when I came to work at Finys as an intern in September of 2018. The next year I got my degree, and I was offered a full-time position as a software developer with the claims team.

When I began my internship at Finys, I just wanted to step into the job market and didn’t know about my long-term goals. But every year or so, it feels as if I’m starting something new. I’ve been given new opportunities, and as the company’s grown, I’ve been able to venture into new projects and responsibilities. It’s never been boring. As examples, I’ve been offered roles in Data Analysis, Product development, and Integrations. One of the main benefits of working here is that we’re always given chances to try new things and to see where we fit best.

Finys is also very transparent about its direction and the new opportunities that will come up. In our company meetings and team meetings, we’re told things like, “There will be a lot of opportunities to grow in this area,” or, “We’re taking steps to move into this new technology.” Being involved, being a part of those conversations, and getting to know that information makes you feel respected.

Even as an intern, if I pointed out something that needed doing, fixing, or improving, they’d say, “Find a solution, present it, and we’ll consider it.” We’re always encouraged. And if you come here as a newbie, you won’t be benched for months of training. Rather, people will consider you as a part of the team and include you in the planning from get go. They’ll encourage you. You’ll be able to get your hands dirty, so to speak. You’ll be able to make mistakes as long as you learn from them. It’s an amazing place to be.

Here, you have mentors looking at what you’re doing, and being aware of anything that affects our clients. But your suggestions will be considered and tested. And you’ll have the opportunity to refine it. You don’t have to be nervous.

Some people may think of the insurance industry as boring. But if you consider the user’s experience with our software, our job is really about problem-solving. We’ve worked with customers who have legacy systems, and they’re frustrated. We give them new features and capabilities. We give them new ways of doing the work they’ve been doing. That makes it interesting for them and rewarding for us.

So, we’re always encouraged to listen to our customers, to pay attention to their emails, and to catch smaller things that will make a difference for them day to day, even if they don’t realize it or haven’t asked for it. That’s the kind of mindset we’re encouraged to have. Anything we can do to make our product better and the lives of our customers better will be supported.

That’s why I’ve been happy and fulfilled here since 2018.