The Right Tool For the Right Job

In the July edition of Best’s Review, Bill Pieroni, president and CEO of ACORD, published an article called, “Underspend, Overperform.” In the article, he made a number of good points, including these, which we’ll address in order:

  1. “Superior Performers … demonstrated materially higher levels of digital maturity and the resulting productivity.” The importance of that point can’t be overstated. Many insurers have gotten by for years running older systems. In so doing, they may have lost sight of the fact that their policyholders and their prospects live in a digital world. Insurers that don’t join their policyholders and prospects in that world — providing interactive digital transaction and communication capabilities — will lose those policyholders and prospects soon.
  2. “Winners successfully deployed and leveraged technologies while ensuring alignment with strategic intent as well as complementary organizational and process capabilities.” Translation: In terms of tactical, operational activities, successful insurers put people and processes ahead of (technological products). Aside from the fact that people are any organization’s most important assets, a bad process automated is still a bad process. Putting people and processes first enables successful insurers to better evaluate the technological products that best fit their organizations.
  3. “The final hallmark of Superior Performers was execution across distinct time horizons—simultaneously achieving superior near-term performance and long-term positioning.” Apropos of #2, successful insurers think and act strategically, satisfying short-term needs even as they identify and work toward the achievement of longer-term objectives.

Put Your Success FIRST

But perhaps the article’s most telling point is in its very first sentence: “It should surprise no one to learn that high-performing insurers are better at core operations than competitors are.” That’s due, in part, to the fact that high-performing insurers choose the right tools for the right job. And that’s why, for smaller insurers that may be late to the digital dance, we’re developing an offering called Finys FIRST: Full Implementation, Rates, Specifications, Testing. Because the world is changing technologically, because policyholders and prospects are living in a digital world, and because many insurers are not, Finys FIRST:
  • Gives them the opportunity run on a digital platform
  • Lets them run the Finys Suite with fewer customizations
  • Provides the project-management expertise they don’t have in-house
  • Helps them define specifications adequately
  • Tests the software thoroughly in their own environments
  • Ensures successful implementation
  • Improves responsiveness and speed to market
  • Reduces risk and total cost of ownership.

For more information, please contact us. Your policyholders and prospects don’t have time to lose.

Neither do you.

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