Smart Approaches to Select P&C Insurance Software Insurance companies are now thinking of undergoing a transformation and replacement in generation business like claims, billing and policy administration. With the maturity of the vendor landscape, many insurers thinking of a software vendor solution that may solve all the challenges which they face in ageing of the legacy platforms and will thus increase their success in the competitive market. The leading companies like InsureEdge today must follow these two smart approaches to ultimately evaluate vendors and take the best decision for P&C insurance software: 1. Research for a core software vendor: A plethora lies with the core software vendors along with varied strengths and weaknesses. And it is easy for them to get overwhelmed by every available option. Here are a few guiding principles which will provide information on the type of research data that must be collected on each vendor. a. Experience: Carriers must look for such software vendors who have an experience in the business and market model. Experience includes products like distribution, geography and products. b. Platform for modern technology: Most of the carriers seek speed and flexibility in the market for their newest system. For such carriers the most important dimensions include the ability of easy integration with the in- house applicants along with their ability to take up the upgrades of software so as to stay current. Many of the carriers also seek cloud- based and hosted solutions as it in turn reduce their dependency on the outdated environment and infrastructure.
c. Width of solution: Most of the carriers look for the end- to end fully suited solutions. From the past few years, vendors have responded for implementing an individually integrated suite solution so as to reduce the technical complexity and implement lower support cost. d. Compliance with industry standards: In the spirit of a fast speed in market, most of the carriers are using transformation efforts to as to closely align with the standards of the industry like AAIS, NCCI and ISO. Carriers look for such software solutions which provide tools to refresh the content easily and could stay compliant with such standards.